View Full Version : Tick tock: Aurora sits on timebomb

18th April 2010, 11:42 PM
Tick tock: Aurora sits on timebomb

On shaky ground: Mine has less than two weeks to find r1-billion as Chinese wait in the wings
Apr 17, 2010 11:45 PM | By Marcia Klein and Kea' Modimoeng


It is another desperate race against time for several crisis-hit gold mines as their owner, Aurora Empowerment Systems, fights to meet an April 30 deadline to secure funding.

Aurora's acquisition of the mines out of the Pamodzi Gold liquidation in the latter half of last year and its promise to save them, appeared to end in a similar late dash as Pamodzi sank.

But, just months later, the mines are not operating, mass retrenchments are under way and workers are on strike.

Aurora - whose chairman is Khulubuse Zuma, the nephew of President Jacob Zuma, and whose managing director is former president Nelson Mandela's grandson, Zondwa Mandela - now has less than two weeks to find about R1-billion.

Should it fail, the mines could have their third new owner in less than a year as Chinese investors wait in the wings.