Union Capital Partners writes down R113m in mining assets
The company says it is unsure about its survival should shareholders reject Afrimat’s plans to acquire Union Capital’s remaining shares
02 October 2020 - 15:27
Union Capital Partners (UCP) said on Friday that it had impaired more than R113m in mining assets in the year to end-June.
Its Nkomati anthracite mine was temporarily closed following a fall of ground event in the underground mine in October 2019. In the same month, the mine’s opencast contract miner, Liviero Mining, had been put into liquidation. The mine was also affected by the national lockdown under level 5 and a three-month-long illegal strike. ..
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