Thu Oct 27 09:04:03 CAT 2016

Pamodzi Gold faces liquidation demands

By unknown | Mar 18, 2009 | COMMENTS [ 0 ]

Marcia Klein

Marcia Klein

A Pamodzi Gold creditor finally had enough and filed an application for the liquidation of a Pamodzi subsidiary in the Pretoria high court yesterday.

Pamodzi faced another crippling problem as well - it was scrambling for a funder after the R200million funding from Best Rock in the US fell through.

Pamodzi said yesterday that it had not received the R200million "as a result of the non-performance of Best Rock Investments LLP".

It is now involved in negotiations "with a view to coming up with a complete solution to the funding issues Pamodzi Gold faces".

Chairperson Ndaba Ntsele and chief executive Peter Steenkamp are said to have been overseas looking for other funding.

Sapa reports that Engineering Labour Hire and Mining Supplies has launched an application for the liquidation of Pamodzi's Orkey mine as it was owed R21,8million.

But Pamodzi Gold said it would oppose the application.


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