Johannesburg – Central Rand Gold said it was close to agreeing a deal with Asian-based investors that would secure significant investment as it announced a loss of US$15.3 million (R187 million) for the year to December, an increase from US$14.8 million (R181 million) the year before.
A statement from the company said revenue had been US$8,2 million, down from US$14,6 million, in what the chairman Nathan Taylor described as an extraordinary year for the company.
The company was, however, upbeat about its prospects. Taylor said: “There is no doubt in my mind that we have made some tremendous progress over the past 12 months, which will enable the company to be in a stronger operational position in 2015.”
The company said the board and executive committee had spent much of the year marketing to investors and strategic partners in South Africa, London and Asia in the hope of attracting capital to better exploit the company’s vast gold reserves and resources. It had originally received approaches from three different parties in Asia, but a target date for completion of March 31 had been moved out to accommodate a fourth interested party. The board was now focusing on two of the parties and a decision was imminent.
Taylor said: “We eagerly await the completion of the final negotiation processes with the knowledge that an acquisition and subsequent cash injection will finally allow the CRG project to reach its very significant potential.”
ANA