BizNis Africa
Latest News
CEOx1Day links South Africa’s top CEOs with MBA students
The global initiative CEOx1Day, has once again attracted South Africa’s...
Vusi Thembekwayo selects #MyGrowthFund #Top40 Entrepreneurs in South Africa
Vusi Thembekwayo, Entrepreneur and Venture Capitalist has selected South...
Morocco – Gabon 2017 Forum announce billion dollar investments
The Morocco – Gabon Forum which has just ended...
IBM and MTN use IoT tech to protect Rhinos in Africa
MTN, a leading African telecommunications provider, Wageningen University (WU)...
Discovery sets new plan to make 10 million people healthier by 2018
Announcing its annual results out of Johannesburg this morning,...
How digital disruption is shaping business in Africa
Some of the foremost challenges and drivers businesses face...
Sasfin positioned for growth despite decrease in headline earnings
Despite a disappointing decrease in headline earnings, Sasfin believes...
Consumers need to plan ahead for funerals
Consumers who do not plan ahead for funerals could...
Dangote Foundation and GBCHealth partner for African Business Coalition on Health in Africa
Dangote Foundation and GBCHealth have joined forces to forge a...
Kibo Mining to secure equity funding for Mbeya Coal
Kibo, the Tanzania focused mineral exploration and development company,...

Mining Kit

Rockwell Diamonds Inc provides an update to the interim liquidation orders brought by C-Rock Mining Limited  against three subsidiaries of the company issued by a judge in Kimberley South Africa on March 23, 2017.

The interim orders, which have yet to be confirmed in a final hearing which will include adjudication of the merits of the application and which has not happened to date, include Rockwell Resources RSA (Pty) Ltd (Rockwell RSA), HC van Wyk Diamonds Ltd (HC van Wyk) and Saxendrift Mine (Pty) Ltd (Saxendrift).

Interim liquidators have been appointed by the Master of the High Court, in accordance with requisitions by the major creditors, but their powers have now been suspended in view of further filings by the Company regarding business rescue.

Accordingly, they all remain under the operating control of the company.

In that respect, the Company confirms that the Wouterspan plant is now in the ramp up stage after commissioning.

Last week, one of the diamonds recovered was a 60 carat stone which sold for USD $8 000 per carat.

The Company appeared before Judge CC Williams again on Wednesday, 26 April 2017 in the Kimberley High Court. The only issue at hand in the hearing was the application by the Company to bring the 22 June 2017 hearing date forward to as early as possible, in order to have the merits of the Company’s liquidation application rebuttals adjudicated.

These rebuttals were outlined in the Company’s press release of 12 April 2017.

Judge Williams made it clear that urgency was no longer a consideration, in view of the business rescue filings and that the hearing date remains 22 June 2017.

The business rescue hearings are currently scheduled for 12 May 2017.

While the judgement is not what the Company sought, Judge Williams reaffirmed the principle that business rescue suspends both the powers of the provisional liquidators and the liquidation process, effectively allowing the company’s subsidiaries to carry on business.

On this basis, there is no pressing practical need to bring the final hearing date in the liquidation proceedings forward.

Leave a Reply

Ver peliculas online
%d bloggers like this: