https://www.engineeringnews.co.za

Broke Cons Murch antimony mine begins business rescue proceedings

23rd January 2015

By: Martin Creamer

Creamer Media Editor

  

Font size: - +

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 last week.

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.

Stibium’s 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 is 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 Murch 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.

Cons Murch

is in the antimony line of the Archaean Murchison greenstone belt, with reserves of 26 547 t antimony and 96 00 oz gold in relatively shallow orebodies.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Steel Tube Export Association of South Africa
Steel Tube Export Association of South Africa

The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.055 1.227s - 122pq - 2rq
Subscribe Now