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Johannesburg - Junior gold producer Simmer & Jack will make an offer to the provisional liquidators of Pamodzi Gold next week for the Orkney mine, as it wraps up a due diligence at the mine this week.
"The results of the due diligence and analysis show there is value for Simmers in the Orkney mine," Simmers gold division MD Deon van der Mescht told Miningmx on Thursday.
Orkney is ideally situated between Simmers' Buffelsfontein and Tau Lekoa operations.
Orkney has been in the hands of the provisional liquidators for the past month because of the massive debts run up by Pamodzi Gold management. Pamodzi bought the mine from Harmony Gold in exchange for shares and has been unable to raise the money needed to recapitalise the old mine.
Orkney has resources of about 17 million ounces.
Mining services company JIC has agreed with the liquidators to restart operations at Orkney, targeting 90kg of gold in April and ramping up to about 160kg in the next three to four months.
- Miningmx.com
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