Administrator says Alexkor, partner mismanaged and insolvent

Alexkor’s administrator Lloyd McPatie has said the diamond mining company is trading recklessly and cannot meet its financial obligations.

Briefing the Portfolio Committee on Public Enterprises and the Select Committee on Public Enterprises and Communication on his observations of issues at the State-owned diamond miner on May 27, he said the Pooling and Sharing Joint Venture (PSJV) between Alexkor and the Richterveld Mining Company, which comprises of the Richtersveld community, was also technically insolvent and could not trade itself out of its current financial situation.