[miningmx.com] — JUNIOR miner Witwatersrand Consolidated Gold said
on Thursday its strategy to become a profitable mid-tier gold producer remained
intact, despite the breakup of its 50/50 venture with Pan African Resources.
The venture was initially proposed for the acquisition of Harmony Gold’s Evander
operations, an asset for which Pan African has since made a successful bid by itself.
In a company statement, Wits Gold said the process was constructive, while the
company was able to canvas and meet the majority of its shareholders and has
received their support for its strategy and the right transaction.
“While we are disappointed that the consortium’s offer was not successful, our
strategy to become a profitable mid-tier gold producer and developer to create
maximum value for our shareholders remains intact,’ said CEO Philip Kotze.
“Wits Gold will continue to actively pursue other opportunities to achieve our
goal of becoming a gold producer, and we believe that our timing is apposite as
we anticipate greater industry consolidation at the right price in the near
term.’
The group said its pre-feasibility study for the De Bron Merriespruit (DBM) project in
the southern Free State goldfield was being finalised, and the detail would be
shared with the market within the next month.
