The world’s most secretive coal company reveals how it will operate, in court July 26, 2021 July 26, 2021 admin

London’s biggest mining giant is preparing to go to court to get a legal battle with a competitor who is seeking to stop the firm operating in South Africa’s mining sector.

The world’s biggest coal producer is going to fight a ruling by South Africa Securities Authority (SSA) that it cannot operate in the country’s mining industry under the Mining Act.

Luxembourg-based Goldsborough Resources Ltd said on Wednesday it will challenge SSA’s ruling in the High Court in London, claiming it cannot be classified as a mining company under the Act.

The company, which is the second-largest gold miner in South African history after Anglo American, has a market value of $9.4bn and employs some 6,500 people.

Goldsborough is not allowed to sell its product to the public.

The ruling by the SSA will have a major impact on the UK’s coal industry.

The UK’s biggest power producers, which have invested billions of pounds into coal mining, are facing major price increases as they struggle to compete in a world where prices have fallen.

Livestock production and the value of coal have both declined in recent years as a result of falling global demand for electricity and climate change.

The SSA said in a statement that Goldsboro was not a “natural person” in the sense of being a person who owns the rights to a particular property or to use that property.

“Goldsboro does not own the right to control, operate or control, or to cause the operation or operation of, the mine, or its employees, unless they are employed in the mining industry,” the S.A. said.”SSA has no authority to make such an assessment, and its decision is contrary to all the relevant laws and regulations, including the Statutory Instruments Act.”

The S.S.A.’s decision came just days after Goldscombe, a private company owned by billionaire Philip Green, sought a court injunction to prevent it from operating in the South African mining sector, arguing that it had the right and the right-of-way to operate as a mine and its mine managers could not be fired without their permission.

Green said that the SFA decision was “an act of sheer criminality and an act of power” and that it was “the most egregious act of censorship that I’ve ever seen in my lifetime”.

Greenscombe has been a major buyer of South Africa and the South Africa mining sector has contributed more than £500m ($7bn) to Goldsbrook’s bottom line.

In a statement, Goldsburg said the Ssa decision would mean “a massive loss” for its shareholders and it would also be a major financial setback for the company, since it is the third largest gold producer in South America after Rio Tinto and BHP Billiton.

“We are now facing the prospect of having to shut down our operations in the SLC (South Africa),” the statement read.

“The SLC has become a battleground for investors who are looking for safe havens from the global economic crisis.

Our shareholders will be particularly hurt by this decision.”

This is the last resort we have and we will not take it.

“Goldsburgh said it was confident that it would prevail, but added that its lawyers were prepared to defend its position if needed.”

It will be the largest case ever brought against a private person in South East Asia,” it said.SSA’s decision to classify Goldsburgh as a non-mining company was welcomed by Goldsby.”

Luxambia and South Africa have a history of close cooperation, which includes working closely on matters of mutual interest, and we have welcomed the SSC’s decision in this regard,” she said in an emailed statement.”

In the meantime, we continue to work with the SBA to work out our business strategy and plans.

“The case has sparked controversy and speculation about what might be behind the decision, which was based on a complaint filed by South African-based environmental activist David Gautreaux in October last year.

Gautreux has accused Goldsworth of exploiting the mineral wealth of the Namib desert for its own gain.

He has also called on the S SA to halt all mining operations in South-East Asia, arguing it has a direct impact on South African communities.