African Rainbow Minerals (ARM), the diversified mining group controlled by South African billionaire Patrice Motsepe, has suffered another setback in its bid to liquidate Technology and Mineral Holdings and TAM Holdings after the Johannesburg High Court postponed both applications to allow further opposition from their business rescue practitioner and an intervening creditor.

Acting Judge AMM postponed the proceedings indefinitely on October 29, 2026, giving business rescue practitioner Gerhardus Theodoris Daniel Holtzhauzen and PGVM Investments 15 court days to file answering or supplementary affidavits. ARM, the largest independent creditor of both companies, is seeking to overturn their voluntary business rescue resolutions and have the proceedings converted into liquidation.

Court grants further time for opposition

The applications, filed under case numbers 2025-113077 and 2025-113159, were scheduled for a joint hearing on October 28 before the Gauteng Division of the High Court in Johannesburg. However, last-minute intervention applications by Holtzhauzen, who oversees the rescue proceedings of both companies, and PGVM Investments prompted a request for postponement.

ARM did not oppose their participation but challenged the delay, arguing that the applications lacked sufficient support and that amended business rescue plans did not demonstrate a credible prospect of saving the companies. The court nevertheless allowed the additional filings, citing the interests of creditors and other affected parties.

Proposed manganite stockpile sale at centre of dispute

A key development concerns TAM Holdings’ only asset, a stockpile of approximately 1.5 million tonnes of manganite stockpile (manganese ore). Holtzhauzen told the court that he had received an irrevocable offer to purchase the stockpile on October 22 and intended to incorporate the proposed transaction, alongside other sales, into an amended rescue plan circulated to creditors on October 26.

ARM questioned whether the proposed transaction and rescue arrangements were commercially viable, particularly TAM’s ability to meet contractual obligations and the plans for sourcing, financing and delivering additional stockpiles. The mining group also challenged Mintech’s amended rescue plan for failing to recognise its position as a concurrent creditor.

Although the court recognised the substance of ARM’s concerns, it concluded that the proposed rescue developments should be considered before deciding the companies’ future. It ordered Holtzhauzen and PGVM Investments to pay ARM’s costs arising from their intervention and postponement applications, jointly and severally. Holtzhauzen also undertook personal liability for the wasted costs caused by the delays, including senior counsel’s fees on scale C.

ARM’s $3.32 million claim remains unresolved

ARM, which operates across iron ore, manganese, PGMs, coal, and base metals, remains a key part of Motsepe’s business empire. As Africa’s first Black billionaire, he owns over 45% of the company and has been strategically expanding his interests beyond mining to navigate industry challenges.

The latest dispute includes an outstanding capital claim of R55.34 million ($3.32 million), excluding accrued interest and costs subsequently. Holtzhauzen agreed to recognise the amount as ARM’s concurrent creditor claim against Mintech, following acknowledgement of the mining group’s claim by an earlier business rescue practitioner.

The ruling does not determine whether Mintech or TAM Holdings should remain in business rescue or enter liquidation. ARM’s applications will proceed after the additional affidavits are filed, leaving the mining group’s efforts to recover its claims through liquidation unresolved.