Pamodzi now to be liquidated johannesburg, south africa miningreview.Com 11 september 2009 south africas industrial development corporation idc is applying for the liquidation of pamodzi gold which, if successful, clears the way for a full forensic investigation into the way the suspended company was managed.Reporting this development, miningmx.
Pamodzi gold jsepzg will focus on fixing its newly acquired president steyn and orkney gold mines in south africa to boost its gold production to 373 000 ounces of gold in 2008.The aggressive jse-listed junior gold company, envisaging a second foreign listing in future, plans to transform.
The reopening of harmonys jsehar bid for the free state assets of pamodzi gold will go down as probably the most immoral scheme in commercial history.For harmony, pamodzi gold free state.
Pamodzi gold orkney was sold for r 150 million.Idc claims that they have security over all the assets and lodged a secured claim against the estate.The validity of the security is still under investigation.And the joint liquidators are still awaiting a legal opinion on this.Pamodzi grootvlei was sold.
Listen to this in august 2007, pamodzi announced africas largest private-equity fund the 1.3bn pamodzi resources fund prf1 through us- based american metals coal international amci.
Gold fields of south africa limited was amalgamated with other smaller companies into the consolidated gold fields of south africa limited in 1892.Robinson sold his shares in randfontein estates gold mining company, worth 250,000, to the wernherbeit company, which was an affiliate of the de beers group and the forerunner of rand mines.
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Khulubuse zuma, a nephew of president jacob zuma, agreed to pay 23 million rand 1.6 million to settle a lawsuit that found him partly responsible for the destruction of gold-mining assets near.
Gold one to start uranium recovery at newly acquired rand uranium in 2016 gold one ceo neal froneman said on wednesday aug.31 that the miner would start building its uranium plant in 2013, to process uranium ore from the recently acquired rand uranium operations, in south africa.In may, gold one signed a 250-million takeover agreement.
Six pamodzi gold gold mines have now been placed in provisional liquidation and each has may 26 as the new return date.Four of the gold mines are east rand mines, one a free state mine and one a.
The 28 percent drop in the gold price last year and the dwindling amount of ore in south africa that can be mined profitably has increased the number of abandoned shafts around johannesburg.
Pamodzi went into liquidation in 2009 and aurora took control of its mines.Auroras board of directors includes president jacob zumas nephew, khulubuse zuma, the presidents lawyer.
Pamodzi gold has a presence in two of south africas gold mining provinces so it could take advantage of anglogold ashantis indication is might sell less profitable mines.Or it could deal again.
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Uranium production in south africa has generally been a by-product of gold or copper mining.In 1951, a company was formed to exploit the uranium-rich slurries from gold mining and in 1967 this function was taken over by nuclear fuels corporation of south africa nufcor, which in 1998 became a subsidiary of anglogold ltd, now anglo gold ashanti.
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Hopefully this investigation will reveal what happened to the approximately r170 million that disappeared at the mines, and also what zumas business interests in africa was or is.The investigation will also determine whether zuma has any interests in dubai.
The cracks are showing as the company is planning to cut 1 440 staff because of its funding crunch.Aurora is claiming it has a mysterious overseas funder standing by to plug its gaping money gap.
Aurora empowerment systems bosses should explain what happened to the bulk of the r112 million which was generated from gold sales at the former pamodzi gold mines, which now lie derelict.
The high court in pretoria has ordered aurora directors khulubuse zuma above and zondwa mandela to pay up for their mismanagement of the pamodzi gold mine.The mine was forced to close in 2011 due to the reckless behaviour of the directors.
Veteran mining entrepre-neur peter skeat, who intends to revive the old blyvooruitzicht gold mine near carletonville, says south africas credit rating downgrade to junk has delayed the funding.
What happened to the sassa food parcels.If allegations are true, south africas crime intelligence service, accused of blatantly abusing secret service funds, is the countrys biggest mafia.Enver motala, who came under fire for the liquidation of pamodzi gold mines, allegedly changed his name to disguise 93 previous fraud convictions.
Com there are hundreds of tonnes of steel, valuable machinery and other equipment in the deep gold mines that are so typical of south africas gold mining industry.At the same time, these old mines have huge financial obligations largely to their employees, who have often worked in a mine for 30 years or longer.
The result of auroras heritage is still having a ripple effect, solidarity has said after a gold mining company had to shut down a shaft temporarily.
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