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Mining Weekly reports that the Mpumalanga High Court on Wednesday ruled in favour of Vantage Goldfields SA in its dispute with Flaming Silver, a subsidiary of Siyakhula Sonke Empowerment Corporation (SSC), about the transfer of the Lily and Barbook mine assets.
Vantage in March this year cancelled the agreement for the sale of the assets with Flaming Silver, stating that SSC had not complied with funding arrangements to meet business rescue requirements. Vantage CEO Mike McChesney indicated in a statement last week: “Vantage had been vindicated by this judgment because the funding to reopen the mines was never secured by Flaming Silver as alleged.” He said the company would approach the Department of Mineral Resources and Energy with a full update and proposal on the way forward for the mines, which went into business rescue shortly after the Lily mine collapsed in February 2016, killing three mineworkers who were trapped in a container underground. Vantage advised that it had scheduled a meeting with new investors and the business rescue practitioners, with a view to cementing a new sales agreement for the mines. Meantime, SSC CEO Fred Arendse said they would apply for leave to appeal the judgment.
- Read the full original of the report on the above at Mining Weekly
- Read too, Lily court battle enters another round, on page 4 of City Press Business of 21 July 2019
Get other news reports at the SA Labour News home page