Arqomanzi to present Lily, Barbrook mine-focused plans next month

15th December 2021 By: Simone Liedtke - Writer

A briefing will be held on January 5 for the creditors of the Lily and Barbrook gold mines, during which South African miner Arqomanzi said it would present proof of funding, besides other information.

To be held virtually, the creditors briefing will see Arqomanzi present details of the estimated timing of payments due to creditors pursuant to Arqomanzi’s proposed amendments to the previously adopted business rescue plans, as well as its plans to retrieve the container which holds the bodies of three mineworkers.

The miner is also intending to present its plans for the reopening of both the Lily and Barbrook mines, and present the funding it intends to inject into the mines, and the timing thereof.

In a creditors’ briefing advisory issued on December 15, Arqomanzi said the meeting does not require the consent of the business rescue practitioners (BRPs) or Vantage Goldfields.

However, it said the BRPs “are strongly urged to attend the meeting”.

Should the BRPs attend the meeting, creditors and affected persons will have an opportunity to discuss Arqomanzi’s funding and plans with them, the miner said.

Arqomanzi and Vantage have been involved in long battle for control of the Lily and Barbrook mines.