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Mining Weekly reports that the Mpumalanga division of the High Court on 26 February granted an interim interdict, as applied for by bidder Arqomanzi, delaying the implementation of business rescue plans for the Lily and Barbrook mines by former owner Vantage Goldfields.
The interim interdict is valid until 4 May. Both mines have been in business rescue since 2016, after a collapse at the Lily mine resulted in the deaths of the still unaccounted for mineworkers Yvonne Mnisi, Pretty Nkambule and Solomon Nyirenda. Arqomanzi, which is part-owned by minerals investment group SSC Group, was a bidder for both mines, having submitted business rescue proposals to reopen the mines about a year ago. Meanwhile, on 15 February this year, Vantage received approval from the business rescue practitioners (BRPs) to implement its proposed business rescue plans for the reopening of both mines. In a statement on 27 February, Vantage stated that it was “extremely disappointed” with the impact that the interdict has had on the employees, creditors and community members who were interested persons of the companies currently subject to business rescue. Vantage indicated further as follows: “There is funding available for the continued implementation of the Vantage plans and it was intended that employees and creditors would be paid imminently, which the company believes would have been “particularly beneficial to the many employees” who have now been unemployed for more than five years.
- Read the full original of the report in the above regard at Mining Weekly
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