Central Rand Gold Limited Application Abandonment and Operational Update (6665L)
21 July 2017 - 1:00AM
UK Regulatory
TIDMCRND
RNS Number : 6665L
Central Rand Gold Limited
20 July 2017
Central Rand Gold Limited
(Incorporated as a company with limited liability under the laws
of Guernsey,
Company Number 45108)
(Incorporated as an external company with limited liability under
the laws of South Africa,
Registration number 2007/019223/10)
ISIN: GG00B92NXM24
LSE share code: CRND JSE share code: CRD
("Central Rand Gold" or the "Company")
--------------------------------------------------------------------
ABANDONMENT OF APPLICATION BY PUNO GOLD INVESTMENTS FOR THE WINDING
UP OF CRGSA AND OPERATIONAL UPDATE
--------------------------------------------------------------------
Application Abandonment
An application for the winding up of Central Rand Gold South
Africa Proprietary Limited ("CRGSA"), a subsidiary of the Company,
was brought by Puno Gold Investments Proprietary Limited ("Puno")
in April 2015 ("the Application"). The board of directors of the
Company considered the Application to be without merit and engaged
legal advisors to defend the action, which was lodged in May 2015.
To date, no further action pertaining to the Application has been
undertaken by Puno.
The matter was finalised in July 2017, with Puno withdrawing the
Application on the basis that each party pays its own costs. This
proposal was accepted by CRGSA.
Operational Update
The operations at Central Rand Gold have achieved a steady-state
in the past two months, from May 2017, with operations having
stabilised. The Company shall announce in September, along with the
interim report, specific details of the production figures from
January to June 2017.
Various tolling arrangements are being considered in order to
build in flexibility and to optimise the plant throughput.
The concentrator circuit, which has now been despatched from
China and is expected to be on site in mid-August 2017, is
anticipated to become operational in the last quarter of 2017.
For further information, please contact:
Central Rand Gold +27 (0) 87 310 4400
Lola Trollip
ZAI Corporate Finance Ltd - Nominated Adviser & Broker +44
(0) 20 7060 2220
John Treacy
Brandon Hill Capital - Broker +44 (0) 20 3463 5000
Jonathan Evans / Wei Jiao
Merchantec Capital - JSE Sponsor +27 (0) 11 325 6363
Monique Martinez / Marcel Goncalves
Johannesburg
20 July 2017
The information communicated in this announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBXGDRSDDBGRG
(END) Dow Jones Newswires
July 20, 2017 11:00 ET (15:00 GMT)
Central Rand (LSE:CRND)
Historical Stock Chart
From Apr 2024 to May 2024
Central Rand (LSE:CRND)
Historical Stock Chart
From May 2023 to May 2024