China African Precious Metals completes EUR 13.4mn buy of SA Orkney gold mine.

By bne IntelliNews October 29, 2012
China African Precious Metals (CAPM) has completed the ZAR 150mn (EUR 13.4mn) purchase of South African Orkney gold mine, previously owned by miner Pamodzi Gold, which went bankrupt in 2009, BDay Live reported. In October 2009, Aurora Empowerment Systems, led by a grandson of Nelson Mandela and nephew of President Jacob Zuma, was elected as the preferred bidder for Pamodzi's Orkney and Grootvlei mines. It pledged to invest ZAR 600mn in the mine, but after workers went without salaries for months and mine assets were stripped, Aurora's status as preferred bidder was cancelled in May 2011. CAPM is 74% owned by Superb Gold, an affiliate of Hong Kongs SSC Mandarin Holdings, while the balance is held by a broad-based black economic empowerment consortium led by former trade unionist Elias Khumalo, reportedly a "close confidante" to Zuma. Trade union Solidarity welcomed the news, saying it hopes that CAPM would start operations as soon as possible to provide work for hundreds of employees who had lost their jobs at the mine. Solidarity's general secretary Gideon du Plessis said he hopes that the sale of the Grootvlei mine on the East Rand would also be finalised soon. Miners Gold One and Goliath Gold have conditionally agreed to buy Grootvlei for about ZAR 70mn.

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