Lily awaits R171m injection
Lily gold mine in Mpumalanga is still waiting for a deposit of a R171.8 million investment from a Canadian company.
Business rescue manager Rob Devereux said: “The arrival of the money [from AfroCan Resources Gold] is imminent. It’s just caught up overseas.”
The Australian Vantage Goldfieldsowned mine suspended operations in February following a collapse that resulted in a container office, with three workers inside, plunging 60m underground.
The container has not been retrieved.
Since then, the mine has not made money and has been failing to pay its 900 workers.
The mine needs R200 million to open a new shaft to resume mining.
Devereux concluded his rescue plan last month, which showed the mine had potential because it had 4.9 million tons of ore reserves that could be mined for 11 years.
The National Union of Mineworkers has staged a protest march to pressurise the mine to pay workers’ salaries.