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DRD's Blyvoor in judicial managment

Miningmx reporter | Thu, 12 Nov 2009 16:53
[miningmx.com] -- Junior group DRDGOLD's Blyvoor underground mine has been placed in judicial management by a High Court on Thursday and the company is spending money to accelerate its ErgoGold surface project.

DRDGOLD approached the court place the mine in judicial management to prevent its 74% owned mine going into liquidation after a run of losses since May this year.

If at any stage prior to 16 March 2010, Blyvoor becomes profitable, any interested and affected party, including DRDGOLD, may bring an application before the Court to lift the provisional order.

"We are confident that judicial management offers the best possible prospect of preventing Blyvoor's liquidation and of restoring the operation to financial health, all the while protecting the interests of all stakeholders of both Blyvoor and DRDGOLD," said CEO Niel Pretorius.

The good news is that gold production from its tailing treatment operations rose nine percent to 11,092 oz in October against September.

"While Blyvoor's surface production was stable month on month, Crown and ERPM were marginally higher with ErgoGold increasing by almost 38%," Pretorius said.

DRDGOLD has approved the spending of R8m to accelerate the production build up at ErgoGold, bringing forward the commissioning of a second pipeline feed from the Elsburg Tailings Complex to the Brakpan plant.




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