JOHANNESBURG (miningweekly.com) – A court hearing to consider the merits of the liquidation application against three subsidiaries of dual-listed Rockwell Diamonds, has been postponed to October 31.
The hearing had originally been scheduled for June 22; however, this would be prior to Rockwell Diamonds’ filing of a proposed business rescue plan (BRP), which if accepted, would also likely be compelling with respect to the liquidation application.
The appropriate manner in which to deal with the suspended liquidation application, therefore, will be included in the BRP.
The liquidation application was brought against Rockwell Resources, HC van Wyk Diamonds and Saxendrift Mine by C-Rock Mining, which says it is owed millions of rands by the subsidiaries.
Business rescue practitioners Peter van den Steen and Trevor Murgatroyd of Metis Strategic Advisors, were now actively working alongside Rockwell’s management to prepare a BRP, which would deal with all claims against the respective subsidiaries. The BRP is required to be published on or before September 30.
Meanwhile, Rockwell also announced the appointment of Stephen le Roux to lead the company’s Middle Orange River operations.
CEO Tjaart Willemse will work with Le Roux to ensure the company has the appropriate management resources to continue managing the business after Willemse steps down at the end of September.