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Central Rand Gold Ltd

  • BY: Andrew Hore |
  • POSTED: 20/05/2017 |

Trading in the shares of Central Rand Gold Ltd has been suspended because it is running short of cash. 

The workers at its mine were on strike and management was not being allowed on the premises. This means it is difficult to analyse the financial position of the business, which is currently not generating cash. There was $1m of cash commitments due in the next few weeks.

After eleven days of production were lost the workers went back to work after being offered a bonus of 50% of their basic salaries.

It will take time for production to resume and cash remains scarce.

There is also a dispute about the rights to use land around the mine. The land owner, which sold the mine rights to the company, claims it is owed money and it could affect future access.

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