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Johannesburg - DRDGOLD [JSE:DRD] , South Africa's fourth-largest gold producer, said on Thursday it has appointed a company rescue specialist for its distressed Blyvoor mine, which it may sell to a Chinese investor.
It also said in a statement it had accepted an offer of assistance from South Africa's top gold producer AngloGold Ashanti [JSE:ANG] for the troubled mine.
In South Africa a distressed company can appoint a certified rescue practitioner to save the business.
DRDGold said Peter Van den Steen had been appointed as Blyvoor's business rescue practitioner and he had 25 working days - until 12 August - to produce a rescue plan for Blyvoor.
DRDGold last month suspended financial assistance to Blyvoor, a deep-level mine suffering falling production, saying it would begin business rescue proceedings that would not interfere with plans to sell a 74 percent stake.
It also said it was in talks to a potential Chinese investor for Blyvoor.
China's resource-focused investment in Africa has mostly side-stepped gold producers but a Chinese consortium has taken steps to take a majority stake in Australia and South Africa-listed Gold One International .
The AngloGold offer of assistance would involve it selling 390,000 square metres of its neighbouring Savuka mining area for R35m. The area is not within AngloGold Ashanti's current mine planning.
It also said in a statement it had accepted an offer of assistance from South Africa's top gold producer AngloGold Ashanti [JSE:ANG] for the troubled mine.
In South Africa a distressed company can appoint a certified rescue practitioner to save the business.
DRDGold said Peter Van den Steen had been appointed as Blyvoor's business rescue practitioner and he had 25 working days - until 12 August - to produce a rescue plan for Blyvoor.
DRDGold last month suspended financial assistance to Blyvoor, a deep-level mine suffering falling production, saying it would begin business rescue proceedings that would not interfere with plans to sell a 74 percent stake.
It also said it was in talks to a potential Chinese investor for Blyvoor.
China's resource-focused investment in Africa has mostly side-stepped gold producers but a Chinese consortium has taken steps to take a majority stake in Australia and South Africa-listed Gold One International .
The AngloGold offer of assistance would involve it selling 390,000 square metres of its neighbouring Savuka mining area for R35m. The area is not within AngloGold Ashanti's current mine planning.
