New investors, the Siyakhula Sonke Empowerment Co-operation, have bought the Lily Gold Mine in Barberton, Mpumalanga, for an undisclosed amount of money.
Vantage Goldfield – the former owners of Lily and Babrook mines, have decided to sell both mines.
The new company says it want to start operating soon. CEO Fred Arendse says they have finally secured R190-million funding from the Industrial Development Corporation.
“We have signed an agreement as early as November last year … we have raised the required capital to bring both mines out of the business rescue. How we going do that is first is to open Babrook… We envisage to do that in June this year,” says Arendse.
Lily Gold Mine has been closed since 2016 when part of the mine collapsed. Of the 76 workers were rescued but the bodies of Pretty Mabuza, Solomon Nyarenda and Yvonne Mnis where never recovered.