City Press reports that according to business rescue practitioner Rob Deverbux, there is a reasonable prospect of the cash-strapped Lily Gold Mine in Mpumalanga being rescued given that the conditions of the business rescue plan are met and there is a market for the company to continue.
His rescue plan for the mine indicates that it is “a good investment for any person”. The mine has found itself in dire straits since it was shut down on 5 February after a collapse on the entrance of its shaft. Three workers remain unaccounted for. The owners, Vantage Goldfields, filed for business rescue on 4 April. The mine’s 900 workers did not receive their April salaries and there is no hope they will receive them this month. Meanwhile, Deverbux is negotiating with employees to take severance packages. The Association of Mine and Construction Workers Union (Amcu) is expected to brief its members about the rescue plan at the weekend.
- Read this report by Sizwe Sama Yende in full at City Press
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