Friday, November 17, 2017

A bid from a South African group backed by a Chinese consortium is preparing a bid for two gold mines managed by Aurora Empowerment Systems on behalf of the liquidators of the operations.

Hit by market volatility, Bauba Platinum has dropped its minimum funding target significantly and extended the closing deadline to raise the money.

JCI, the company pursued for billions of rands by sister company Randgold & Exploration, is running short of cash, but it is looking at a variety of options to raise money. It is looking at a possible resumption of its JSE listing by year-end.

Junior gold producer Simmer & Jack Mines says it is investigating alternative solutions to the proposed rights offer.

Randgold & Exploration, which was plundered for billions of rands by Brett Kebble, finally resumes trading on the JSE. New CEO Marais Steyn is keen to revive Randgold's fortunes in resources.

Irate workers maintaining the mothballed Grootvlei gold mine threaten to let it flood unless Aurora pays overdue wages of R30m immediately. The company says it will pay workers on Friday.

Battle lines are drawn between AngloGold Ashanti and the liquidators of Pamodzi Gold, with fresh allegations surfacing that promise to make this a drawn out and messy affair.

Gold may rise as high as $1 400 an ounce in 2010 as investors buy the metal as both a safe store of value and a haven from risk amid rising fears over sovereign debt, Investec says.

The news from South Africa's gold sector remains grim. Gold output has fallen again in the first quarter of the year as an inexorable slide in production continues.

UPDATED - Aurora's gold ambitions receive a body blow as AngloGold Ashanti terminates services to the Orkney mine because of unpaid debt.