Data provided by McGregor BFA
All data is delayed
Loading...
See More

Chinese firm takes over Orkney mine

Oct 25 2012 07:59 Sapa

Related Articles

Pamodzi: End in sight

Zuma to testify in Aurora insolvency case

Court orders Aurora's Zuma to pay R10m

Stricken Aurora miners plead for help

Aurora director faces criminal charges

Aurora's Mandela to face fraud charges

 

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  |  orkney mine
NEXT ON FIN24X

DRDGold appoints director

2014-04-17 15:05

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
21 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Madonsela to probe ANC food-for-votes claims

Public protector Thuli Madonsela has launched an investigation into whether the ANC has used state resources for its electoral campaign, says a report.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...