Aurora Acquires Pamodzi Gold East Rand

14 October 2009 (Last Updated October 14th, 2009 18:30)

Gold miner Aurora Empowerment Systems has acquired the liquidated Pamodzi Gold East Rand property, the final part of the Pamodzi Gold group to be purchased. The acquisition represents the second Pamodzi Gold property to be purchased by Aurora following its takeover of Pamodzi Gold Orkne

Gold miner Aurora Empowerment Systems has acquired the liquidated Pamodzi Gold East Rand property, the final part of the Pamodzi Gold group to be purchased.

The acquisition represents the second Pamodzi Gold property to be purchased by Aurora following its takeover of Pamodzi Gold Orkney for R215m, according to Mining Weekly Online.

Aurora's acquisition of Pamodzi Gold East Rand could be related to a consolidation of the East Rand goldfield and activities of other gold miners in the area.

Joint liquidators have garnered a sum of roughly R1bn for all the properties, which may indicate that Aurora paid about R300m for Pamodzi Gold East Rand.

Aurora plans to invest a substantial amount of capital in Pamodzi Gold East Rand to get the mines running at full capacity.