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Send  Share  RSS  Twitter  27 Apr 2010

VENTURES: KCM Is Not Dead - Yet

 



Recent Western Cape Business News

KIMBERLEY Consolidated Mining (KCM), the Century City-based diamond mining group, might be clawing its way back from the brink.

In late 2009 CBN reported that the infamous Cape Town mining curse appeared to have struck at KCM. At that point mining activity at KCM’s Bo-Karoo mine was halted and trading activity in the company’s shares had ceased.

Since our last report the prime movers in the company, Hein le Riche (the former CEO) and FD Koos Pieterse, have also resigned from the board. Pieterse left KCM to take a senior position at Naspers, while Le Riche rather abruptly tendered his resignation with immediate effect in mid-May. No replacements for either director have been named yet.

With shareholders still unable to gauge the financial status of the company (because no audited figures have been released since the interim results ending August 2008), prospects don’t seem too bright for KCM. But CBN has been forwarded a letter – not published on the stock exchange news service – that suggests mining operations have re-commenced at Bo-Karoo.

The letter – signed off by acting CEO Phemelo Sehunelo in late January this year – claimed mining operations re-commenced at the Bo-Karoo plant at the end of November last year.

CBN understands the mining operations have been contracted out.

But whether KCM is making profitable progress, however, is unlikely to be gauged any time soon. Sehunelo says a full report on the resumed mining activities will be available at the next meeting of KCM shareholders.

But the rub is that this meeting can only take place once the long overdue financial results are finalised.

This may be easier said than done with Sehunelo disclosing that external auditors are investigating “certain allegations”.


 
 
 
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