ALLAN SECCOMBE: The timing of the IDC’s squeeze on Kalagadi is a puzzle
Something has gone badly wrong, but the miner’s financial meltdown has been apparent for a while
03 June 2020 - 19:33
Shorn of all the emotive language as well as arguments for special dispensations for a women-owned company and a long and difficult history, the bottom line in the Kalagadi Manganese vs the Industrial Development Corporation (IDC) is a simple financial fact.
That fact is fundamental to the story: Kalagadi cannot at this stage repay its debt, which stands at about R7.1bn...
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