The battle for Lily and Babrook gold mines in Mpumalanga rages on after their owner, Vantage Goldfields SA, decided to appeal a court order that puts one of the interested buyers in a favourable position to take over.
Arqomanzi, formed by Siyakhula Sisonke Corporation subsidiary Flaming Silver 373 and Taung Gold, came up with a novel idea when it became clear that Vantage Goldfields did not want to sell it the mines, which cost about R310 million.
Siyakhula Sisonke partnered with Taung Gold after Flaming Silver, which had bought 74% stake in Vantage Goldfields found itself pushed out of the deal when Vantage Goldfields cancelled the sale agreement it had with the company and wanted to sell the mines to Real Win Investments instead. “The directors of Vantage Goldfields SA and the company, which included McChesney and Short, certified and represented to Standard Bank that both companies were commercially and factually solvent the time when the loan claim was ceded to Standard Bank. Again, no reference was made to the existence of any alleged subordination agreement in such a certificate,” Herrick said.
They said the process had been impacted by the lockdown, but they had been engaging Vantage Goldfields, the creditors and Arqomanzi.
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