Integrated steel and vanadium slag producer Evraz Highveld Steel and Vanadium is seeking to sell its Mapochs mine for R10 millon as part of its business rescue proceedings to facilitate the rescue of the mine.

Preferred bidders were selected in June with the final bids to be submitted by 21 August 2015.

The offers received will be evaluated between 24 and 27 August 2015, with the successful bidder expected to be announced 28 August 2015.

The joint business rescue practitioners (BRPs), John Lightfoot and John Evans, have commenced negotiations with Vanchem Vanadium Products, which holds a 35% non-economic interest in Mapochs, regarding the potential rescue of Mapochs in the event that a sale of the group is not possible and Evraz Highveld cannot be rescued.

To date, there remains a large number of claims outstanding and creditors who have yet to submit their claims are encouraged to do so before the publication of the business rescue plan. Total claims received to date amount to approximately R177 million and are currently being reviewd by the BRPs.

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