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City Press reports that creditors of Mpumalanga’s Lily and Barbrook mines have started a fresh bid to liquidate the mines, after doubts that a R22m promised loan payment would materialise.
The Barbrook creditors’ committee (BCC) is also gunning for the removal of the mines’ business rescue practitioner, Rob Devereux, for allegedly neglecting the mines’ assets. The mines have not resumed operations since Siyakhula Sonke Corporation Flaming Silver SPV signed a R190m loan agreement with the Industrial Development Corporation (IDC) to acquire a 74% stake in the owner Vantage Goldfields SA. Lily and Barbrook mines were shut down in 2016 and placed under business rescue after the entrance to the Lily mine collapsed, resulting in the deaths of three workers. The BCC\s Dwaine Koch said the committee withdrew its initial liquidation application because it was promised R22m. “They also have still not provided proof that they secured the funds from the IDC. We are bringing the liquidation motion again,” he indicated. He added that as a result of Devereux’s alleged neglect, a substation at Barbrook had been vandalised and stripped. Salamander Mining, which entered into a joint venture with Barbrook Mine to implement the business plan and start mining, has also expressed doubt about funding.
- Read this report by Sizwe Sama Yende in full at City Press
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