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THE SMART NEWS SOURCE | Feb 10 2012 23:01 | LAST UPDATED Feb 10 2012 23:01 |
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Pamodzi Gold has asked the JSE to suspend the trading of its shares on the exchange, the company said in a statement on Friday. This followed a provisional liquidation order in the North Gauteng High Court concerning Pamodzi Gold's Orkney mine. "The directors will continue to endeavour to recapitalise the company and are continuing with the fund-raising efforts. "Shareholders will be advised of all material developments in the business as soon as possible," Pamodzi Gold said. Meanwhile, trade union Solidarity has demanded that an emergency plan be put into action following the court's decision to provisionally liquidate Pamodzi Gold's Orkney operations. Solidarity urged all parties involved to "stand together and urgently draw up an emergency plan," the trade union said in a statement. "This is in order to make provision for a possible social welfare crisis in the areas where Pamodzi has mines," the statement added. The union said it feared Friday's court ruling could lead to the collapse of the entire Pamodzi Gold mining company. This, Solidarity said, would cause thousands of employees at the company to lose their jobs.  CONTINUES BELOW According to Jaco Kleynhans, spokesperson of Solidarity, the trade union feared that social welfare crises could arise in places such as Orkney, Welkom and Springs if Pamodzi employees in these towns lost their jobs. "If one takes into consideration the current economic problems in South Africa and the low hiring rate in the mining industry, it would be a very dark day for Pamodzi employees if the mining group collapsed." He said trade unions, government, social welfare organisations and the mining industry would have to prepare to have to provide possible assistance of thousands who could be left without a source of income. Last week, Solidarity already established the Welkom Emergency Fund after employees of the mining group had not received their full salaries for February at Pamodzi Gold's Welkom operations. Pamodzi Gold has a total of 15 000 employees. -- Sapa TOPICS IN THIS ARTICLE
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