Today's Labour News

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VantageGoldfieldsMining Weekly reports that according to minerals investment company the SSC Group, it will be up to the creditors and affected persons to ultimately decide the way forward for the Lily and Barbrook mines, and not the current owner, Vantage Goldfields.  

This was indicated following Vantage CEO Mike McChesney’s recent comments that neither of the mines were for sale and that their reopening would be undertaken by Vantage. SSC CEO Fred Arendse called for Mineral Resources and Energy Minister Gwede Mantashe to intervene in the matter.  He noted that SSC was one of the biggest creditors of both Vantage and Barbrook mines and formed part of the bidder that has been at the forefront of trying to reopening the mines, "prior to business rescue practitioners (BRPs) Rob Devereux and Daniel Terblanche, reneging on their undertaking to publish the detailed and fully funded amended business rescue plans on January 20".  According to Arendse, Vantage “has yet to produce any proof of funding demonstrating their ability to pay any of the creditors or mine employees.” SSC noted that the Vantage proposal provided no detail on any feasible and implementable plans to reopen the mines or on how it proposed to retrieve the container in which three mineworkers were buried when a part of the mine collapsed in 2016.

  • Read the full original of the report in the above regard at Mining Weekly


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