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Johannesburg - Junior South African gold miner Pamodzi Gold on Thursday advised that it has applied to the North
Gauteng High Court in Pretoria to place Pamodzi Gold East Rand and Pamodzi Gold Free State under provisional judicial management.
The orders were granted with a return date of May 26, when the court will decide whether to make the judicial management permanent.
Judicial managers are to be appointed by the court on Friday this week.
"The reason for the applications was to provide the company with time to resolve the current funding constraints without having to deal with vexatious liquidation applications," Pamodzi said in a statement to the JSE.
The move follows last month's application for the provisional liquidation of the company's Orkney operations in North West province and the collapse of the company's funding arrangements.
Pamodzi's Orkney operation was placed into provisional liquidation and the company has until April 14 to show why the mine should not be placed in final liquidation.
Having the operations placed under provisional judicial management buys Pamodzi eight weeks to get its house in order and if all goes well, ensure the company holds on to its ownership of the two operations.
The company employs 15 000 people across its operations.
Pamodzi's shares remain suspended on the JSE.
- I-Net Bridge