Pamodzi assets up for sale, again

2011-06-21 12:25

Pamodzi’s mine assets are up for sale again after embattled Aurora Empowerment Systems failed to come up with the money to buy them.
Two advertisements for Pamodzi’s assets appeared in Business Day newspaper today.

They call for expressions of interest in buying the Orkney gold shafts and the consolidated Modderfontein, Grootvlei and Nigel gold mines.
Expressions of interest must be submitted to Standard Bank by 5pm on Thursday, June 30.

Pamodzi went into liquidation in 2009, after which the liquidators accepted Aurora’s R600-million bid for the Orkney mine in the North West and the Grootvlei mine in Springs, Gauteng.

Aurora failed to raise the capital to follow through on the sale, and in June the liquidators ordered it to leave the mines.

Aurora operated the mines in the meantime, but according to unions, it failed to pay miners and allegedly stripped the mines’ assets.

One of the joint liquidators, Johan Engelbrecht, said last week that there were “serious discrepancies” between the assets handed to back Aurora’s liquidators and those given to Aurora when it made its bid for the mines.

The contract with Aurora was cancelled after two of the joint liquidators, Enver Motala and Gavin Gainsford, were removed from the case to preserve the “integrity of the process”, the justice ministry said at the time.

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