Vantage Goldfields Ltd., which collapsed into liquidation, accepted Real Win Investments' conditional offer to acquire 100% of Vantage Goldfields South Africa, or VGSA, Mining Weekly reported Aug. 2.
VGSA holds the Lily and Barbrook gold mines in Mpumalanga, South Africa, and Real Win will work to reopen the mines through a business rescue plan, the report added, citing VGSA CEO Mike McChesney.
The agreement was signed March 12. Real Win said it is now in a position to move forward with the acquisition as it has obtained the funding and experience needed to reopen the mines, according to the report.
The Lily mine collapsed in February 2016, killing three mineworkers who were trapped in an underground container.
Real Win will start the process of reopening the mines once full due diligence is successfully completed by independent mining consultants.