JOHANNESBURG (miningweekly.com) – Black-empowered Puno Gold Investments has again brought an application against junior gold-miner Central Rand Gold (CRG), this week, applying for leave to appeal the South Gauteng High Court’s earlier decision to dismiss Puno’s interdict with costs.
On November 5, the court dismissed the urgent interdict, sought by Puno, to halt trial mining by CRG’s South African subsidiary, CRGSA, at the Consolidated Main Reef, Langlaagte, City Deep and Crown Mines tenements.
In February, CRG subsidiary Central Rand Gold Netherlands Antilles (CRGNV) said it would exercise a call option to buy Puno’s 26% stake in CRGSA, after Puno failed to fulfil 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 CRGSA.
CRG would now review the papers and planned to oppose the application, it said in a statement.
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