According to legal correspondence and two high-placed sources from the state-owned company and the Limpopo provincial government, the mineral resources and energy department not only declined to prevent the right from being swallowed by the business rescue process and sold to another Chinese company, the department signed the transfer of the right to the new Chinese owners.
ASA wholly owned and operated Dilokong Chrome Mine, which was placed under business rescue in 2015 and its assets stripped and bought by two Chinese companies, Tubatse Chrome Minerals and Cheetah Chrome. Tubatse bought the smelter for about R350 million and Cheetah bought the mine for an undisclosed amount after Leda’s bid of R450 million failed.
“They ran the mine down only to buy it at business rescue and the government folded its arms,” said one senior executive close to the matter. “These matters are before the courts and we have been reliably advised that until they are resolved, we are unable to comment further,” Monkoe said.
Dribbled again..