Kareevlei Mining in Business Rescue

By John Jeffay / March 02, 2023 / www.idexonline.com / Article Link

(IDEX Online) - British miner BlueRock Diamonds has put its Kareevlei Mining subsidiary into business rescue amid mounting debts.It follows the suspension of its shares on the AIM last week.Kareevlei Mining currently owes $4.1m to Teichmann South Africa, the construction and mining service group, though it said it had paid its February salaries and diesel bill.Business rescue temporarily protects the company from legal action.Johannesburg-based Engaged Business Turnaround is helping the company draw up rescue plans.Last April and May processing production at the mine was cut by over a third because of unexpectedly high rainfall. Kareevlei CEO Meiring Burger stepped down in July.But in a trading update last month it said it was now back to normal production levels.We have again approached BlueRock for comment.

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