The JSE has suspended the shares of metals and mining group Chrometco, whose flagship Black Chrome Mine mine entered business rescue in June after coming under pressure from Covid-19 lockdowns.hahlani Mkhombo had been appointed as business rescue practitioner at BCM, and that there “appears to be a reasonable prospect” of rescuing the mine.
The 19-year-old Johannesburg-based company has since 2017 been holding BCM in Limpopo as its flagship operating asset with the aim of generating further positive cash flows for the group, which it initially did. Three years later, the group said that on August 31 2021 its liabilities exceeded its assets by R922.3m.
The Sail group of companies, which owns Chrometco, has had troubles of its own, with its contracting business being placed in provisional liquidation in July 2021 and BCM put into care and maintenance soon thereafter. This was followed shortly by Sail Minerals being placed in business rescue in September 2021.
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