Another court battle is looming in the drawn-out business rescue process of Mpumalanga’s Lily and Barbrook gold mines after business rescue practitioner, Rob Devereux, was accused of doing a “180-degree turn” on publishing plans in favour of a company that has been waiting on the wings to buy the mines.
Arqomanzi appeared likely to acquire the mines from Australian company, Vantage Goldfields (VGO), after making a R250 million offer to Devereux, and becoming the major independent creditor of VGO’s subsidiary, Vantage Goldfields SA (VGSA), after convincing Standard Bank to cede VGSA’s loan of R389 million to the company.