Emerging gold producer Vantage Goldfields has filed an application to the Mpumalanga High Court to appeal the judgment handed down by Judge President Francis Legodi on May 31.
The judge ruled that the behaviour and actions of the Lily and Barbrook Mines’ business rescue practitioners (BRPs) towards the businesses under rescue and the affected parties, were unlawful and irresponsible.
Vantage on June 22 said it “has several concerns” about the judgment, which ordered a number of steps “which are incapable of implementation, including because of further pending litigation by Arqomanzi”.
The miner also questioned the ability of Arqomanzi to implements its proposals.
Arqomanzi, Vantage said, has attempted to force the implementation of their “invalid plans”, despite a lack of funding and the litigation which has delayed the business rescue process for many years already.
Vantage said it was “in the interests of creditors and other affected persons” for Vantage's appeal to be heard by the Supreme Court and for matters before the courts to be resolved before further steps are taken in the business rescue process, failing which there are likely to be further major disputes between the parties and possible further litigation.
Vantage has always disputed the claims made by Arqomanzi and its ability to implement its proposals and continues to do so, as Vantage remains concerned that Arqomanzi continues to “deceive employees and creditors”.
The producer added that it has become aware that Arqomanzi’s latest proposals “do not provide for the reopening of the Lily and Barbrook mines, nor the recovery of the bodies of the missing employees and confirms further doubts that Arqomanzi does not have the funding to implement its proposals”.
Vantage reiterated its commitment to implementing the Vantage plans to rescue the Vantage subsidiaries, including promptly paying employees and other outstanding creditors and reopening both the Lily and Barbrook mines.