Lily mine in limbo as sale agreement dispute gets tied up in court

Lily Mine near Barberton, where three workers died after an underground collapse. Picture: IHSAAN HAFFEJEE

Flaming Silver, a subsidiary of the Siyakhula Sonke Corporation , entered into a share sales agreement with Vantage Goldfields in November 2017. The parties agreed that the shares and relevant documentation would be transferred if, among other requirements, the necessary funding of R310m was secured and government approval to transfer the mining rights obtained.

Michael McChesney, CEO of Vantage Goldfields, in his answering affidavit, argued that he and another director had, several times, expressed concern over Flaming Silver’s ability to access the required funding. He said they had no choice but to take Arendse at his word about the terms of the IDC loan because he refused to provide a copy of the agreement.

Arsendse said the IDC funds will only be released on the transfer of shares, but McChesney denies that this is the case.

This is all Zwane's fault.

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FILLING THE BENCH: Ramaphosa gets his shortlist for Constitutional Court judge vacanciesThere have been two judicial vacancies at the Constitutional Court since 2017. They will soon be filled if at least two nominations for the positions get presidential approval. In their interviews to be put forward as nominees to the Bench, candidates extolled their achievements and responded to criticism. Good day. The author states that there are 2 “colored” current sitting judges on the bench. I am only aware of justice Theron who fits this description. Please, as a matter of geniune interest, could you kindly furnish me with the name of the other “colored” judge?
Source: dailymaverick - 🏆 3. / 84 Read more »