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Chinese firm takes over Orkney mine

Oct 25 2012 07:59
Sapa

Johannesburg - China African Precious Metals (CAPM) has taken control of Pamodzi Gold's Orkney mine, Pamodzi's liquidators said on Wednesday.

"A phased implementation plan has been proposed by CAPM in respect of the mine and various studies in this regard are ongoing. CAPM now exercises control over all the mine assets and the day-to-day operations at the mine," spokesperson for the joint provisional liquidators, Johan Engelbrecht, said in a statement.

CAPM is 74% owned by Superb Gold Ltd, with 26% owned by a broad based black economic empowerment consortium led by Elias Khumalo.

According to the Mail & Guardian Khumalo is a business associate of President Jacob Zuma.

Miningmx reported in August 2011 that CAPM's bid was worth R150m.

In October 2009 Aurora Empowerment Systems was singled out as the preferred bidder for Pamodzi's Orkney and Grootvlei mines when the company went bankrupt.

It undertook to invest R600m in the mines. But after workers went without salaries for months and mine assets were stripped, Aurora's status as preferred bidder was cancelled on May 26, 2011.

Aurora's directors include Zuma's lawyer Michael Hulley, former president Nelson Mandela's grandson Zondwa Mandela, and Zuma's nephew Khulubuse Zuma.

 
pamodzi gold

 
 
 

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