miningmx
Kobus du Plooy - acting financial director Pamodzi Gold

Pamodzi loses Chinese funding

| Thu, 17 Sep 2009 09:49 In an interview on SAfm @ 18.10 on 16 September 2009
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[miningmx.com] -- PAMODZI Gold's group solution of R626m of funding from Chinese backers no longer stands since the funding was conditional on the Free State assets forming part of the bid.

So said Kobus du Plooy, an executive director at Pamodzi. "If you just look at what happened in court [on Tuesday], we were basically contesting the sanctioning of court of the Free State sale to Harmony, and we were still lagging behind in getting the care and maintenance money," du Plooy said.

He said Pamodzi secured R60m, but there were still certain conditions before that would turn into cash and Pamodzi did not meet the 12 o'clock deadline on Wednesday in order to get the court not to sanction the Harmony transaction.

"Certainly we will not continue with the group solution. One will have to see in the near future what happens to the other assets," du Plooy said.




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