The Industrial Development Corporation (IDC) said on Tuesday that it remained fully committed to exploring all its options to protect the future of Kalagadi Manganese, which has opposed business rescue proceedings.
IDC said it was important to note that Friday’s court decision on IDC’s business rescue application was based on the question of urgency.
It stated that the merits of its application to place Kalagadi in business rescue had yet to be considered by the court, and it remained confident that a process would be put in place that protected the value of the mine and ensured its future.
“Our application asserts that Kalagadi is unable to service its debt, namely R3-billion to IDC and R2.9-billion to the African Development Bank. Whether the company has funding to cover running costs is not sufficient, as we argued in our business rescue application,” IDC divisional executive strategy and corporate affairs David Jarvis said in a release to Mining Weekly.