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Froneman's "new" gold venture
Allan Seccombe
Posted: Thu, 20 Nov 2008
[miningmx.com] -- AFLEASE Gold, the development and exploration company headed by Neal Froneman, has struck a deal with Australia’s BMA Gold to create a new company called Gold One International, that will be listed on the Johannesburg and Sydney bourses.
Aflease brings with it the Modder East gold project in South Africa, which is slated to pour its first gold late in 2009, along with a number of exploration plays in South Africa, Mozambique and Namibia. BMA has a resource of nearly 200,000 oz in Queensland, of which 70,000 oz is in the inferred category.
Aflease shareholders will ultimately own 95.6% of Gold One, which will have Froneman as its chief executive. BMA’s CEO Mark Wheatley will be the new company’s non-executive chairman.
The plan, which has a number of conditions, is expected to be completed in February 2009.
Aflease Gold has R331m to complete its
Modder East gold mine, while Gold One will look to raise R120m before June 2009.
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