Integrated steel and vanadium slag producer Evraz Highveld Steel & Vanadium is seeking to sell its subsidiary Mapochs Mine for $10-million to a buyer that will facilitate the rescue of the Limpopo-based mine.
A number of preferred bidders were selected in July and due diligence would be finalised and closed by August 21.
The evaluation of received binding offers would be undertaken from August 24 to 27, with a successful bidder to be chosen on August 28.
The business rescue practitioners (BRPs) John Lightfoot and John Evans have also started negotiations with Vanchem Vanadium Products, which holds a 35% noneconomic interest in Mapochs, regarding the potential rescue of the subsidiary in the event that a sale of the group was not possible and Evraz Highveld could not be rescued.
To date, a large number of claims remained outstanding and creditors who had yet to submit their claims were encouraged to do so before the publication of the business rescue plan.
Total claims received to date amounted to about R177-million and were currently being reviewed by the BRPs and compared with Evraz Highveld’s ledger.