Central Rand Gold shares have soared 60% to 0.66p after the South African Ministry for Mineral Resources took the decision not to oppose an application by its subsidiary Ferreira Estate to set aside the previously announced decision to cancel the mining right.
The dispute occurred when the South African Government challenged the amount of money Central Rand spent on its labour programme. The South African government said not enough has been spent, while Central Rand argued it has not had the financial strength to pay any more.
The company then had its licence revoked because of contraventions of the Mining Work Programme and Social Labour Plan, a decision which led the firm to seek legal action.
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All parties involved in the dispute have now agreed to have the decision set aside by way of a consent order sanctioned by the High Court, marking the end of the legal proceedings.
The share price rose 59.04% to 0.66p at 08:47.
NR
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