Pamodzi Gold, 35Mio oz Gold, "aims to be a 1 million oz producer within2 years" - 500 Beiträge pro Seite

[Popeye82]

www.pamodzigold.co.za

"ABOUT PAMODZI GOLD

HIGHLIGHTS

33 cents earnings per share for the quarter
Fatality free quarter. Safety performance improved
Progressing to become a 350 000 oz annualised gold producer early in 2008
Aiming to become a 1 million oz pa gold producer in 2 years
Visible impact of new management deployed at current operations
Turnaround on operations to achieve improved and consistent performance by 4th quarter
Uranium potential on East Rand operations being investigated"


Hoffe den Hammer jetzt nicht zu hoch gehangen zu haben,
letzte "Results Presentation", Seite7, da stehts zu den Resourcen +Reserven drin, hoffe das nicht falsch verstanden zu haben,
da´s mir nicht absolut schlüssig war.

Derzeit müssten die noch einige Zeit mit Hedge oder Vorwärtsverkäufen belastet sein,
wies da aber ganz genau ausschaut, muss ich noch rausbekommmen.

Das blöde ist, daß die Website dermassen eingeschränkt ist
(hätte eigentlich gedacht, wenn was in Deutschland gelistet ist,
daß da schon gewisse Minimalanforderungen bestehen,
die das halt auch beinhalten??)
daß ich noch nicht mal die Aktienanzahl rausbekommen habe.

Bin mir nicht sicher, obs noch einen größeren Haken gibt,
will das noch versuchen rauszubekommen.


"Highlights
• Fatality free quarter
• Safety performance improvedment
• Acquisition strategy progressing to become a 420 000 oz
annualised gold producer by year-end
• Pamodzi aiming to become a 1 million oz pa gold producer
within 2 years
• Visible impact of new management deployed at current
operations
• Turnaround on East Rand operations to achieve improved
and consistent performance by 1st quarter in 2008
• Pamodzi obtained management control over the Orkney
operations with effect from 25 September 2007"


Das hört sich zusätzlich auch noch super an:


Uranium potential

"105 million tonnes
of tailings dams
potentially containing
Uranium

• Pamodzi Gold has access to uranium resources which it
has yet to fully identify
– The Company is in the process of exploring the value of its
uranium resources and expects to develop these resources
in the short-to medium-term
• The East Rand operations, in particular, are likely to
contain significant upside potential in the form of uranium
– A uranium plant has, in the past, been operated at Marievale
– The Kimberlies and Main reefs are known to contain uranium
• The Company has been approached by various party’s
interested in exploring its resource and may enter into a
venture with a specialist uranium mining company to
develop the resource
– This will allow management to remain focussed on gold
mining and extracting maximum value from its acquisitions"


Das könnte der ABSOLUTE WAHNSINN sein,
bin mir da aber noch nicht wirklich sicher.

[Popeye82]

ganz vergessen. das wichtigste:

"Reserve: 3.9moz
Resource: 35.3moz
Production: 420koz pa"

[Schirol]

Antwort auf Beitrag Nr.: 32.913.207 von Popeye82 am 02.01.08 10:57:18

Wo ist der Haken, dass der Kurs so niedrig ist?

Hier z.B.:Auszug aus dem Hedgebook
Outstanding as at 30 September 2007
• 142 500 (30 June 2007 -151 500) ounces at $350 per ounce
• Mark to Market loss R415 million – current liability

Der Gewinn von 33 Cent war in Q2. In Q3 war ein Verlust von 243 Cent.

Shares out: 41,179.500 (30 Sept. 07)
Alle Zahlen aus dem Quartalsbericht Q3 Seite 37

Gruß
Schirol

[MFC500]

Die zugrunde liegende Währung ist der Rand, nicht Dollar oder Euro. Die genannten 33 Cent entsprechen rund 3,3 Euro-Cent

[Popeye82]

Älter...

"Pamodzi Gold sets 5-month hedge deadline
David McKay
Posted: Mon, 12 Nov 2007

[miningmx.com] -- PAMODZI Gold, the Johannesburg-listed marginal gold producer, said it may consider closing its hedge book after March if it had concluded "a major transaction".

"To remove the hedge would be very expensive now," said Peter Steenkamp, CEO of Pamodzi Gold. "There's a chance to announce a transaction in about five months and then we'll make a call."

Pamodzi Gold, which listed almost 12 months ago, reported a R111m loss in the nine months to end September of which all but R18m was attributable to the financial effects of its hedge book. This includes a non-cash R67m re-evaluation of its hedge book liability in the September quarter alone.

As of September 30, the hedge book would cost R415m to close out. Pamodzi Gold sells about a third of total output at $350/oz. The spot price of gold is currently $817/oz, more than double.

As a result, Pamodzi Gold has rolled its hedge commitments forward until end March, enough time to develop a hedging strategy, it said.

"We don't want to close the hedge out at all costs," said Pamodzi Gold financial director, Martin Schermers referring to the prospect of using shares to remove the hedge book. "We believe our shares are undervalued."

Steenkamp said the strategy was to jack up the company’s share price with a headline grabbing transaction that would also offer the benefit of diluting the effects of the hedged gold with extra production.

Where such transactions are to be found is anyone’s guess. Assets adjacent to Pamodzi Gold's Orkney or President Steyn mines in the North West and Free State provinces respectively were possible, said Steenkamp. The word, however, is that another Harmony related transaction is being considered.

It's also thought that a proposed R550m share placing, arranged by Pamodzi Gold to pay for the Orkney and President Steyn mines, would create additional liquidity, and stimulate Pamodzi Gold's share price, currently down 18% from its R19/share listing price.

A share placement programme, arranged by RBC Capital Markets, will take place in January which will take Pamodzi Gold's freefloat to 36% from about 22%, Steenkamp said. Steenkamp said RBC had assured it of foreign buyers.

Another means of boosting liquidity and raising money would be an offshore listing which Steenkamp said was part of the company's strategic plans next year. "It's definitely on the cards next year, probably in North America."

Pamodzi Gold has a presence in two of South Africa's gold mining provinces so it could take advantage of AngloGold Ashanti's indication is might sell less profitable mines. Or it could deal again with Harmony. A bid for Beatrix, a gold mine owned by Gold Fields which is south of President Steyn, was ruled out however.

"That's too large a deal," said Steenkamp. "The asset will want will add between 250,000 to 300,000 oz/year."

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Pamodzi Gold said annualised gold production would be 420,000 oz by the year-end and that 1 million oz/year remained its target. "A year ago, noboby gave us a chance," said Steenkamp.

However, the company needs to become profitable. There is a net cash operating outflow of nearly R38m so far this financial year. Cash reserves and near cash equivalents stand at just under R22m following a loan from Rand Merchant Bank.

Alarmingly, costs rose to R126m in the September quarter alone from R95.6m in the June quarter. Schermers blamed a number of one-off costs in the period, and that Pamodzi Gold was paying for underinvestment in its assets in the past.

Pamodzi Gold's share was 2.74% weaker in Johannesburg today and was last trading at R16/share."

[Popeye82]

Wollte ich eh schon seit einer Weile fragen,
also zum ersten wären es insgesamt eher gen 40Mio Unzen, als 35.

Und zusätzlich war mir auch so, als ob sie vorhatten Ihre
Hedgegeschäfte auf einen einigermassen absehbaren Horizont zu
beenden -was ja scheinbar danach aussieht, wenn ich's nicht
falsch verstehe.

Und wenn dem so wäre, wäre wohl der letzte(?)/wichtigste mit ausschlaggebende Punkt, die Währungsprobleme +genau dazu hätte
ich ne Frage:

Lässt sich da nicht irgendwas machen?
Was machen da andere Unternehmen?

Will nichts schlechtes schönreden -davon hätte im Nachhinein
keiner was, aber fast 40Mio Unzen zu DEM Preis

-das würde ich mir -wenn sichs denn als ernsthafte Option rausstellen würde- sehr sehr ungern entgehen lassen!

(mir fällts schwer mir vorzustellen, daß man besagte zw.
35-40 Mio Unzen in der Hinterhand hat(zumal dann sicherlich noch einiges dazukommen sollte) -und dann damit das Unternehmen trotzdem langfristig gegen die Wand fährt?!,
aber ich weiss es nicht)

Mich würden Meinungen interessieren,
wie die Sache einzuschätzen wäre, wenn das Hedging auf relativ
absehbare Zeit beendet werden könnte...?!?

aktuell...


"Pamodzi Gold looks to North American listing
Allan Seccombe
Posted: Mon, 25 Feb 2008

[miningmx.com] -- PAMODZI Gold is looking at a possible secondary listing, which might be in North America, as part of plans to raise funds to grow the junior company towards its target of a million ounces a year, CEO Peter Steenkamp said on Monday.

The JSE-listed company has done deals with Bema, Harmony Gold and Thistle, acquiring a suite of assets that will give it a projected 420,000 oz of gold a year from 2009.

Its acquisition of Harmony’s Orkney mines and Thistle’s President Steyn mine conclude this week and Pamodzi estimates it needs up to R360m in 2008 towards rehabilitating the mines as well as its East Rand operation and a small opencast mine on the West Rand.
need to hang a mine plan on it
The listing is not to raise this capital, but for other growth prospects like potential acquisitions, he said. Pamodzi wants to make at least one acquisition a year.

The most likely source of new mines would be Harmony Gold, which has made it clear it is looking to reduce exposure to its marginal mines, but wishes to retain upside to these operations.

“We’ve not approached anybody about more acquisitions. We want to bed down Orkney and President Steyn,” Steenkamp said.

There are also internal growth projects that will require large chunks of cash, like the R350m Golden Triangle project at President Steyn and also the R450m Eldorado project at the same mine, chief operating officer Tony Murdoch-Eaton said.

The secondary listing is still in the early planning phase, Steenkamp said.

“One of the things we have to do is look at a secondary, offshore listing,” Steenkamp told Miningmx. “We are not actively pursuing it just yet. I’d be surprised if we listed this year.”

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The original thinking was to go for the secondary listing as part of the Orkney and President Steyn acquisitions. That fell away after Pamodzi agreed all-share transactions to buy the mines. Harmony will take a 32% stake in Pamodzi as a result.

Pamodzi will incur debt to fund its R340m to R360m capital requirements for 2008 and the instruments will be unveiled in March this year, Steenkamp said.

One of the possible avenues would be the black-owned Pamodzi Resources Fund, which has more than R3bn in its coffers. Part of the attraction of this avenue would be to restore empowerment levels above the 28% the current transactions brought that level down to.

Executives reckon President Steyn will be brought into optimal production before Orkney. The former mine has suffered from years of under-investment and management indifference and Pamodzi management thinks restoring infrastructure and exploration will soon turn the mine around.

Not only that but there are two ore bodies called the Golden Triangle and Eldorado that can be exploited from existing shafts.

The Golden Triangle, which is estimated to have a grade of 12 grams/tonne, is undergoing a bankable feasibility study that will be completed by the end of 2008, Murdoch-Eaton said. “We will be in a position to make a decision by the end of the year. We’ll treat that as a standalone mine.”

Initial estimates place the cost at R350m to develop the Golden Triangle but it’s too early to say what production levels might be, he said.

Early-stage studies are underway at Eldorado, which preliminary estimates put at a capex level of about R450m. “There’s a resource model there and we need to hang a mine plan on it,” Murdoch-Eaton said.

Both of these projects will be highly mechanised, massive mining along the early plans for Harmony’s Target mine it acquired from Avgold."

[Popeye82]

Also allein dies Jahr wird ein Output von 375.000 Unzen
anvisiert, wenn die Hedgegeschäfte beendet werden könnten,
dann könnte das durchaus eine super Gelegenheit sein
sehr niedrig einzusteigen, da es dann ja operativ derzeit
noch ziemlich besch..... aussehen, es sich aber in gar nicht
allzulanger Zeit -drastisch!- andern würde.

Wie gesagt, möchte das nicht schönreden,
würde nur gern wissen, ob ich das richtig verstanden habe
+wie das dann vielleicht weiter zu sehen wäre...???

"Harmony takes a third of Pamodzi Gold
Allan Seccombe
Posted: Mon, 25 Feb 2008

[miningmx.com] -- HARMONY Gold will own a 32% stake in Pamodzi Gold in a transaction to sell its marginal Orkney mines. Pamodzi forecasts production of up to 375,000 oz in 2008 year as acquisitions are finalised this week.

Harmony, which was to have received R550m for its Orkney mines in cash, shares and a smelter royalty, will now receive R300m all in shares. Pamodzi will issue 30 million shares at R10 each to Harmony, which is looking to exit its more marginal assets, but retain upside to these mines. The shares are currently trading at R11 each.

"We believe that Pamodzi Gold will be able to extract value from the Orkney assets. By increasing our holding, we will be able to share in the upside of the assets over a longer term, which is line with our existing strategy", said Harmony CEO Graham Briggs.

Harmony is locked into the shares for a year. The change in the price and payment stems from the high level of recapitalisation needed for the mine as well as recent results from the seven shafts comprising the Orkney mines.

Pamodzi, which describes itself as a company in a “start-up phase”, posted a net pre-tax loss of R208m in the year to end-December. It posted a headline loss per share, which strips out exceptional items and their tax effects, of 500 cents for the year against a 65 cents loss in the previous 16 months.

Pamodzi is also acquiring the President Steyn gold mine from Thistle in an all-share transaction that will be concluded on 25 February.

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The addition of these two mines this week, along with the existing opencast Middelvlei gold mine and the underground East Rand gold mine, will ease the negative impact of the hedge book.

The hedge book currently accounts for 38% of Pamodzi’s gold production. With the addition of production from the two newly acquired mines this will fall to eight percent.

“The current marked-to-market value of the hedge is a negative R500m and we could rather spend that on increasing production at the current operations or adding additional assets to our profile and thereby reducing the hedge exposure even more,” said CEO Peter Steenkamp.

Pamodzi made an operational loss of R81m for the December quarter. The hedge book contributed R102m to that loss, he said.

"The President Steyn and Orkney transactions are big milestones towards us getting to a million ounces per annum gold production," Steenkamp said. "If we can do at these two mines what we done on the East Rand I think we will have a huge turnaround on these operations by the end of the year."


Mir scheint sich eine Spekulation erster Güte für dies Jahr
amzubahnen, mit wenn noch sehr sehr viel gewaltigerem
Langfristpotenzial, bin mir aber nicht wirklich sicher?!

[Popeye82]

Also irgendwie war mir so in Erinnerung,
als ob die Ihren Anteil der gehedgten Produktion
-durch die Aktion zuletzt- von etwa irgendwas um die
36-38% auf etwa 6-8% runterfahren wollten.

Irgendwie war mir so, als ob das in den 3 letzten oberen
Meldungen auch drinstand, finde das aber gerade nicht mehr.

Jedenfalls denke ich, sollte es -dann- mal sehr interessant
sein zu gucken, wie sich derzeit noch die Kosten/Verkaufsstruktur
zusammensetzt +speziell, wie das dann nach der sehr merklichen Herabsetzung des Hedgings aussehen müsste
-das müssten wahrsch. deutliche Änderungen sein.

Unter dem Strich vermute ich einfach ziemlich stark, daß sich
hier schon für dies Jahr starkes, und langfristig
noch sehr sehr viel mehr Potenzial abzeichnet,
ich werd das mal versuchen zu gucken, ob man das mit den
Kosten etc. herausbekommt.

[Popeye82]

sehr heftig -leider.

www.miningmx.com/wts/177382.htm

"Pamodzi

Posted: Tue, 04 Mar 2008

[miningmx.com] -- A SHIFT boss was killed in an underground at Pamodzi Gold's newly acquired Orkney mines, the company said on Tuesday.

All operations at Orkney 2 Shaft were stopped and will only resume after an investigation by the company and the Department of Minerals and Energy.

Pamodzi bought the Orkney mining operation from Harmony Gold in exchange for R300m in shares, giving Harmony a 32% stake in the gold junior."

[Popeye82]

Also derzeit sollte man hier wohl -mit Blick auf die vorletzte Meldung(was aber einfach nicht abzusehen war)-
ganz klar die Finger davon lassen,
bis das geklärt ist -mindestens bis die Ergebnisse der "Orkney-Untersuchung" auf dem Tisch liegen.

Trotzdem scheinen, mir jedenfalls, die Grundlagen
für eine arge Erfolgsstory die sich gewaschen hat,
immer noch absolut gegeben.
(+dabei hatte ich noch die ganze Zeit was übersehen
-man schaue mal #1, untere Hälfte unter: "Uranium potential")

Ich werd das jedenfalls kein bisschen aus den Augen lassen.
(die Ziele -1ne Million Unzen Au Producer in den nächsten
2 Jahren scheinen jedenfalls immernoch zu stehen)

www.miningmx.com/gold_silver/652443.htm

"Two more big buys pending for Pamodzi Gold
Allan Seccombe
Posted: Thu, 10 Apr 2008

[miningmx.com] -- PAMODZI GOLD will make two more sizeable acquisitions within the next 24 months to reach its stated production target of one million ounces, company management said on Thursday.

Pamodzi CEO Peter Steenkamp has raised with Miningmx the prospect of the company looking for a secondary listing in North America to raise the funds towards achieving that growth.

One of the most likely areas for such activity would be around the seven Orkney shafts Pamodzi bought from Harmony Gold in February of this year for R300m in shares.

Orkney is being ramped up from the current 250 kg/month of gold to 400kg/month in 2009, which is seen about as high as the mine will go, said chief operating officer Tony Murdoch-Eaton. That works out to some 155,000 oz of gold a year.

The all-in costs of raising the mine to that level is R65m, Steenkamp said.

Part of the plan is to exploit high grade pillars and grow the reserves at the mine out of the six million oz of resources above four grams a tonne at Orkney, extending the life of the mine.

When Pamodzi acquired the mine it had a life up to 2014, but it has now included reserves it feels it can mine economically, adding another six years to the life.

Key to the plans to increase production is to pour time and money into underground development, something Harmony wasn’t doing because it wasn’t a long-term, strategic asset, Steenkamp said.

“The strategies are very different. Harmony was mining what was left whereas we have a development strategy,” Steenkamp said.

The mine will reach 330kg/month production by the end of 2008.

The East Rand mine will hold around steady at around 300 kg/month of gold or 116,000 oz a year.

The President Steyn mine Pamodzi bought from Thistle for R233m in shares has the most upside in the current suite of assets, Murdoch-Eaton said, pointing out the mine has a particularly high grade around 13 grams/tonne.

The mine will initially produce 145,000 oz of gold, rising to 175,000 oz.

At that kind of size, with production topping 400,000 oz, Pamodzi will move into 13th place in the global output rankings, not bad for a company that had just 135,000 oz of production a year in 2006.

“To get to that million ounce target we’re going to have to make at least two big acquisitions,” Murdoch-Eaton said.

Steenkamp told guests at the Orkney mine there are growth options for Pamodzi around the mine.

“We believe there is huge potential for further expansion in this area,” he said.

The biggest mining group around the Orkney mines in AngloGold. Pamodzi appears to have forged fairly close ties with Harmony Gold.

Another company within the Pamodzi group is Pamodzi Resources Fund, which has acquired 60% of Harmony’s Cooke uranium assets, which have been hived off into a new company.

Harmony is on a drive to generate value from assets which were lower down the pecking order in the group. This entails selling them off, maintaining upside through a royalty for example, or bringing in partners in joint ventures."

[Popeye82]

Kaum erwähn ich das Uran...

Sollte denk ich schon eine gewisse Aussagekraft haben,
daß die alleine für die Entwicklung Ihrer Uranassets
weit mehr aufbringen wollen, als sie heute wert sind.

"Uranium

Posted: Thu, 17 Apr 2008

[miningmx.com] -- Harmony Gold and Pamodzi Resources Fund said they plan to list shares in their uranium company in the next two to three years.

Bloomberg News reported Ndaba Ntsele, the chairman of the project known as Rand Uranium Co saying that a listing was planned. Harmony CEO Graham Briggs said the company would be listed on the JSE and another "larger" bourse, said the report.

" Rand Uranium plans to borrow $350 million to develop the assets, including the Cooke dumps, which consist of waste ore from gold mining operations, to start producing the nuclear fuel," Bloomberg reported Briggs as saying."


Ich hab übrigens vor kurzem eine Company mit 150Mio Unzen(!!!)
Goldresourcen(+ etwas Uran -MK gut 400Mio $) entdeckt,
wollte eigentlich einfach mal nur zur Vorstellung einen
Thread aufmachen -hat irgendwie einfach nicht hingehauen?!?
zwar Großteils Inferred +wohl auch recht speziell
zu sehen, wollte es trotzdem einfach mal vorstellen.

Wer mal einen Blick drauf werfen will...

www.witsgold.co.za
www.witsgold.co.za/docs/independent_research/EquityResearchW…

[Popeye82]

"Rand Uranium's project doesn't carry great deal of risk - Graham Briggs CEO, Harmony Gold

In an interview on 702 @ 18:30 on April 18

[miningmx.com] -- HARMONY Gold CEO Graham Briggs, whose company is part of the new uranium play Rand Uranium, said he is aware of the risks in the uranium business but added risks associated with Rand Uranium's key asset were minimal.

There are "some risks in the uranium business and the risks are quite substantial at the area of resource and actually mining them and obviously designing the right plant to extract the uranium", Briggs told 702's World at Six.

He said, though, the risks at Randfontein where Rand Uranium will process Harmony mine dumps is lower because the main resource in on the surface and has "nearly 40-million pounds of uranium in it so the risk of mining, the risk of grade variances and so on are very much less at Randfontein," said Briggs.

Rand Uranium's Randfontein project also has the potential to access uranium underground. Briggs said that to date Harmony had only been mining the underground ore for its gold potential.

"There is a lot of potential but Rand Uranium itself is also established as a growth vehicle so it is going to be opportunistic in the way forward and potential growth." said Briggs.

Harmony also has other assets which offer the possibility of mining uranium. Briggs said the company is as yet undecided but there is an option to mine or enter partnerships or joint ventures on those operations.

Briggs said that Harmony intended to use the R1.9bn it received for the sale of the stake in its uranium assets to Pamodzi to repay some of Harmony's debt as well as on developing "several projects which we just haven't released".

Rand Uranium was formed when Harmony put its Randfontein uranium assets into a vehicle previously known as "Newco" now renamed Rand Uranium. The company will be headed by John Munro who is a former Gold Fields executive."

[Popeye82]

www.miningmx.com/gold_silver/945032.htm

"Pamodzi to raise $50m by end-May
Allan Seccombe
Posted: Mon, 12 May 2008
[miningmx.com] -- PAMODZI Gold hopes to have financing of $50m or R382m in place by the end of May to recapitalise the company and refurbish its operations and reduce the impact of the hedge book as much as possible, CEO Peter Steenkamp said on Monday.


The junior gold company, with aspirations to grow annual production to a million ounces in the next two years, had a tough March quarter, in which it recorded a post-tax loss of R104m, deepening from the December quarter’s R93m loss, despite a 35% uptick in gold production.

The hedge book contributed R43m to the loss and the related foreign exchange added R55m to the loss. With the increased production, the hedge accounted for 27% of production down from 36% in the previous quarter. In March, this figure was 14%.


The hedge book stands at a negative mark-to-market of R500m, but Steenkamp ruled out a big bang approach to eliminating the book, which brought Pamodzi’s received gold price down to $769m from an average spot price of $940 in the quarter.

“If we had R500m we would rather spend it on an acquisition,” he said.

The increased production came from the inclusion of newly acquired Orkney from Harmony Gold and President Steyn from Thistle Mining. The operations were taken over from 1 March.

Gold production in the quarter was 33,805 oz from 25,120 oz in the December period. Cash costs ballooned to nearly R181,000/kg from around R155,000."

[Popeye82]

RAISING WORKING CAPEX
Pamodzi Gold transforming stressed gold mine to former glory
JSE-listed Pamodzi Gold is focusing on restoring former Anglo flagship President Steyn mine to its past glory. The company has achieved turnaround success at its East Rand operations in South Africa and is still envisaging 1m ounces of gold production within the next 1.5 years.(...)

Author: Tessa Kruger
Posted: Tuesday , 13 May 2008
www.mineweb.com/mineweb/view/mineweb/en/page34?oid=52849&sn=…

[Popeye82]

Reviving two old mines will kickstart Pamodzi
Wed, 04 Jun 2008
| Is it blue sky or bust for the junior gold miner that has giant aspirations of being a million ounce producer in the next few years? Shaun Harris takes a critical look.
www.miningmx.com/juniors/513098.htm

[Popeye82]

Pamodzi to exchange gold for loan
Reuters
Posted: Fri, 06 Jun 2008
www.miningmx.com/juniors/514254.htm

"[miningmx.com] -- JUNIOR miner Pamodzi Gold hopes to soon finalise an innovative finance deal worth around $50m in which it makes payments in physical gold, its chief executive said.

The black-owned firm has been squeezed by the global credit crunch and has been seeking funds for working capital for months, Peter Steenkamp told Reuters in an interview at a mining conference late on Wednesday.

"When the credit crisis happened was just the time when we had to do the capital raising. Our advisors said to wait awhile," Steenkamp said on the sidelines of the World Mining Investment Congress in London.

Steenkamp, former chief operating officer at Harmony Gold, said Pamodzi was in talks with an investment bank for an offtake deal in which it would deliver physical gold as payment for the loan.

The total amount has not been finalised since the lead bank would probably syndicate the loan, but Pamodzi would be happy if it raised $50m, he said.

"It will depend on the appetite in the market... we should know in three weeks at the most, maybe two."

The firm needs to spend money to improve operations at two major acquisitions, the Orkney operations purchased from Harmony in exchange for shares and the President Steyn mine bought from Thistle Mining. Harmony is Pamodzi Gold's biggest shareholder with a 32% stake.

The firm aims to boost output to 370,000 ounces this year and 425,000 ounces in 2009 from 127,000 ounces last year.

The longer term aim is to eventually reach output of 1m ounces per year, which might include further acquisitions.

"Our focus now is to get our current operations running at optimum levels, that's the most important thing... at the moment we're not approaching any other companies," Steenkamp said.

Pamodzi inherited a hedging programme after buying operations from Bema Gold, which has depressed income.

The hedge, in which gold is sold in advance at a fixed price, has 150,000 ounces remaining through 2012.

The hedge was fixed at $350 per ounce compared to the current gold price of $872 per ounce.

Steenkamp said Pamodzi had hoped to buy back the hedges but with loans so difficult to find in the current climate, it will likely have to live with the firm's higher output diluting their impact.

At current prices, it would cost around $75m to $80m to buy back the hedges and cancel them.

Most gold investors are optimistic about prices and prefer gold companies that are unhedged so they can benefit from the full impact of rallies.

"We have to change investors' perception that we're a hedged company. Last year it was 30% of production, but this year it will be down to 10% and most probably less than 5% over the next two years," Steenkamp said."

[Popeye82]

Antwort auf Beitrag Nr.: 33.651.333 von Popeye82 am 15.03.08 20:17:00

die 2te Katastophe dieser Art
-weiss man gar nicht (mehr), was man dazu sagen soll.


Pamodzi - Thu, 19 Jun 2008
www.miningmx.com/wts/624493.htm

"[miningmx.com] -- TWO WORKERS were killed in a fire at Pamodzi Gold's Orkney mine, halting all operations there, the company said on Thursday.

"The fire started at approximately 15h10, on Wednesday 18 June, on 53 level on number two shaft. A miner and a winch operator regretfully died as a consequence of gas and smoke inhalation," it said."


Vom geologischen Potenzial grundsätzlich vollkommen
genial -ist doch zum heulen...

[Popeye82]

"Posted: Wed, 25 Jun 2008

[miningmx.com] -- PAMODZI Gold has stopped raiseline development at all shafts at its East Rand operations after one worker died in an accident.

"The accident occurred on Tuesday 25 June ... An equipping team leader regretfully died," the company said in a statement.

"All raiseline development operations at all the shafts in the East Rand Operations have been stopped.""
www.miningmx.com/wts/639434.htm

(was da auch alles -heftiges- los sein mag(so leid mir das tut),
ich lass das als mögliche riesige Chance nicht aus den Augen,
für das grundsätzlich unglaubliche geologische Potenzial
muss man ja nicht viel rumrechnen &das hedgen sollte irgendwann
auch sein Ende finden)

[Popeye82]

Pamodzi
Posted: Wed, 02 Jul 2008
www.miningmx.com/wts/644563.htm

"[miningmx.com] -- PAMODZI Gold warned its shares could be suspended for failing to submit its annual report.

Pamodzi's shares fell 12% to R5 each before closing at R5.70."

[Popeye82]

Pamodzi Gold funding deal "imminent" - Mininggmx - Fri, 18 Jul 2008
- Allan Seccombe -
www.miningmx.com/juniors/673824.htm

"[miningmx.com] -- PAMODZI Gold, the junior South African gold producer with aspirations of a million-ounce production profile, will release details of a $50m financing package to be repaid in gold either on Friday or Monday, CEO Peter Steenkamp said.

"The announcement is imminent. It will either come out on SENS this afternoon (Friday) or early on Monday," he told Miningmx.

The financing will come in the nick of time for a number of reasons. The JSE has threatened to suspend the company's shares if it does not release its annual report by the end of July. The financing agreement is important to include in the report to tell shareholders how the company is going to generate capital.

"This is critical funding. We have two new assets and we've not put any working capital in to refurbish them and get them to their potential," Steenkamp said.

The second reason is that there are reports coming out of the Welkom and Orkney areas where the two new acquisitions are based that suppliers are being asked to extend credit to see Pamodzi through this patch and are blacklisted if they don't.

Steenkamp said Pamodzi had "built up bit of a creditors' book" but arrangements have been made. "We've got no people who are suing us or anything like," he said.

At the President Steyn mine at Welkom, Pamodzi inherited debt incurred by the previous owners Thistle, this included monies owed to Eskom. The power utility had threatened to cut off power to the mine, but this has been resolved, Steenkamp said.

"We don't have problems with Eskom. We've made an arrangement with them... There was bit of a problem but we've moved on. We don't have any threat of any power cuts," he said."

[Popeye82]

Pamodzi Gold's loan deal misses July target - Mininggmx - Tue, 29 Jul 2008
- Allan Seccombe -
www.miningmx.com/juniors/694336.htm

"[miningmx.com] -- PAMODZI Gold will not raise a loan of $50m before the end of the month, something the junior gold producer had planned to do to include in its annual financial report and stave off a trading suspension on the JSE.

The plan is to now release the annual results and conclude the financing deal as soon as it can. This way it meets the JSE's requirements, said CEO Peter Steenkamp.

"Because of the legal due diligence, we will not get the loan in place by the end of the month," Steenkamp told Miningmx.

"We will submit our financial documents to the JSE before the 31st of July, we are busy printing them now," he said.

The $50m funding is critical for Pamodzi Gold, which has acquired two old mines, Orkney from Harmony Gold and President Steyn from Thistle. It is in urgent need of capital to refurbish the mines and start its plans to raise production from these two assets to complement its production from a mine on the East Rand and a small opencast operation on the West Rand.

The firm aims to boost output to 370,000 ounces this year and 425,000 ounces in 2009 from 127,000 ounces last year.

Miningmx has been told of tough relationships Pamodzi has with creditors -- mainly service providers -- in the towns of Orkney and Welkom where the two mines are situated. Steenkamp has said Pamodzi is running "bit of a creditors book".

Asked why the loan, which will be repaid in gold, was taking so long, Steenkamp said foreign investors were wary about South Africa, particularly in light of the January power crisis, which shut mines for a week.

"It's foreign investors looking at South Africa. It's quite difficult. There are a lot of niggly little things, for example the new order rights for Orkney haven't been transfered yet," he said.

"These things (financing deals) don't just happen over night. We are confident we'll be able to land this deal," he said.

It was this confidence that prompted the decision to make available the annual financial results.

A statement from Pamodzi Gold should be released on Tuesday afternoon, detailing what was happening with the loan talks and its decision to release the financial results, Steenkamp said."

[Popeye82]

No funds yet for Pamodzi Gold - Mininggmx - Wed, 06 Aug 2008
- Brendan Ryan -
www.miningmx.com/juniors/706198.htm

"[miningmx.com] -- PAMODZI GOLD hopes to raise the US$50m it needs to stay in business during August but its auditors have slapped an “emphasis of matter” on the 2007 financial statements.

The JSE highlighted this today with a SENS notice pointing out Pamodzi’s listing would be annotated by an “E” to indicate the emphasis of matter. This will stay in place until, “the company’s auditor’s report no longer contains a modified audit opinion.”

Auditors PriceWaterhouseCoopers pointed out Pamodzi management is in the process of refinancing the group to fund operating cash flow requirements as well as capital expansion.

They commented, “without this financing there is significant doubt about the group’s ability to continue as a going concern.”

Pamodzi has been trying to finalise the raising of these funds for months. The company’s directors state in the annual report that they, “have no reason to believe that the company will not be a going concern in the foreseeable future based on forecast and available cash resources. These financial statements support the viability of the group.”

Despite this, it seems some of Pamodzi’s creditors are getting nervous as the company stretches its payment terms with some accounts now reportedly reaching 120 days.

Pamodzi CEO Peter Steenkamp commented, “ we have discussed the company’s financial position with the creditors and have received good support from them because they understand the situation. “

Steenkamp said he had nothing to add to the comments in the annual report concerning progress on the fund raising.

The directors commented that, “The company has received non-binding interest to invest in respect of US$50m from international and local investors. The funding will take the form of a forward sale of gold combined with cash settled warrants which will place the company in a cash positive position and enable it to implement the capital development projects which are necessary to develop its mines to their full potential.”

Pamodzi’s results for the year to end-December show a net loss of R208m (16 months to end-December 2006 - R13.9m net loss) and that the company’s derivative financial liabilities had risen to R454.4m from R388.5m at end-December 2006.

These relate to gold forward sales contracts maturing over the next five years.

The directors comment that Pamodzi’s major shareholders – Harmony and Pamodzi Resources - “as of the date of this report remain committed to their investments in the company and have indicated their support of the fund raising initiatives.”

Asked what precisely that meant, Steenkamp replied the two major shareholders were in support of Pamodzi’s strategy to raise funds but it implied no intention to kick in funds themselves.

Harmony holds 32% of Pamodzi following the sale of its Orkney shafts to the company which was concluded in February this year.

The deal was initially struck at R550m in cash and shares but Harmony was subsequently bargained down to R300m settled entirely in equity with 30m shares issued at an effective price of R10.

Pamodzi currently sits at 390c – just off its 12-month low of 380c - and that compares with a 12-month high of R19.5."

[Popeye82]

Pamodzi Gold's funding plan in tatters - Mininggmx - Fri, 15 Aug 2008
- Allan Seccombe -
www.miningmx.com/juniors/717056.htm

"[miningmx.com] -- PAMODZI Gold's plans to raise a critical $50m loan has been scrapped because a consortium of international and local investors felt they had inadequate security, the company said.

The transaction with the consortium including Deutsche Bank fell through because Pamodzi could not use its mining rights as security for the loan, said CEO Peter Steenkamp.

The junior gold producer is now talking to local lenders, Steenkamp told Miningmx.

Pamodzi has been talking about raising the money since May this year, with continual delays pushing finalisation steadily back month by month. creating deep concerns in the market and crippling its share price.

Pamodzi's shares crumpled, ending the day down 16% at R2.50, well off a year-high of R18.50/share and not far off the year low of R1.50. It could be that investors are no longer buying the story that the company will be a million ounce gold producer in a few years.

The money is absolutely imperative for Pamodzi, which has to re-capitalise two large but dilapidated mining operations it acquired this year. These are the Orkney mine bought from Harmony in exchange for shares, and the President Steyn mine bought from Thistle.

Miningmx has received a number of calls regarding suppliers in the Orkney and Welkom areas not being paid. There are also reports of skilled people leaving the company.

"The Company is no longer pursuing the forward gold sale and cash settled warrant funding proposal, as a significant portion of the consortium of international and local investors have withdrawn their non-binding interest, citing predominantly inadequate legal security as their reasons," Pamodzi Gold said in a statement.

"The Company, however, continues to follow the strategy to capitalise its operations and as such is pursuing a number of both local and international interested parties," it said. "Part of this strategy includes considering restructuring of the current hedge."

Pamodzi is talking to local institutions, not necessarily banks, about raising R400m, the equivalent of $50m, Steenkamp said.

"There was a lot of feet dragging and it got to the point where we had to do something different. We started about a month ago on a back up plan and we've got the ball rolling on that," he said, declining to put a time line on when the funds could be secured.

"We've got a better chance now than in the past. I'm comfortable that we'll get the money."

In the mean time, creditors have been kept appraised of the situation and the company has been adapting plans at the two mines to account for the lack of working capital, he said.

Graham Briggs, CEO of Harmony, which owns 32% of Pamodzi Gold, told Miningmx on Friday his company would not become involved in funding or in the operational issues at the junior company.

Harmony, which was to have received R550m for its Orkney mines in cash, shares and a smelter royalty, settled for R300m all in shares.

Harmony recorded a R95m impairment on its income statement in the year to end-June 2008 because of the sharp decline in Pamodzi's shares. The asset is now worth R145m on Harmony's books. At the end of February, Harmony sold the Orkney mines for 30 million Pamodzi shares.

Asked if Harmony would exit the stake, Briggs said the shares were illiquid and he did not rule out writing the shares off. Harmony is locked into the shares for a year.

Gerard Kemp, chief investment officer for Pamodzi Resources Fund, said the mandate for investment in gold in South Africa has been met with the transaction to acquire Harmony's Randfontein uranium and gold assets.

The allocation towards gold, despite the predominant resource in the Harmony deal being uranium, has been spent and the funders in the United States don't want any more exposure to South African gold, Kemp said.

"Although I would have like to become involved, I couldn't. We can't invest any more into the South African gold sector," he said.

Under the hedge book agreements, Pamodzi sold about a third of total output at $350/oz last year. By including output from the two additional mines sales into the hedge book this would fall to between 13% and eight percent. Pamodzi in February this year forecast production of up to 375,000 oz in 2008.

In February, the marked-to-market value of the hedge was a negative R500m."

[Popeye82]

Pamodzi Gold offers a ray of hope - Mininggmx - Wed, 01 Oct 2008
- Allan Seccombe -
www.miningmx.com/juniors/773391.htm

"[miningmx.com] -- PAMODZI Gold, which has current liabilities far outpacing its current assets, offered its long-suffering shareholders a ray of hope on Wednesday, saying it had finalised a funding package that could improve production.


Pamodzi has been struggling since the first quarter of 2008 to raise $50m or R400m to revive its operations, particularly those it acquired from Harmony and Thistle and which management sees as key to the fortunes of the company.

A deal with offshore investors crumbled. It has now something positive to tell its shareholders about talks with a consortium of funders led by the Industrial Development Corporation.

“The IDC as lead funder in the funding consortium has finally approved the provision of a loan facility for an amount of R200m, subject to the conclusion of legal agreements and the finalisation of the terms of the remaining R200m funding,” Pamodzi said in its quarterly and interim results.

Not only that, but a short-term debt provider has agreed, on condition of the conclusion of the R400m loan, to convert R103m of exposure to Pamodzi to shares.

“This conversion will be done by means of a rights offering, which is to be underwritten by Pamodzi Resource and funded by such short-term debt provider.”

Shareholders were heartened by the news, driving the price up to a session high of R1.30 before it settled back at R1.20. These levels are still miles away from the 12-month high of R17.99, but off the year-low of just 90 cents.

Some analysts suggest the cash Pamodzi raises will be consumed in paying creditors. According to the results, Pamodzi has trade and other payables due in 12 months of nearly R580m. Its current portion of long-term debt if R176m.

Miningmx has received a number of calls from disgruntled providers to Pamodzi's mines, complaining of late payments.

In all, its current liabilities stand at R893m against current assets of R146m.

“They need this funding pretty badly. They’re in trouble because of their hedge and they’re just starting with President Steyn and Orkney, where production will be on the up,” said Mark Madeyski from Afrifocus.

Pamodzi has a hedge position of 115,500 oz, carried as a R532m liability as at end-June, up from R454m six months earlier. The realised hedge loss in the six-month period was R93.6m.

“I don’t think they have to spend all that much on their operations. Restarting those older mines will take some capital, but I think it’s only President Steyn that really needs money,” he said.

Pamodzi’s management sounded a determinedly upbeat note in their results that were hit hard by safety stoppages and a lack of financing.

“Once the financing has been obtained, forecasted production will increase within six months from all operations to above 96,000 oz per quarter, with the forecasted cash costs decreasing to below $650 per ounce,” Pamodzi said.

“Within 12 months, forecasted production will further increase to over 105,000 ounces per quarter, with the forecasted cash costs decreasing to below $600 per ounce.”

Pamodzi produced 56,385 oz in the June quarter, up from 33,805 in the previous period at an average cash cost of $996/oz from $749 before.

Costs at the President Steyn mine, taken over on 26 February, shot up to $1,209/oz on production of 16,921 oz."

[Popeye82]

Pamodzi Gold - Miningmx - Mon, 20 Oct 2008
www.miningmx.com/wts/817653.htm

"[miningmx.com] -- PAMODZI Gold, which is trying to raise R400m, will miss its production targets this year, with output put at around 206,000 oz, Business Report said.

This is 45% below the top end of the target range set by the company in June when it said it could produce up to 373,000 oz.

The company is trying to raise the R400m through debt, but CEO Peter Steenkamp said in hindsight Pamodzi should have raised the money through a rights issue. "

[Popeye82]

Pamodzi back on track with R400m loan - Miningmx - Fri, 24 Oct 2008

- Allan Seccombe -
www.miningmx.com/juniors/858964.htm

"[miningmx.com] -- PAMODZI Gold has received the R400m vital cash injection it needs to pull it from the brink of a disaster and focus on projects that will quickly ramp up gold output, lower costs and raise confidence levels in the company that will allow it to deal with an onerous hedge book.


The securing of two tranches of R200m from the Industrial Development Corporation and other investors will pour into the company in the next month.

Pamodzi will prise R103m debt off the balance sheet by converting it into equity in the company and boosting empowerment levels.

Pamodzi's shares were by far the best performer on a disastrous day on the JSE. Pamodzi gained 118% at 240 cents.

Gold production this year will be 200,000 oz on an annualised basis, something which acting chief financial officer Kobus du Plooy said is unsustainable.

Production can be ramped up to 360,000 oz from its three underground mines and one open cast project in 12 months, which will pull costs down to $600/oz, he said.

“We’ll be free cash positive in six months. That’s how quickly we can turn this around,” he said.

Pamodzi, which had basically run down to the wire and operating in survival mode, ran up large bills with suppliers after struggling to raise the R400m for nearly a year. One of the first priorities is restoring trading terms to 30 and 60 days.

Pamodzi has earmarked R180m of its new funds to paying suppliers and other bills, chief operating officer Tony Murdoch-Eaton told Miningmx.

Another R30m will be pumped immediately into the President Steyn, which is possibly the flagship mine of the company and has the best growth potential of all the assets, Murdoch-Eaton said. Pamodzi will produce 400,000 oz by the end of 2009.

A single project costing about R3m to open a shaft rendered useless under previous owners will add 40-50 kg/month of gold to the cash-starved mine.

Miningmx has received a number of calls over recent months warning of the exodus of a number of senior people and raising the possibility that even if the cash injection was received it would battle restore the mines to their potential.

To Pamodzi’s advantage, Uranium One has shut its Dominion mine in the neighbourhood, putting a lot of skilled people onto the market.

“We’re going to have no problem finding the people we need because of Dominion and now that we have cash we need,” Murdoch-Eaton said.

The cash raising had been put in the hands of a bank instead of being done inhouse, which was a bad mistake, said Pamodzi chairman Ndaba Ntsele. The bank tried to raise cash offshore as the markets crumbled.

An announcement on restructuring the hedge and the appointment of a new financial director will be made soon, he said. "

[Popeye82]

Pamodzi Gold Ltd - Funding Secured - At Last! - RBC Capital Markets - Oct 27, 2008
www.minesite.com/fileadmin/content/pdfs/Brokers_Notes_Oct08/…

(Rating: Underperform/Speculative Risk)

"Impact
Positive - Funding is finally secured, but the damage is expected to last for some time still.

First Impression
Pamodzi Gold (JSE: PZG; "Pamodzi") announced having secured R400 million of funding - R200 million from the IDC (Industrial Development Corporation) and R200 million from Pamodzi Resources (the Black Empowered holding company that owns in the order of 30% of Pamodzi Gold).

• More time needed - The funding has been agreed but will take another four to five weeks to reach the operations. This effectively means that FY2009 can be written off as an opportunity lost.

• Production and cost guidance desperately needed – Having had to live from hand-to-mouth for over a year now, previous production and cost guidance will likely be adjusted to much lower output levels. With the West Rand operation having come to a standstill and having had to deal with labour strikes as well, none of the previous production and cost guidance is relevant anymore. This makes it virtually impossible to give any meaningful
forecasts for earnings, apart from a strong possibility that FY2009 will end up as a significant loss.

• Rights issue to come - Pamodzy Gold is finalising the rights issue that will be done in order to swap just over R100 million in debt to equity. This rights issue will be open to all existing share holders and we believe the company may opt to raise a bit more in order to address the hedge restructuring that is
also still outstanding.

• Far from out of the woods yet - We expect Pamodzi will make a detailed announcement about the new mine plan before end of 2008. Hopefully, the rights issue will also have been concluded by then - allowing for a completely new "re-start" in FY09. Given the long lead-time to securing the funding, the backlog of mining development will be likely to lead to higher costs and a slower buildup than before.

• Conclusion
Turning back from the abyss is good news, but the real Pamodzi is not expected to show for at least another 6 months. Until the new mine plan and cost estimates are announced, it remains almost impossible to value the shares, but in our asssessment it represents a speculative opportunity for investors with an appetite for high risk. ... "

[Popeye82]

Hiccup will not delay PZ Gold loan - Miningmx - Fri, 19 Dec 2008

- Brendan Ryan -

- Pamodzi Gold will still get its R400m cash as scheduled despite an objection by the JSE to one of the terms in the loan agreements. -
www.miningmx.com/gold_silver/914405.htm

"[miningmx.com] -- THE JSE has objected to a term in the R400m loan agreement negotiated by Pamodzi Gold (PZ Gold) but the company will still receive the much-needed funds on time.


That’s according to PZ Gold acting CFO Kobus du Plooy who said, “we will receive the R400m as planned either today or early next week.

The money is being sourced from the Industrial Development Corporation (IDC) and shareholder Pamodzi Resources which have each put up R200m.

The JSE has objected to a term in the circular to shareholders posted on Wednesday that gave the lenders the right to approve “all material acquisitions and disposals” by PZ Gold.

PZ Gold said in a statement released on SENS that, “these terms will be amended by the company to the satisfaction of the JSE by no later than the end of January 2009.

“Should these terms not be amended to the satisfaction of the JSE, the JSE has indicated that it will consider the suspension and possible termination of the listing of the shares in Pamodzi Gold.”

The statement also said that PZ Gold had undertaken to sign the “HVB loan agreement as detailed in the circular” by no later than January 5, 2009.

Du Plooy said the HVB loan agreement involved the restructuring of part of the gold hedge to which PZ Gold was contractually bound.

The statement added, “the HVB loan agreement will not contain any terms which require HVB to approve any material acquisitions and/or disposals by the company. Furthermore the HVB agreement will not contain any provisions that are in breach of the JSE listings requirements.

“In the event that the HVB loan agreement is not signed timeously the company will withdraw the resolution in respect of the HVB future specific issue as provided for in the notice of general meeting.”

The general meeting of shareholders to approve the capital raising is scheduled for Thursday, January 15.

PZ Gold shares dropped 25% to 105c in thin trade on the JSE this morning. "

[Popeye82]

Harmony bails out Pamodzi - Mininmx - Mon, 29 Dec 2008

- Brendan Ryan -
www.miningmx.com/gold_silver/916229.htm

"[miningmx.com] -- THE Pamodzi Gold funding saga drags on and on. The latest revelation is that Harmony Gold has had to come to the party again to keep the cash-strapped company alive.


The refinancing terms announced on Monday are complex and appear to indicate limited support for Pamodzi from backer and shareholder Pamodzi Resources.

Harmony has agreed to convert R103m "of its current exposure into equity to support the company".

Pamodzi owes this to Harmony for "capital expenses incurred and losses incurred" in terms of the management agreement with Harmony since October 2007.

Harmony CEO Graham Briggs commented that the ultimate aim was still for Harmony to get R103m in cash as Pamodzi would subsequently undertake a rights issue at 113c a share to raise the money.

Harmony had previously agreed to drop the price Pamodzi paid for its Orkney shafts to R300m from R550m and take full payment in shares instead of cash and shares. That gave Harmony a stake of 32% in Pamodzi.

This situation is despite claims chairperson Ndaba Ntsele made on October 24 that Pamodzi had arranged funding of R400m to secure its future, and that the money would come into the company within a month.

According to Ntsele, the R400m was sourced 50-50 between the Industrial Development Corporation (IDC) and shareholder Pamodzi Resources. However, it now turns out that Pamodzi Resources is not actually putting up the money itself.

Instead, it has sourced the loan on a "back to back" basis with a funder called Best Rock Investments.

Creditors have been waiting anxiously since October 24 to be paid, with a number of them sitting on accounts that had been stretched past 180 days. It seems many of them are still waiting.

No one available for comment

Latest update from Pamodzi is that "all the conditions precedent in the loan agreements were met on December 24".

Ntsele said on December 15 that "the capital raising has been finalised 100%. That money is there sitting in a trust account."

Pamodzi acting chief financial officer Kobus du Plooy said on December 19 that "we will receive the R400m as planned either today or early next week".

Ntsele, Du Plooy and PZ Gold CEO Peter Steenkamp could not be reached for comment on Monday.

The terms of the refinancing - as revealed so far - are punitive. Pamodzi is paying interest through the nose on the IDC loan and has had to agree to two call option schemes.

The IDC is charging an effective interest rate of 35% which, according to Ntsele and Steenkamp in their quarterly review, "is a market-related interest rate for the company based on its current risk profile".

The Pamodzi loan is at prime but Pamodzi has had to provide Best Rock with call options over 15.9m shares at 113c each.

The outstanding amount on the hedge totalling $12.6m as of end-June owed to Standard Bank is to be repaid from a new $18.1m loan from the Bayerische Hypo und Vereinsbank (HVB).

That loan is at an effective rate of LIBOR plus 5.5%, while HVB gets 14.5m in call options at 113c a Pamodzi share through a "future specific issue".

The quarterly results show that Pamodzi lost R150m in the September quarter (June quarter: R173.6m loss) and produced 58 606 ounces of gold (56 385oz).

Pamodzi shares dropped 20c to 140c in trading on the JSE on Monday. "

[Popeye82]

Pamodzi - "To raise up to R676m in loans." - Miningmx - Fri, 09 Jan 2009
www.miningmx.com/wts/918071.htm

"[miningmx.com] -- PAMODZI Gold will stave off bankruptcy with an injection of up to R676m and the chance of being delisted from the JSE are remote, Peter Steenkamp told the Business Report newspaper.


Pamodzi is reportedly recapitalising the firm through a R400m loan from the IDC and Pamodzi Resources, a rights issue will raise a further R103m and $18m could be generated by converting an outstanding hedge position into a loan. "