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Chinese bid for Aurora mines

Orkney “’ one of the
two Aurora mines
that the Chinese
want to buy
 
Johannesburg, South Africa — MININGREVIEW.COM — 10 June 2010 – A Chinese consortium has made an offer for two liquidated gold mines managed on behalf of the liquidators by Aurora Empowerment Systems, which has plans to list the operations.

Revealing this in a statement here, one of the liquidators emphasised that the offer was shrouded in secrecy.

“I’ve just received an offer, but unfortunately I cannot disclose the identity of the party concerned as the offer is subject to strict confidentiality clauses. If the identity is disclosed by the liquidators the offer will lapse,” said liquidator Enver Motala. “The reason is that the party has not yet received the regulatory approvals from the Hong Kong exchange for this announcement and this process is as a sensitive stage,” he added.

Miningmx had two sources which said on Monday that Hong Kong-listed Grand TG “’ a Western mining firm based in Hong Kong and which has experience of gold exploration, mining and processing in China “’ was one of the parties to the bid.

Motala declined to confirm or deny whether Grand TG was in the consortium bidding for the two mines, which are currently under care and maintenance due to Aurora running short of money.

He also declined any comment on the price the sources suggested, which was US$50 million (R390 million) for both mines. This is well below Aurora’s offer of R605 million for both mines that were owned by Pamodzi Gold before it went into liquidation for debt topping R1.6 billion to creditors and suppliers.

“I can’t disclose the quantum of the offer,” said Motala. “There are numerous conditions attached. The liquidators need to meet and debate these conditions with major secured creditors,” he added.

“No further comment will be made on the offer until this process is completed,” Motala said.

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