HomeGoldAurora receiving capital injection

Aurora receiving capital injection

Enver Motala “’ the
joint provisional
liquidator of Pamodzi
Johannesburg, South Africa — MININGREVIEW.COM — 18 August 2010 – It appears to be all systems go at controversial Aurora Empowerment Systems after it is reportedly finally receiving an undisclosed capital injection from Swiss investment group, Global Emerging Markets (GEM).

Enver Motala “’ the joint provisional liquidator of Pamodzi Gold, the former owner of the assets Aurora is seeking to refinance “’ said in an interview with Miningmx that he was happy that the company had received the financial backing. He refused to divulge the sum of the money which was thought to be in the region of R50 million “’ enough to pay salaries and other basic mine services.

“This is an encouraging sight,” Motala said, adding that this would provide much needed relief to the mining business owned by President Jacob Zuma’s nephew Khulubuse Zuma and Zondwa Mandela – the grandson of former president Nelson Mandela.

Aurora is now positioned to recommence mining operations as early as next week, but on a limited scale,” he added.

Motala stated that the liquidators had advised Aurora not to repeat the same mistake of undertaking full scale operations before ensuring that they have the necessary financial support. “We hope the company will meet the November deadline that we have set for them as that would be great news,” he said.

“We are awaiting a plan of action from Aurora and it is expected that in the meantime the funds will be used to bring employees’ salaries up to date and to start clearing out other minor debt issues,” Motala continued.

Thulani Ngubane, Aurora’s commercial director, confirmed that GEM had kept its word.

“Right now we are still talking to the Reserve Bank to finalise things,” said Ngubane. He added that Aurora would be calling a media briefing to clarify the details of the tragic events that took place last week at the firm’s Grootvlei mine on the East Rand – among other issues.