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AfricaMoney | August 23, 2017

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Mauritius: Metalmin goes into liquidation with upto $29m in outstanding debts

Mauritius: Metalmin goes into liquidation with upto $29m in outstanding debts

Incorporated in Mauritius, Metalmin Metals and Minerals wrote to the director of insolvency services in Port Louis on March 28, saying it was insolvent and could not continue to do business due to its liabilities. (Image: Metalmin)

Trading company Metalmin Metals Worldwide is expected to announce its bankruptcy soon, joining a related company in Mauritius which owes creditors up to $29 million at the end of January 31, according to Metal Bulletin.

Incidentally, the company’s largest listed creditor is a division of South African bank Nedbank, which had arranged a trade finance facility of more than $21 million.

According to documents obtained by Metal Bulletin, Metalmin Metals and Minerals, which was incorporated in Mauritius, wrote to the director of insolvency services in Port Louis, Mauritius, on March 28, saying it was insolvent and could not continue to do business due to its liabilities.

“Shareholders had passed a special resolution saying the company was being wound up voluntarily,” said the company.

Following this declaration it has been advised that a meeting with creditors would be held within 14 days.

Besides South African bank Nedbank, other creditors include large Chinese industrial companies including BaosteelResources International and units of Sinosteel, as well as South African chrome producers Hernic Ferrochrome, Cronimet Chrome Mining SA and Samancor Chrome. About $2.4 million of the debts relate to products.

Shipping companies, law firms, Indian ferro-alloys companies and other units of Metalmin also appear on the creditors list.

Metalmin Worldwide is incorporated in the British Virgin Islands and has an office in Johannesburg, South Africa, while Metalmin China operates in Beijing.

The companies trade raw materials including chrome ore, ferro-chrome and iron ore.

Neither Mauritius-based Metalmin Metals and Minerals nor its parent body, Metalmin Worldwide, had responded to requests for comments by the press till late in the day on Wednesday, April 9.

Source: Metal Bulletin

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