[miningmx.com] — GOLD ONE INTERNATIONAL was likely to push back its
proposed listing on the Hong Kong Stock Exchange (HKSE), pencilled in for March
2013, saying that it would wait for operating conditions in South Africa to normalise.
The company on Tuesday dismissed 1,435 of the total 1,900 employees at its recently
acquired Ezulwini operations, following last week’s unprotected strike at the mine.
Appeal hearings would take place until Thursday.
Gold One is the first gold miner to dismiss striking workers during the current spate of
unprotected strikes that have paralysed major sections of the industry. In June, it also
dismissed 1,035 workers at its Modder East mine on the East Rand following an illegal
strike there.
Spokesperson Grant Stuart said the South African Police Service was maintaining a
strong presence at Ezulwini and that the company would as soon as possible embark
on a recruitment process.
“The reality is that we’re losing money by not producing at Ezulwini,’ Stuart said,
warning that the ramp-up period could take some time. Modder East is only expected
to reach its pre-strike output levels by the end of October.
Gold One has been on an acquisition drive since April 2011 and has spent more than
$330m on acquisitions, backed by the strenght of its 89% Chinese state-owned
shareholders. It is aiming to become a one million ounces per year producer and has
said that it would in future eye the prime assets of other South African players whose
growth ambitions were based abroad.
CEO Neal Froneman earlier this year embarked on a roadshow to do the groundwork
for a listing on the HKSE for early 2013. He said that the foremost aim of the listing
would be to improve liquidity of the stock, a strategy that could incorporate a fund
raising.
Stuart, however, on Tuesday acknowledged that South Africa’s operating conditions
would impact on the timing of the listing.
“We still intend to list, but clearly we have to sort our house out we do a listing of
that nature,’ he said.
