NEARLY a year after receiving US approval to list Aurous Resources – the holding company for Blyvooruitzicht Gold Mine (Blyvoor Gold) – the proposed $50m deal appears wrapped up in red tape.
In January, the US Securities and Exchange Commission (SEC) approved the merger of Aurous with New York listed shell company Rigel Resource Acquisition Group. The proposal was to raise about $50m from the merger to pay for the expansion of the 90-year old Blyvooruitzicht to around 80,000 ounces a year.
According to sources, the transaction had been held up owing to foreign exchange regulations at the South African Reserve Bank (SARB).
A spokesperson for the South African Reserve Bank told Miningmx: “The application was adjudicated and concluded by both the South African Reserve Bank and the National Treasury in September. For further details, we recommend you approach Blyvoor directly, as they are the applicant in this case.”
Richard Floyd, CEO of Aurous Resources, and Blyvoor Gold’s executive chair Alan Smith have yet to respond over the last four weeks to telephonic and emailed messages.
Public information regarding the performance of Blyvoor Gold is also unavailable. The last production numbers issued by the company was that it produced 11,000 oz year. Both the Aurous and Rigel websites have not been updated since the end of 2024.
In a previous operating update for the first six months of the 2025 financial year, Aurous said it had generated revenue of R434m, an increase of five per cent year-on-year, as well as operating profit of R39m ($2.1m), a year-on-year increase of 59%.
At the time when the SEC approved the merger of Aurous with Rigel Resource, the gold price was trading at around $2,600/oz. Bullion is currently trading at just over $3,994/oz.
