MINTAILS, a surface retreatment company, was placed into final liquidation by the Johannesburg High Court this week which leaves behind a R460m environmental liability, said BusinessLive.
The company only has a R28m provision in its environmental rehabilitation fund, said the publication today.
Mintails, which is majority-owned by Australian-listed group Mintails Limited, initially applied for business rescue – a provision under the Companies Act to rehabilitate financially distressed corporations – in October 2015. But with little prospect of this succeeding, it was placed into provisional liquidation in August this year, said BusinessLive.
Most of Mintails’s business involves extracting gold from old dumps on the West Rand of Johannesburg and treating material for other small gold miners. It also operated mines in the Krugersdorp area.
