Three years after tragedy at Lily mine, new owner hopes to reopen it and Barbrook
Siyakhula Sonke Corporation, with the aid of a R190m loan from the IDC, has bought a 74% stake in the distressed Vantage Goldfields
The new owners of the distressed Vantage Goldfields and its shuttered Lily and Barbrook mines are hoping to put tragedy behind them as they prepare to revive operations, with a view to one day becoming a "black Anglo American". Fred Arendse, CEO of the Siyakhula Sonke Empowerment Corporation (the SSC Group), said although the task ahead would be challenging, he believed Vantage Goldfields offered a unique investment opportunity and was "on the brink" of unlocking value. The mines in question are low-grade, but shallow, and produce gold at the lowest dollar cost per ounce in Africa. "This business is still a real, viable business," Arendse said. His optimism is in contrast to the state of the industry in SA that continues to close shafts and cut jobs amid rising costs and low metal prices. On Tuesday JSE-listed Gold Fields announced it would cut up to 1,560 jobs in a restructure of its only remaining South African asset, the loss-making South Deep.
Vantage Goldfields, which has...
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