VANTAGE Goldfields has placed its Mimco subsidiary, which owns the collapsed Lily mine, into business rescue to give it time to recapitalise the asset.The Lily gold mine near Barberton, collapsed on February 4, and while 87 underground workers were all brought to safety, a container with three people inside it fell into the sinkhole and has yet to be retrieved.Rescue-and-recovery efforts have come to naught, and Vantage decided to put Mimco, the Australian company’s subsidiary holding the mine, into business rescue on Wednesday."The mine now has no means of generating income. Despite considerable efforts to raise the necessary finance to resuscitate Mimco, this exercise has had its constraints and requires more time," Vantage said."The business-rescue process will give the company time and protection to raise the necessary funds to resume operations."Lily mine has considerable ore reserves for many years to come and has a robust operating margin at current gold prices."The mine was ...
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