Embattled gold junior Pamodzi Gold on Tuesday advised shareholders that a final liquidation order was granted against the company in the North Gauteng High Court in Pretoria.
Pamodzi said last month that it would not oppose the liquidation application lodged against the company by the Industrial Development Corporation.
The company owes the IDC more than R200 million and the granting of the liquidation order opens the way for an investigation into Pamodzi's collapse.
Trading in Pamodzi was suspended from the JSE after three of the company's four operating divisions were placed in provisional liquidation earlier this year.
While the company continued to negotiate a lifeline, its battle for survival was brought to an end by a court sanction of the sale of Pamodzi's Free State assets to Harmony Gold Mining (HAR) for R405 million in September.
This led to a company announcement that it had ceased talks with the China-Africa Development Fund (CADF), which was set to provide the company with around R625 million of funding to save the company from liquidation.
This funding was seen as making up the bulk of a R1.7 billion rescue plan that would have also involved a restructuring of some of the facilities that the company had on its balance sheet.
"Without the Free State assets, the inclusion of which was a condition for the CADF funding, the CADF funding is no longer a viable option," Pamodzi said in a statement to the JSE at the time it said it would not be opposing the IDC's application. - I-Net Bridge