[miningmx.com] — GOLD One International said on Friday it has received the go-ahead from the department of mineral resources for its proposed takeover of Rand Uranium.
The so-called Section 11 approval confirms the change of control of the mineral rights associated with Rand Uranium to Gold One.
The last outstanding condition to the conclusion of the $250m acquisition relates to the successful raising of at least $150m by Gold One, which the group expects to be fulfilled early 2012.
Gold One took over daily management of Rand Uranium’s Cooke shaft and Randfontein Surface Operations in September 2011. A complete replanning exercise for the Cooke underground operations, incorporating Gold One’s turnaround strategy, is being undertaken.
