IT could be third time lucky for Peter Skeat in 2017 who returns to Rainmakers & Potstirrers after a six-year absence. This is owing to his efforts to resurrect the former Blyvooruitzicht mine, renamed Blyvoor Gold, after his earlier failures with Ergo and Galaxy Gold, the latter a renaming of the former Agnes mine near Barberton. Failure is perhaps too strong a word as both Ergo and Galaxy are in operation. It’s just that the benefits have not flowed to Skeat, but have instead gone to other parties: DRDGold in the case of Ergo, and TSX-listed junior Galane Gold which now owns Galaxy. This time around, Skeat has teamed up with Cape Town financial institution Cadiz Corporate Solutions to rehabilitate Blyvoor Gold. Given the grim history of the mine, it’s arguably his most ambitious venture yet. Neither DRDGold nor Village Main Reef could make a go of Blyvoor and the mine was overrun and damaged by illegal miners when it was put into provisional liquidation. Skeat reckons he has two viable projects – one on surface and one underground – which are going to be winners. He’s got support from Cadiz analyst, Peter Major, who comments: “I really think this is going to fly.” The key outstanding issue is funding with Cadiz working to raise $70m.
LIFE OF PETER
He holds degrees in both mining and civil engineering and has the reputation of being one of the most efficient contract miners in the business, but Skeat has attracted far more attention for his disputes. The most notorious was his bust-up with the late Brett Kebble which had its roots in the machinations between Kebble and Neal Froneman – now CEO of Sibanye Gold – which led to Skeat being ousted from Afrikander Lease. That resulted in a bitter feud through which Skeat played a major role in Kebble’s eventual demise.
“The fund raising should be completed by May subject to no adverse political developments.”