THE Industrial Development Corporation (IDC) wanted to resolve a dispute with Kalagadi Manganese out of court provided “fundamental issues” outlined by the state-owned insitution were addressed.
“We are looking all the time to Kalagadi as our client and exploring the outcome that we all want: a fully operational, fully productive mine without having to follow the path of litigation,” said TP Ncholo, CEO of the IDC.
Asked if this meant insisting of previous demands made by the IDC which have included the restructuring of Kalagadi’s management, Ncholo responded: “It really extends beyond what the IDC wants.
“The[y] are the kind of things we have stated before: improving the technical management of the mine, improving the management, and addressing the funding issues – this is what the business needs.
“The business still needs those fundamental issues to be attended to. Kalagadi is … a borrower of the IDC. We are talking to each other.”
In July, High Court Judge Brian Spilg upheld the IDC’s decision to withdraw from mediation proceedings with Kalahari Resources and Kgalagadi Alloys, shareholders in Kalagadi Manganese which claimed in court papers the bank had acted in bad faith.
“I am unable to find that there was bad faith mediation on the part of the IDC that can either in fact or in law be construed as culpable,” the judge ruled.
Ncholo confirmed the High Court found in favour of the IDC “… and so mediation was terminated. There is no resumption of mediation”. He added...
Read Full Story: https://www.miningmx.com/top-story/47614-idc-seeking-out-of-court-settlement-with-kalagadi-provided-fundamental-issues-addressed/
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