[miningmx.com] – OAKBAY Resources and Energy plans to raise R800m on the local and international markets to fund the development of uranium production which it hopes will bolster existing revenue from gold mining, said BDLive.
Oakbay, which is majority owned by the Gupta family, bolstered its balance sheet by R185m in listing on the JSE last November, the publication said.
During the year to February, revenue increased to R165m from R151m in the previous year owing to an improved gold mining performance in the second half as well as diversifying into other earning opportunities such as contract mining.
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