HomeGoldAurora to provide funds to close Pamodzi purchase

Aurora to provide funds to close Pamodzi purchase

Orkney “’ one of the
Pamodzi mines
purchased by Aurora
Johannesburg, South Africa — MININGREVIEW.COM — 30 March 2010 – Aurora Empowerment Systems Limited “’ the South African company led by the grandson of Nelson Mandela “’ says it has reached an agreement with investors to provide funds for completion of the purchase of Pamodzi Gold Limited’s Orkney and East Rand mines.

Confirming this here, Aurora management advisor Fazel Bhana told Bloomberg News by phone that the company would finalise the agreement by the end of March, and added that it would also provide the required capital expenditure. Aurora bought Pamodzi’s Orkney and East Rand mines last year for R215 million and R390 million respectively, after the company had gone into liquidation.

Bhana said the funders were in talks with the mine’s liquidators, but he declined to name them. Enver Motala “’ the provisional liquidator of Pamodzi’s assets “’ did not immediately reply to messages left on his phone by Bloomberg News.