Fin24

Chinese firm takes over Orkney mine

2012-10-25 07:59

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.

 

Comments
  • thepatrickwinter - 2012-10-25 08:11

    "Cry the beloved country"

      frank.vankaapstad - 2012-10-25 10:39

      Amazing how the associates or family members of Mandela and Zuma keep appearing in these deals. These families are absolutely coining it and the true aim of BEE is completely ignored. Besides that, selling assets to the Chinese is a shockingly bad idea. They are the modern day colonialists, wolf dressed in sheeps clothing, and there will be a heavy price to pay to them in the future.

  • merven.halo - 2012-10-25 08:21

    So here it starts, just a matter of time and China will take over more mines. A contact I've got in the mining sector predicted this a month ago already. They just though that it would happen in Rustenburg first.

      alan.jerrold - 2012-10-25 08:44

      Yes, striking workers under Chinese rule won't be given extended deadlines and soft talk. They will be fired on the spot. While I don't like to see China taking over SA's mineral assets (which they desperately want to do in order to become a top world power), Chinese authority will be a massive wake-up call for our striking, unproductive miners. They won't know what hit them. Just check out China's human rights record.

      ed.gutsche - 2012-10-25 08:57

      hahahaha, yeas its starts now. the end of 'anglo saxon' mining ownership, as wanted by the current tyrants. however, i cannot wait to see how the chinese will react to strikes!!! that will be funny...do our local idiots even realise how the chinese will treat them. they take strikes as an attack on chinese sovereighnty. amazing how zuma pops-up everywhere...

      africagao - 2012-10-25 09:50

      Will you guys be satisfied when there is none of foreign company willing to invest in this country. Furthermore, it's globalized era, dont you heard about South African company also invested money in China ?It was US $ 2billion in 2007 including companies such as SAB Miller,Gold field etc. And now China is the most important buyer of South African products. In 2011, South Africa exported US$ 32billion to China while imported US$ 12 billion from China. On the other hand, if there is something wrong of the labor management, there are 50 million people watching at this, who dare to break the law, especially for foreign investor. So why don't you just work harder to be more productive and sell to China. We all love this country, we all hope it will be a great country in this world, and it can be.

  • Don.Tandy - 2012-10-25 08:22

    Lets see how the unions and workers react when the new owners start imposing chinese work ethics - could be a wake-up call with sheltered employment no longer in place.

      p.borchard - 2012-10-25 10:41

      Are the new owners going to pay the ex-Aurora workers the salaries that Fat Blob Zuma couldn't be bothered to pay? I am willing to bet that 90% of the new workforce will be chinese. Oh how funny for the strikers.

  • jialu.wang.5 - 2012-10-25 08:30

    Whats wrong with that? We efficient, smart, hard working, diligent, integral, persistent, innovative, solution/result/deadline driven.... and the lists goes on. Don't be scared or prejudice towards our advance. It is for the greater good of all. For all of you whom have stayed in SA all your life and only sees us through the social stereotyping. Please, visit any city in China and you will wish the systems and procedures are implemented here too.

      william.letsong.5 - 2012-10-25 08:50

      Now please tell us what you are doing here since everything is working so well in China?

      jialu.wang.5 - 2012-10-25 09:14

      @William, it is in our blood to explore other cultures, we like the idea of being in a foreign, isolated, hostile environment and slowly adapting and become an integral part of that community.(Challenge ourselves in a literal way) There is a saying 'Where you will find coca cola, you will find Chinese people' There are no hostile intentions but mutual benefits, in form of shared insights, experiences and possible collaborations either economically and socially. @Ed Gutsche, as I said above, Stereotyping gets you no where.

      david.smith.127648 - 2012-10-25 09:39

      jialu.wang.5 i Agree with you 100% and I wish we had more Chinese in South Africa. They are efficient, smart, hard working, diligent, integral, persistent, innovative, solution/result/deadline driven.... and they won't take crap from the Lazy Black Labour force and their corrupt Unions..... Long May It continue!!!!!

      william.letsong.5 - 2012-10-25 09:43

      Okay jialu.wang, you got a point, but sorry man, I will have to agree with Roiyen. LOL well said dude.

      africagao - 2012-10-25 10:19

      If it comes to me, I would say hardworking is the only compliment to Chinese, all the others are just part of human nature, you can find most people from all over the world can be innovative,smart ,persistent,solution deadline driven, such as German, American, South African. And the political systemwhich most of you only look at its low human right part. But it did very well and successful,especially from 1980s, but it only works in China. And most Chinese people do agree with it, so western media is just too bossy to report about this issue.

      kokkiedk - 2012-10-25 11:51

      At least in China they get the jobs done even if the pay is lower ?? OR IS THE PAY LOWER??...These Chinese people WANT to work and thereby getting the economy up again.. production up ... Food for the country and so this list goes on !!!

  • vandeventer.sarel - 2012-10-25 08:45

    Cheap labour china!!! Lol. Kry vir julle

      william.letsong.5 - 2012-10-25 08:53

      Goet soe... LOL.

  • JamesMWood - 2012-10-25 09:28

    Eish, can't wait to see how the chinese deal with strikers! I can only imagine the packages and housing etc!

  • peter.jefferies.90 - 2012-10-25 09:37

    Now lets see how many South Africans get jobs here, the Chinese are going to take over the mining industry and all these striking miners are going to be out of a job!

  • Blixum - 2012-10-25 09:55

    Yippie! Now, they will bring in their own labourers (or convicts) and we will see some real work being done in SA. The jobless (SA) numbers will increase, production will double at these mines, they will return to profitability and the money and gold will once again leave our shores for another country. Well done anc! O, and a few black BEE beneficiaries will score big time.

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