IDC asks court to put Kalagadi Manganese into business rescue
State lender loses patience with the manganese miner over R3bn of debt and potential defaults on other loans
26 May 2020 - 19:39
Mining company Kalagadi Manganese is once again under threat, this time as its major creditor and 20% shareholder, the state-owned Industrial Development Corporation (IDC), approaches the court to put the company into business rescue.
Kalagadi has had a troubled past, with an attempt to secretly shift ownership away from executive chair and founder Daphne Mashile-Nkosi, a protracted battle with steelmaker Arcelor Mittal, and a difficult relationship with the IDC...
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