CRG denies ownership by Kenny Kunene

Johannesburg - Businessmen Kenny Kunene and Gayton McKenzie are not co-owners or directors of Central Rand Gold [JSE:CRD], the company said on Monday.

"Their shareholding carries normal shareholder rights and they have no other influence or say in the running of the company," it said.

McKenzie was employed at CRG from April 2007 to December 2010 and owns "an insignificant holding" of less that 0.02%, it said.

"He was never a director of the company and has had no official involvement with the company since leaving its employ."

Kunene was employed there from August 2007 until February 2011 and also held less than 0.02% in the company.

CRG said it planned to bring an urgent application in the high court in Pretoria to set aside the government's cancellation of its mining licence.

It wanted to be able to continue operations pending the outcome of review proceedings to set aside the mineral resources minister's decision to cancel its mining rights.

The mineral resources department announced on Tuesday that it had suspended the licence.

It said the company had failed to fully put into effect its approved social and labour plan, to comply with an approved environmental management programme and to comply with the approved mining work programme.

However, CRG said it had fulfilled many of its obligations despite experiencing major difficulties since listing on the Johannesburg and London stock exchanges in 2007.

The company said it explained these difficulties in a presentation to the department in August.