No more bailouts for SAA, which must close down, Treasury says

There will be no more bailouts for SAA and the airline should be closed, the Treasury said in parliament on Friday.

The SAA business rescue plan will cost the government at least R26bn, R16.4bn of which is for the repayment of funders. Other costs, working capital, retrenchment costs and other debts amount to about another R10bn. With regard to Alexkor, the Treasury said the mine should be closed and its mining rights transferred to the state owned African Exploration Mining and Finance Corporation in a bid to consolidate mining operations.

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