Rockwell Diamonds to raise R45m by selling Saxendrift mine
Rockwell Diamonds, which is defending court actions by a contractor seeking payment, will raise R45m through the sale of its Saxendrift mine to Nelesco 318, it said on Friday. In November, C-Rock Mining took Rockwell and its subsidiary HC van Wyk Diamonds to court, seeking a spoliation order, to return mining equipment over a disputed bill for R79m for work it carried out at Rockwell’s Wouterspan mine. The court decided in Rockwell’s favour. Rockwell has a turnaround plan to return to a sound financial footing, which includes raising $8m from two key investors and a third party and selling various assets, including Saxendrift, which is close to the end of its life. It will retain Wouterspan. It said payment from Nelesco 318 would be in three tranches, starting with R20m at the end of January, once certain conditions are met. Nelesco will assume R70m of rehabilitation liabilities and employ 98 people from Saxendrift. While the sale is being completed, Nelesco will continue to mine at...
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