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The original change of ownership for Lily mine from Vantage Goldfields (SA) to Siyakhula Sonke Corporation (SSC) subsidiary, Flaming Silver, was exciting but the company’s inability to raise the necessary finance saw shareholders question the deal.
The potential to reopen Barberton’s Lily and Barbrook gold mines is really looking positive now that owner Vantage Goldfields Ltd has accepted to sell 100% of its shares and claims in its South African subsidiary to a Level 1 BB-BEE company.
Taung Gold has made a offer to the joint BRPs of Vantage Goldfields, Makonjwaan Imperial Mining Company and Barbrook Mines to acquire Lily and Barbrook.
SSC and its subsidiary, Flaming Silver Trading 373, hereby give an update in light of a judgment handed down on 17 July 2019 at the Mbombela High Court.
The fate of the Lily and Barbrook gold mines in Mpumalanga hang in the balance as Siyakhula Sonke Empowerment Corporation (SSC Group) and its subsidiary Flaming Silver, have turned to the Mpumalanga High Court to resolve a dispute with Vantage Goldfields South Africa regarding a sale of shares agreement for the two mines
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