BizNis Africa
Latest News
Africa remains world’s second-fastest growing region
In 2016, Africa as a whole maintained its position...
Vukile Property Fund reports 7.1% growth in dividends per share
Vukile Property Fund today reported 7.1% growth in dividends...
Mall of Africa development gets international VIVA Awards
Atterbury Property’s development of the Mall of Africa secured...
Sibanye Gold appoints new Independent Non-Executive Director
Christopher Chadwick has resigned from the Board with effect...
Ecobank Group and Mastercard recognised at African Banker Awards
The strategic partnership between the Ecobank Group and Mastercard...
Eskom State of Governance at the centre of Public Enterprise discussions
The Portfolio Committee on Public Enterprises held an extraordinary...
Citrix South Africa increases footprint across Africa
Citrix today, 24 May 2017, announces that it is...
How to build cities of the future?
Cities are the engine rooms for economic advantage on...
Transaction Capital creates 3 764 black-owned SMEs in South Africa
Transaction Capital, a provider of specialised financial and allied...
Attend Manufacturing Indaba in South Africa
South Africa’s continuing efforts to grow the manufacturing industry...

Mining Kit

Submit Press release

Fill in the form and we will deliver the car for you to test drive.

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

Fill in your details below and we will secure you a free test drive, delivered to you.

Fill in your details below and we will secure you a free test drive, delivered to you.

%d bloggers like this: