In the media

DRDGold wants Blyvoor judicial management order lifted

17 March 2010

Source: www.miningweekly.com

Author: Mariaan Webb

JOHANNESBURG (miningweekly.com) - South African miner DRDGold's Blyvooruitzicht unit had filed papers with the mine's joint judicial managers to support its view that a judicial management order should be lifted. DRDGold's 74%-owned Blyvooruitzicht Gold Mining Company would meet with the joint judicial managers this week to provide details about the mine's performance, the gold company said in a statement on Wednesday.

The Blyvoor mine had been placed under judicial management last year, after posting a R27-million loss, as a result of industrial action, seismic events and rising energy costs.

DRDGold said that Blyvoor had provided guidance on the rehabiliation of panels damaged in seismicity and the opening up and development of areas accessed through the mine's ongoing WAP project, in the filed papers.

It pointed out that the Blyvoor mine had made a net profit of R33,6-million between November and February, and generated net cash flows after capital expenditure of R27,5-million.

"The majority of pre-judicial management debts have been paid in full and all trade creditors are back on normal terms," the company reported.

On Tuesday, the High Court granted a 28-day extension to the judicial management order to allow the judicial managers to file a report on the financial status of the mine.

The judicial managers have until April 13 to file the report.