SHAFT Sinkers, the essentially South African mine shaft development company, is poised to rise from near financial ruin, but it is unclear whether shareholders will benefit from the recovery.It has put its main South African operating subsidiary into business rescue, after £10m in legal fees and a five-month platinum strike last year crippled the company and threatened to drag down the entire London-listed entity, which has valuable projects in India, the Democratic Republic of Congo, Kazakhstan and SA.It has lost four, big shaft-sinking contracts in the local platinum sector, with Impala Platinum terminating three of those and Royal Bafokeng Platinum the fourth.With the problematic South African company ring-fenced, Marius Heyns, previously CEO of construction company Basil Read for a decade, plans to resurrect the business by focusing on the mining subsidiary. Mr Heyns is executive chairman and acting CEO and chief operating officer.A $917m claim by Russia’s EuroChem was directed ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.