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New deadline for Pamodzi

Mar 29 2009 11:24

Pamodzi liquidators to be miners

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Johannesburg - On Friday Pamodzi Gold managed to ward off an application for liquidation of its Free Sate operations - until next Wednesday, at least.

The creditor that successfully applied to the High Court for provisional liquidation of the company's Orkney mine reached a settlement with the gold miner and dropped the new application for liquidation.

Four other claimants however came up with further claims against Pamodzi's President Steyn mine in the Free State, says Johan Engelbrecht, an insolvency expert with the Solidarity trade union.

"The creditors are forcing Pamodzi into liquidation."

Pamodzi has apparently agreed to pay these creditors by Wednesday.

Labour broker Engineering Labour Hire, which is behind both liquidation applications, had a R22m claim against Orkney, but only a fairly small R430 000 one against President Steyn.

This debt was apparently settled by Pamodzi at the last minute.

The beleaguered gold miner also attempted to settle the Orkney liquidation, but the Industrial Development Corporation (IDC) joined as plaintiff with a R100m claim, dwarfing those of Engineering Labour Hire and the two smaller creditors.

The President Steyn mine, which might still be provisionally liquidated next week, is meanwhile not operating as its water supply was cut off last week owing to non-payment.

- Sake24.com

For more business news in Afrikaans, go to Sake24.com.

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