The deadline for Pamodzi Investment Holdings, the holding firm of troubled Pamodzi Gold - to come up with the money to keep the Pamodzi Gold Free State mine going - has come and gone and the mine's future continues to hang in the balance.
Provisional liquidators of the mines and PIH director Kobus du Plooy confirmed yesterday that the liquidators' demand for R11-million to keep the Free State mine going on a care-and-maintenance basis for the month had not been secured by Monday's deadline.
The liquidators had accepted a R405-million bid from Harmony for the mine, but Harmony withdrew its bid after PIH said it had secured funding from the China Africa Development Fund and wanted a chance to present its rescue plan.
Another of Pamodzi's mines, at Orkney, was also successfully bid for by Aurora Empowerment Systems, but this bid has gone ahead. Joint provisional liquidator Enver Motala said yesterday that the liquidators had signed an interim trading and contract mining agreement with Aurora, and since Monday, Aurora had started mining activities.
Aurora originally said it would employ 390 of Orkney's 1500 permanent employees immediately, but was able to take on 872. It hopes to employ another 238 next month, with the rest being employed in the short to medium term after December.
Du Plooy said yesterday that "the R11-million that had to be raised has increased substantially as the process we are taking will take two months and not one".
He said PIH might have to secure funding to put a third Pamodzi mine, in the East Rand, on a care-and-maintenance programme, and more funding would be required.
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