Gold One gets Rand approval
- Publishing Date
- 23 Dec 2011 11:29am GMT
- Author
- Mining Journal
Gold One International Ltd has received Section 11 approval from the South African Department of Mineral Resources for its proposed US$250 million offer for Rand Uranium Ltd.
The approval relates to the change of control of Rand Uranium's mineral rights and leaves just one final condition precedent to the conclusion of the acquisition. This is for a successful raising of at least US$150 million by Gold One, either pursuant to its financing arrangements with Investec Bank Ltd or from another financing source.
As announced at the end of November, Gold One took over daily management of the underground operations at Cooke, and the surface operations at Randfontein in September.
Replanning of the Cooke operation is now underway, and Gold One is also completing its annual budgeting for the Modder East operations. The company's chief executive, Neal Froneman, said "we look forward to rewarding our existing and new shareholders in a similar way as we have done thus far".
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