No Cancellation of Licence
Post Courier | February 25, 2018
Mineral Resources Authority managing director Philip Samar says any assumption of the cancellation of the Tolukuma Mine licence following it being put under liquidation is not true.
He said the government and MRA, the industry regulator, have not cancelled anything and the issue is a purely commercial one for the operator of the mine and Singapore-based Asidokona Mining Resources limited and its creditors.
Mr Samar said the liquidation order handed down where MRA and the Government had not caused the liquidation.
“The mine owner, they have been operating the mine they went and took credit for services and now they have not repaid those creditors.”
“So one of the creditors decided to take the company to court and they are entitled to do that. This is where it is and that is exactly what this is about.”
“One of the creditors has taken the company to court because the company has not repaid them, so nothing to do with the government and nothing to do with MRA,” Mr Samar said.
He said as the court has appointed a liquidator, the liquidator has powers to now dispose of the assets of the company to recoup funds to repay the creditors.
“We need to keep the government and the MRA out of this. Every company goes through that process and if you owe somebody something those people will come and take you to court.”
Early this month the National Court ordered the mine to be liquidated after a service provider took Asidokona to court for non-payment of bills totaling more than K715,000.
The court ordered on February 08, 2018, the mine be placed into liquidation under the provisions of the Companies Act. IPI Catering and Pacific Development Contractors submitted in support their statements to the court, as they were also owed K1.6 million and K1.8 million respectively by Tolukuma Gold Mines. Asidokona Mining Resources is a private company that bought Tolukuma gold mine in Central Province in 2015 and they took over from Petromin.
Tolukuma Lies With Financiers
February 25, 2018
Following orders by the National Court to liquidate the assets of Tolukuma Gold Mine to pay off creditors, potential financiers of the debt will have the opportunity to take up stakes in the mine.
Mineral Resources Authority managing director Philip Samar said about the process the mine will have to go through.
“So the court has now appointed a liquidator, which is the administrator, and so the liquidator now has a court appointed process to now say that this mine is available and anybody who wants to offset the credit can come and see me.
“Asidokona is now going through its finances trying to get the money to repay, talking to potential financers to give it the money so that they can repay the creditors and take back the mine for themselves,” Mr Samar said.
He said this also means is that any person with the finances can call up the liquidator and lend some money to help.
Mr Samar said whoever can assist the liquidator sort out the creditors can have the mining lease transferred to them.
“If Asidokona can go and find the money and sort out the liquidators then the mining lease reverts back to them.
“Is somebody else fronts up to the creditor and got funds and are able to offset all of that than the mining lease gets transferred to them,” he said.
Creditors of the company are required to lodge their claims by March 14. From this a real debt figure for the mine will be determined for either the operator or interested financiers to pay.