The board of Black Chrome Mine (BCM), based in Limpopo, has resolved to place the mine under business rescue, voluntarily, to best ensure the long-term survival of the mine.

BCM, a subsidiary of JSE-listed Chrometco, confirmed the operation’s financially distressed state, noting that it is not able to pay debts on time.

It said, however, that there remains a reasonable prospect of rescuing the operation.

Phahlani Mkhombo has been appointed as the business rescue practitioner for BCM.