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Alliance News


Central Rand Gold Concentrator Plant Finally Arrives In South Africa

Wed, 13th Sep 2017 14:02


LONDON (Alliance News) - Central Rand Gold Ltd on Wednesday said the concentrator plant ordered from China has now arrived in South Africa and has been transported to site following delays to its delivery.

The equipment had originally been due to arrive in South Africa in mid-June, and after a nearly two-month delay has finally been transported to site in containers. The containers are expected to be offloaded by Thursday, with construction anticipated to commence in October.

The concentrator plant will be fully on line by December.

Central Rand added that while excavation and processing operations have stabilised at an operational level, the financial position of the company "nevertheless remains extremely serious", noting that it carries significant debt and has a number of creditors.

It said it is "actively pursuing financing opportunities" for the company and is in discussions with a number of parties about those opportunities.

"Any such financing, if forthcoming, would be likely to be significantly dilutive to shareholders and may also involve the company disposing of all or of a significant part of its operations to a third-party better able to provide the capital required to provide a meaningful return from those operations, which are proving very difficult to achieve under the company's current capital structure," Central Rand said.

Shares in the company are currently suspended.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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