Mining Weekly reports that as the future of the distressed Lily mine hangs in the balance, trade union Solidarity has called on all parties to expedite the processes under way and make a decision on the mine’s future.  

Every potential transaction over the past 18 months has failed to rescue the idled operation.  Solidarity mining deputy general secretary Connie Prinsloo on Wednesday said creditors were losing patience, with one having already brought a liquidation application against the mine, which is set to be heard on 29 January 2018.  “If this liquidation application is successful, the business rescue process would be replaced by an insolvency process, and a liquidator would be appointed to administer Lily’s estate,” he indicated.  However, a possible new suitor, which has apparently issued a notice to the creditors of a binding agreement to acquire Lily mine owner Vantage Goldfields’ shares, has said it was committed to implementing the business rescue plan.

• Read this report in full at Mining Weekly
• Read Solidarity’s press statement in this regard at Solidarity online

Get other news reports at the SA Labour News home page