Broke Cons Murch antimony mine begins business rescue proceedings
JOHANNESBURG (miningweekly.com) – The troubled antimony and gold operation Cons Murch, which is in financial distress, has begun voluntary business rescue proceedings in consultation with the Department of Mineral Resources, JSE-listed Village Main Reef said on Monday.
Its decision follows the inability of unlisted Australian suitor, Stibium Mining, to raise funds to buy the 76.6% of Cons Murch held by Village.
Stibiums’ business plan envisaged a capital injection that would result in a return of the mine to profitability.
The other 23.4% of the shares in Cons Murch are in the hands of a Cons Murch employee trust.
Village, headed by CEO Ferdi Dippenaar, is initiating business rescue under Section 129 of the Companies Act after Cons Murch was unable to meet demands for immediate payment for expenses incurred.
The Cons Burch board arrived at the conclusion that an opportunity should be given to a business rescue practitioner to develop and implement a business rescue plan that would keep Cons Murch continuing as a going concern.
The gold mined with the antimony at Cons Murch represents about 36% of total revenue.
Cons Murch was previously run for decades by Johannesburg Consolidated Investments and later bought by Metorex.
It is in the antimony line of the Archaean Murchison greenstone belt, with reserves of 26 547 t antimony and 96 000 oz gold in relatively shallow orebodies.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation