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Mining Weekly reports that Galane Gold and Vantage Goldfields have agreed to extend to 26 June the date by which a binding acquisition agreement between the parties will be executed.
The miners in May signed a letter of intent agreeing that Galane would acquire all of Vantage’s outstanding shares with the intention of reshaping the company into a long-life and low-cost producer. The package includes the beleaguered Lily mine, in Barberton, which remains closed after a container, with three employees inside, became trapped following a February 2016 crown pillar collapse. Vantage’s Barbrook operations also remain suspended, owing to financial difficulties. Earlier this month, Galane said it would issue $20-million to Lily mine business rescue practitioner Rob Devereux to resume rescue operations for the remains of the three employees at the mine, as well as pay workers their outstanding wages and resume operations.
- A short report is at Mining Weekly
Get other news reports at the SA Labour News home page