The High Court in Mpumalanga has ruled that the Lily Mine business rescue practitioners cannot unilaterally amend the business rescue plan.
This is after one of the Lily Mine’s creditors – Arqomanzi – approached the court after the practitioners unilaterally amended the rescue plan in January.
Arqomanzi says the amended was done in favour of the owners of the mine, Vantage Goldfields after they secured a financial deal with Australia based company, Macquarie Metals.
Arqomanzi’s CEO Neil Herrick says the practitioners should now follow proper procedures in order to reopen the Babrook and Lily Mine, as well as recovering the remains of the three workers who were trapped underground when the mine collapsed five years ago.
“So we are satisfied with the outcome and we have always contended that the business rescue practitioners acted unlawfully when they attempted to unilaterally the rescue plans. We always contended that Vantage … requirements of the business rescue practitioner were also unlawful and the court has now agreed to that,” explains Herrick.
Workers disagree with AMCU over an amended Lily Mine rescue plan:
