Today's Labour News

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VantageGoldfieldsMoneyweb reports that Vantage Goldfields is headed to court to decide who has the right to acquire the company assets, which comprise the Lily and Barbrook gold mines in Mpumalanga.  

Vantage was placed in business rescue three years ago after a crown pillar collapse at Lily Mine left three workers dead and nearly 1,000 miners without work.  The three bodies have not yet been recovered.  Earlier this month Vantage cancelled an agreement with Flaming Silver, a subsidiary of Siyakhula Sonke Empowerment Corporation (SSC), to acquire the mine assets after it failed to come up with the money needed to pay off creditors and reopen the mines.  Flaming Silver responded by launching a court action in the Mpumalanga High Court to force Vantage to sell it the shares.  The court action is being opposed by Vantage and one of Flaming Silver’s own shareholders, Ferdinand Dippenaar, who filed an affidavit suggesting Flaming Silver was erroneously claiming a R190 million Industrial Development Corporation (IDC) loan commitment to Vantage as its own.  Business rescue practitioner Rob Devereux indicated that the R190 million loan from the IDC was subject to Flaming Silver coming up with R50 million capital of its own – which did not materialise.

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

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