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Mining Weekly reports that Hong Kong-listed Taung Gold International and Siyakhula Sonke Empowerment Corporation (SSC) have, as shareholders in a new company (Newco), made a conditional, binding offer to acquire the Lily and Barbrook mines, in Mpumalanga.
The offer, made to the business rescue practitioners (BRPs) of the mine owners Vantage Goldfields SA, follows after a lengthy dispute between SSC and Vantage around a sale of shares agreement. The Mpumalanga High Court last week ruled in favour of Vantage in its dispute with an SSC subsidiary, Flaming Silver, ruling that funding to reopen the mines was never secured by Flaming Silver as alleged. The mines went into business rescue shortly after the Lily mine collapsed in February 2016, killing three mineworkers who were trapped in a container underground. Taung CEO Neil Herrick said on Wednesday that, given the two mines’ troubled history and the ongoing litigation, he believed the Newco offer to the BRPs represented a viable alternative to deliver value for key stakeholders relatively quickly through the formulation and implementation of new business rescue plans.
- Read the full original of the report on the above at Mining Weekly
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