US$150 million offer for Pamodzi

Johannesburg, South Africa — MININGREVIEW.COM – 04 June 2009 – Black-controlled South African group Sekunjalo Investments Limited has made a US$150 million (R1.2 billion) offer for Pamodzi Gold Limited, whose shares were suspended earlier this year after it had ran out of funds and had failed to borrow more.

Pamodzi’s Orkney, Free State and East Rand units are in provisional liquidation. “The bid for the assets was made with Middle East investors,” Sekunjalo chief financial officer Khalid Abdulla told Bloomberg News by phone from Cape Town, but he did not identify the investors concerned. “Sekunjalo and the Middle East investors have created a US$500 million (R4 billion) fund,” he said.

“Emerging South African gold and uranium producer Simmer & Jack Mines Limited is to submit a bid for the Pamodzi’s Orkney mine tomorrow, and has already submitted an expression of interest,”spokesman Nick Goodwin told Bloomberg News by phone from Johannesburg. Other Offers are also expected before the deadline is reached.

Pamodzi’s lead liquidator, Enver Motala of SBT Trust, did not immediately respond to a message left on his mobile phone seeking comment.