Head Topics

Lurco vows to fight to acquire the formerly Gupta-owned Koornfontein mine

  • 📰 City_Press
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 72%

South Africa Headlines News

South Africa Latest News,South Africa Headlines

Junior mining company Lurco has vowed to fight to acquire the formerly Gupta-owned Koornfontein mine after it lost the opportunity because it could not produce its promised bid money on time, by Les2020ic

At a press conference earlier this week, chief executive and founder Ellington Nxumalo reiterated that the company felt they had been hard done by the business rescue practitioners who were in charge of the sale of the Mpumalanga mine.

Flanked by the company’s chief operations officer Aubrey Chauke, among other executives, Nxumalo confirmed the company still does not have the money in the country but has begun processes to have the money early next year. “We tried to get back to back guarantees from the funders and for the banks to earmark funds here,” said Lee Stokes, the company’s executive for business development and capital raising.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 7. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Miners can bring 1.67 gigawatts of power online in four years'Power produced by mining companies for their own use often does not require Eskom handling or transmission and if so, should not be subject to licensing, irrespective of size.'
Source: BDliveSA - 🏆 12. / 63 Read more »

New Mercedes GLB takes on the X3 and Q5There is a halo, brilliantly quick GLB 35 AMG with 225kW of power, but that isn’t headed to SA at this stage.
Source: BDliveSA - 🏆 12. / 63 Read more »

New Mercedes GLB takes on the X3 and Q5There is a halo, brilliantly quick GLB 35 AMG with 225kW of power, but that isn’t headed to SA at this stage.
Source: BDliveSA - 🏆 12. / 63 Read more »

BHEKI MFEKA: Focus on the informal sector to deal with xenophobiaSupport for the informal economy would help reduce antagonisms towards foreign owned businesses in townships
Source: BDliveSA - 🏆 12. / 63 Read more »

WATCH: How the energy crisis has affected the minesJames Wellsted from Sibanye-Stillwater talks to Business Day TV about load-shedding and the mining sector
Source: BDliveSA - 🏆 12. / 63 Read more »

ALLAN SECCOMBE: Union’s attack on mine proto teams is shamefulIt is disrespectful to accuse ‘lily-white’ proto teams of not doing enough to save trapped black miners
Source: BDliveSA - 🏆 12. / 63 Read more »