From the Article17 Jun 2014 06:14
SNR has several times deferred repayment of £8m in loans from Land Consultants, which is now due at the end of June, and it looks like another extension will be granted as new partners are rumoured to have been found with goverment funding and a cash injection from an unamed source the clouds could be lifting from a resource that promised so much.
Industrial Development Corporation (IDC) spokesman Mandla Mpangase says the IDC is not involved in the project but it has been approached for funding.
Mr Brenner and Mr Ruhan said in the results statement that they were talking to several parties who could provide an equity injection. They were also preparing a detailed feasibility study on the Elitheni resources to underpin a grant from the IDC.
SNR’s future depended on securing funding, they said, but it had "an extremely valuable asset", while power outages would encourage the Eastern Cape to build a power station and Elitheni’s "strategic potential" remained strong.