CRG awaits second funding tranche from investor
JOHANNESBURG (miningweekly.com) – A second tranche of $500 000 in funding, which forms part of Central Rand Gold’s (CRG’s) $1-million loan agreement with investor Jia Bang Wang, has been delayed, the miner said on Thursday.
The company explained that certain exchange restrictions had led to the delay, but that efforts were being made to expedite the transfer process. “We continue to monitor our cash position,” the company said in a statement.
CRG also continued to work on executing the strategy of installing centrifugal concentrators at its operations in Johannesburg, with the anticipated date of commissioning in the third quarter.
The equipment has now been manufactured, with delivery to South Africa, from China, expected to occur mid-June.
Openpit mining, which started at the beginning of last month, is continuing, and materials have been delivered to the plant for crushing, prior to processing. Third-party batch toll treatment materials are also being fed to the plant.
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