Broad-based Empowerment Consortium Bids For Anglog
Johannesburg, 15 October - A consortium led by Dr Paseka Ncholo's Khumo
Bathong Holdings and including JCI Gold, Mvelaphanda Holdings and New Mining
Corporation has submitted an offer for AngloGold's Bambanani, Tshepong, Joel
and Matjhabeng mines.
Confirming this today, the consortium said its bid was based on a complete
consolidation of these assets, the creation of a sustainable production
base, and a strong social responsibility component. Its strategy would be
to create a fully integrated gold mining business capable of capitalising on
regional synergies to exploit the full extent of the Free State goldfields
on a sustainable basis. It would also seek to promote the development of
a durable new industrial dynamic in the Free State to generate employment
beyond the lifetime of the region's gold resources.
"The proper consolidation of resources is the key issue the gold mining
industry in South Africa faces at present. The Free State goldfields are
particularly suited to such consolidation, based on a strategy of
sustainability rather than short-term exploitation," the consortium said.
The consortium said the considerable operational and change-management
experience of Dr Ncholo, who has successfully combined the management of
commercial and social issues in salvaging ERPM, and JCI Gold's Neal
Froneman, who played a key part in Harmony's operational strategy, would be
instrumental in facilitating the consolidation of the acquired assets and
the structuring of the new business.
The consortium said with its own resources and additional finance from
financial institutions it had secured adequate funding for the bid.
Issued on behalf of the consortium by du Plessis Associates.dPA contact
Kathy du Plessis on e-mail gold@dpapr.com,
Tel: 27(11) 728 4701 or cell: +27(0) 83 266 5847
For immediate release
For further information call
Roger Kebble on +27 (11)-309-6000
Paseka Ncholo on +27 (11) 917-9827
or Neal Froneman on +27 83-253-9778
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