SSC CEO Fred Arendse
Photo by: Creamer Media
Siyakhula Sonke Empowerment Corporation (SSC) on Friday reported that Vantage Goldfields South Africa had failed to file final papers in a Mpumalanga High Court proceeding on the stipulated May 3 deadline and that it had subsequently requested an extension to May 13.
SSC CEO Fred Arendse previously anticipated that the parties would meet in court early in May and that the dispute between the companies would be heard by the court as a matter of urgency.
SSC and its subsidiary Flaming Silver in mid-April filed an application in the Mpumalanga High Court to resolve the dispute with Vantage regarding their sale of shares agreement for the Lily and Barbrook mines, in Mpumalanga.
Vantage on March 26 cancelled the agreement for the sale of the assets with Flaming Silver.
SSC previously claimed that Vantage had been stalling the transaction and failed to perform its obligations to close the transaction, while Vantage claimed that SSC had not complied with funding arrangements to meet business rescue requirements.
Vantage CEO Mike McChesney previously told Mining Weekly Online that Vantage stood by its decision to cancel the agreement and that the company had been evaluating new offers for the mines.
Flaming Silver’s attorneys had indicated that they did not have the authority to vary the dates given in the court order and that the attorneys for Vantage would need to apply for condonation in terms of which the court would decide whether it would accept the late filing of the final papers.