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National Union of Mineworkers members protested outside the IDC’s offices.
The National Union of Mineworkers (NUM) has urged the Department of Trade, Industry, and Competition to intervene urgently and prevent job cuts at Cast Products SA, which is facing liquidation.
In a statement released by NUM, it says the company initiated a voluntary Business Rescue process in 2022, with the goal of stabilising the company and finding a suitable equity partner.
Following years of uncertainty, the Business Rescue Practitioners (BRPs) approved a plan in which a new shareholder would take over the business and begin operations.
Despite this, the Industrial Development Corporation of South Africa (IDC) has rejected the finalised agreement and cut off all funding.
Union members protested outside the IDC’s offices on Wednesday, demanding that the liquidation process be halted.
NUM PWV Regional Organiser, Mpho Hlongwane says, “We agreed with the IDC yesterday that the only thing that will make us as workers to be comfortable on this particular mission, is to have a stakeholder meeting before Wednesday next week, including the business rescue practitioners to be part of the meeting.”
“Because information that has been given on the ground is too different. So we want a high level meeting where we’ll also include our national office stewards of NUM to come and assist us on this particular matter,” adds Mpho Hlongwane.
Below is the full interview with NUM PWV Regional Organiser, Mpho Hlongwane:
