RE: LBR23 May 2026 06:07
Another angle I think the market may be missing here is the importance of what Section 11 potentially unlocks politically and institutionally.
Reading the Hansard commentary carefully, Mantashe was actually quite nuanced. He repeatedly stressed that the DMRE cannot simply intervene directly in the business rescue itself, that BRPs sit outside departmental control, and that direct state funding would likely require Treasury involvement. But at the same time, the language strongly implied government still wants an operational outcome, wants the bodies retrieved and wants economic activity restored around Lily and Barberton.
That is why Section 11 increasingly feels less like a routine administrative approval and more like the gateway to broader legitimacy and institutional support. Once a credible operator structure is legally approved, a lot potentially changes very quickly: mining right transfer certainty improves, operator credibility improves, access to finance may improve, government co-operation becomes easier, community confidence improves, and wider support mechanisms potentially become available. That does not necessarily mean government suddenly writes a cheque. It could be much softer support:
regulatory acceleration, departmental co-operation, permitting assistance, IDC/DFI engagement, infrastructure support, rehabilitation discussions or broader political backing for reopening.
And that is where the wider South African mining relationships may matter more than people think.
Graham Briggs, former CEO of Harmony Gold, sitting as Non-Executive Chairman of Salamander is not a random detail in my opinion. Nor is the fact that broader South African mining circles around Harmony, African Rainbow Minerals and Patrice Motsepe-linked entities have hovered around the Lily narrative for years.
Once a project becomes politically sensitive in South Africa, especially one tied to jobs, communities and national scrutiny, the equation often shifts beyond pure balance-sheet funding. BEE alignment, institutional credibility and government comfort around the structure can become just as important as the raw financing itself. To me, Parliament now sounds far less interested in theoretical rescue plans and far more focused on one question: who can actually execute credibly after nearly a decade of failed promises?
https://www.dailymaverick.co.za/article/2024-02-19-lily-mine-disaster-victims-still-underground-wheres-the-ubuntu/
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