Gold One to announce ‘landmark’ deal

[miningmx.com] — GOLD One International is set to announce a change of ownership as it halted the trading of its securities on both the Johannesburg and Australian stock exchanges.

The company on Friday extended invitations to the media for the announcement of a “landmark transaction’ on Monday. It earlier requested the stock exchanges for a trading halt, “pending an announcement by the company of a change of control transaction”.

The Australian Financial Review reported on Thursday Gold One is in deep discussions with Chinese conglomerate Baiyin Nonferrous Metal Group over a transaction that could value the company at A$420m, without citing sources.
Baiyin bought a 17.7% stake in Gold One during April.

The firm has on three occasions in the recent past said it was in talks which could culminate in a takeover. It might also do more acquisitions of its own.

“Gold One is currently assessing a potential acquisition opportunity as well as a potential change of control transaction,’ the group said on Tuesday.

In late April Gold One announced it had bought Rand Uranium for $250m, in a deal which could double its gold output in excess of 300,000 ounces per year.

It has also spun off its Megamine project into White Water Resources which started trading as Goliath Gold on Friday, with Gold One’s management assuming operational control of the company.