Today's Labour News

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VantageGoldfieldsMoneyweb writes that it’s been three years of agony for the 1,000 staff who were sidelined when Vantage Goldfields SA (VGSA) was placed in business rescue after a key support pillar at Lily mine collapsed and claimed the lives of three workers.  

The two mines owned by Vantage – Lily and Barbrook – were placed in business rescue in 2016.  The mines were the biggest employers for Louisville inhabitants, who have waited anxiously for news of a potential rescuer.  Last week, miners got the news that a group called Real Win Investments was ready to fund the refurbishment of the two mines and recommence production.  It’s a deal that had been simmering for several months pending the unwinding of a failed agreement between VGSA and a group called Flaming Silver, owned by Siyakhula Sonke Corporation (SSC).  Barbrook could be up and running within six months, while Lily could take up to a year before it is back in operation.  Plans are in place to sink a new decline shaft to a depth of about 150 metres at Lily.  It is unlikely that the collapsed shaft at Lily will ever be rehabilitated.  Obstacles now appear to be out of the way and displaced workers are eagerly awaiting news of their call back to work.

  • Read the full original of the above report by Ciaran Ryan at Moneyweb

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