Today's Labour News

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VantageGoldfieldsMoneyweb reports that after three years in business rescue, Vantage Goldfields is headed for liquidation unless a buyer emerges in the next few days.  

The company was placed in business rescue after a support pillar at Lily Mine in Mpumalanga collapsed, claiming the lives of three workers.  Lily and its sister mine Barbrook are owned by Vantage Goldfields SA (VGSA).  In January, empowerment company Siyakhula Sonke Corporation (SSC) and its subsidiary Flaming Silver were granted conditional approval for the transfer of control of mining rights by the Department of Mineral Resources (DMR).  Everything was in place, except the money.  The business rescue practitioners issued a statement on Tuesday saying Flaming Silver had still not come up with proof of the funds needed to purchase the mines.  There was also no proof that the shares have been transferred to Flaming Silver by Vantage Goldfields.  While other bidders have reportedly expressed interest in acquiring the Vantage assets, both Lily and Barbrook remain under care and maintenance.  Unless proof of funds is received within the next week, the application for liquidation of the VGSA subsidiaries in business rescue will proceed.  This means that roughly 1,000 miners, who have been without pay for three years, will soon know with certainty whether their jobs are gone or not.

  • Read the full original of Ciaran Ryan’s report on this story at Moneyweb

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