Bheki Mpofu
13 November 2009
Johannesburg — MINER DRDGold said yesterday its high court application for a judicial management order over the company's 74%-owned Blyvooruitzicht operation had been granted, giving it more time to try to turn the mine around and save it from liquidation.
The mine will now fall under a high-court appointed judicial manager until March , when its performance is expected to have been turned around.
The judicial manager would be appointed in the next few days, CEO Neil Pretorius said.
Blyvoor has been making a loss since April that has now reached R27m a month.
"In addition to the R75m we have committed to saving Blyvoor over the past three months, we will provide the judicial manager with whatever assistance required to obtain additional rescue finance from ... institutions, such as the Industrial Development Corporation," said Pretorius
Be the first to Write a Comment!
Copyright © 2009 Business Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
