JOHANNESBURG (miningweekly.com) – JSE-listed gold junior Central Rand Gold (CRG) on Tuesday reported that the court case, in which black economic-empowerment firm Puno Gold was attempting to interdict CRG South Africa (CRGSA) from its activities, has been postponed until November 5.

The case was due to be heard on Tuesday.

CRG said in a statement that the reason for the postponement was a procedural one, and that there was no change in the company’s expectation that the court case would result in a “favourable verdict”.

Puno was seeking to interdict CRGSA from proceeding with mining operations at its Consolidated Main Reef, Langlaagte, City Deep and Crown Mines tenements.

The interdict decision was pending the final determination by arbitration award or court order of the interpretation of the provisions of the shareholders agreement entered into between Puno and Central Rand Gold Netherlands Antilles (CRGNV) in respect of CRGSA.

The shareholders agreement provided for the completion of, and timeframe within which, a bankable feasibility study was to be prepared in respect of the anticipated mining of the tenements.

In February, CRGNV said it would exercise a call option to buy Puno’s 26% stake in CRGSA, after Puno failed to fulfill the funding obligations stipulated in the shareholders agreement.


Puno instituted an urgent application with the South Gauteng High Court in Johannesburg in April, to interdict CRGSA and CRGNV from proceeding with the exercise of the call option, pending final determination by arbitration, or a court order, of the volatility and enforceability of the funding call by CRGSA and the call option furnished by Puno in favour of CRGNV in respect of its shares in CRG.

The dispute was then referred to an arbitration process.

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