{"id":14757,"date":"2012-09-19T04:37:31","date_gmt":"2012-09-19T02:37:31","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/great-basin-golds-s-african-unit-files-for-creditor-protection\/"},"modified":"2012-09-19T04:37:31","modified_gmt":"2012-09-19T02:37:31","slug":"great-basin-golds-s-african-unit-files-for-creditor-protection","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/great-basin-golds-s-african-unit-files-for-creditor-protection\/","title":{"rendered":"Great Basin Gold&#8217;s S African unit files for creditor protection"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">Sept 18<\/span> (Reuters) &#8211; Great Basin Gold Ltd said its<br \/>\nSouth African unit Southgold Exploration filed for creditor<br \/>\nprotection a week after it suspended operations at its Burnstone<br \/>\nmine.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Great Basin suspended production at the mine in the<br \/>\nWitwatersrand Goldfields last week due to its inability to<br \/>\ncontinue funding operations at the mine.<\/p>\n<p><span><\/span><\/p>\n<p>The mine, which started production in February last year,<br \/>\nwas producing about 5,000-6,000 tons of ore per day.<\/p>\n<p><span><\/span><\/p>\n<p>The company is trying to negotiate a debtor-in-possession<br \/>\nworking capital loan with certain lenders to pursue an orderly<br \/>\nshutdown of the mine.<\/p>\n<p><span><\/span><\/p>\n<p>During the process of negotiation for financing, Great Basin<br \/>\nplans to restructure or sell Southgold&#8217;s assets.<\/p>\n<p><span><\/span><\/p>\n<p>South African miners have been grappling with union<br \/>\nmilitancy, demand for higher wages and proposed higher mining<br \/>\ntaxes.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sept 18 (Reuters) &#8211; Great Basin Gold Ltd said its South African unit Southgold Exploration filed for creditor protection a week after it suspended operations at its Burnstone mine. Great Basin suspended production at the mine in the Witwatersrand Goldfields last week due to its inability to continue funding operations at the mine. The mine, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14757","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14757"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14757\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}