JOHANNESBURG - - Since the Makole Group’s Black Royalty Minerals was announced as the preferred bidder for the acquisition of Koornfontein coal mine in late October 2019, it has been inundated with numerous interdicts and court applications to disrupt or halt the sale process.
Lurco Group, Charles King SA and Westdawn Investments approached the South Gauteng High Court on an urgent basis in order to interdict Koornfontein Mines’ Business Rescue Practitioners from transferring the mine to Black Royalty Minerals.
These interdicts were argued in front of Judge Matojane on 27 January 2020. Judgment was passed on 28 January 2020 with Judge Matojane dismissing all three interdict applications with costs.
Makole Group’s Chairman Ndavhe Mareda said that Black Royalty Minerals is relieved that the court cases have been finalised and legal certainty prevailed. He said the Business Rescue Practitioners can now be left to continue with their work of transferring the mine in terms of the approved business rescue plan.
“BRM is ready to operationalise the mine, for the benefit of workers, the surrounding community and businesses as well as for the advancement of local economic activity. Now that the cases are behind us, the real work of getting the mine operational again can begin,” Mareda said.
Koorfontein Mines, one of the entities linked to the controversial Gupta family has been sold to black-owned private trading company Lurco. Lurco Group, Charles King SA and Westdawn Investments approached the South Gauteng High Court on an urgent basis in order to interdict Koornfontein Mines’ Business Rescue Practitioners from transferring the mine to Black Royalty Minerals.
BUSINESS REPORT ONLINE