Name Locality Country / Province Mineralisation Mine Type Operation Type Map; Burnstone Mine: Southeast of Johannesburg (-26.651925, 28.671614) South Africa: Mpumalanga
Mar 12, 2014· Wits Gold development projects. and on to Sibanye Gold if the described takeover concludes. The Burnstone mine is a shallow mine with mine
The cash inflows from the Burnstone mine will be applied to reduce this debt. Sibanye repaid R656 million debt assumed through the acquisitions of Wits Gold and Cooke, and repaid R900 million under the R4.5 billion Facilities. On various dates during 2014, Sibanye made additional drawdowns of R500 million and, on 18 December 2014, Sibanye
May 03, 2021· A strategy of organic and acquisitive growth was subsequently adopted, which resulted in the acquisition of the Cooke operations from Gold One International in 2013 and Wits Gold, which owned the Burnstone project, in 2014. These two acquisitions helped create a
Dec 13, 2013· It has agreed to exchange two mining-rights portions at Beatrix with Harmony Gold, for two of its permits at its Joel mine. It has also agreed to buy a majority stake in Gold One Internationals Cooke complex. Recently, Wits Gold bid for Great Basin Golds Burnstone mine, which has been estimated to contain 6.4mn ounces of reserves.
Remember Burnstone - Mining Mirror Online. 2019. 4. 5.& 0183;& 32;My first mine excursion to the Burnstone gold mine was in early 2011. Burnstone is about 80km south-east of Johannesburg, near the town of Balfour in Mpumalanga. At the time, it was owned by Canadian outfit Great Basin Gold GBG .
The acquisition of Burnstone is in line with Wits Golds strategy of owning and developing shallow mines in South Africa and is an important step in the companys development. Moving to producer status will serve as a solid platform with which to start generating free cash flow for shareholders.
Mar 22, 2013· Burnstone mine Johannesburg, South Africa 22 March 2013 Witwatersrand Consolidated Gold Resources Limited (Wits Gold) which has a primary listing on the JSE and a secondary listing on the TSX is preparing a bid for the Burnstone gold mine in South Africa, which is in a business-rescue programme.
Apr 24, 2014· Wits Gold held a binding offer to acquire Southgold Exploration Proprietary Limited (Southgold) as the sole owner of Burnstone gold mine. After completing due diligence, Sibanye decided to proceed with the option to acquire Burnstone mine, although the offer to acquire Southgold is still subject to certain conditions.
Great Basin Gold has two gold projects, the Burnstone Mine project in South Africa, and the Hollister Mine project in the US, with further interests in Mozambique and Tanzania. Then there is Tranter Kismet, a BBBEE company which has a 12 per cent shareholding in Wits Gold, which has a number of early stage gold and uranium projects.
4. Rationale for the Proposed Transaction. In line with Wits Gold's strategy of owning and developing shallow mines in South Africa the acquisition of the Burnstone property represents both a
Wits Gold, which would need to inject R950-million over three years as working capital to bring the Burnstone mine back into production, including an initial payment of R7.25-million, was expected
Wits Gold also held a binding offer to acquire Southgold Exploration Proprietary Limited (Southgold) being the sole owner of the Burnstone gold mine. Following the successful conclusion of a detailed due diligence, a decision was taken to proceed with the option to acquire the Burnstone mine. The offer to acquire Southgold is still subject
Burnstone project was previously operated by Great Basin Gold up to 2012 when the mine was placed on care and maintenance and GBG went into liquidation. An option on the mine was acquired by Wits Gold who in turn was acquired by Sibanye Gold. Feasibility study on the gold project was completed in 2015, as project development started in 2016.
Witwatersrand Consolidatedis a step closer to gaining its first producing asset with its selection as sole preferred bidder for the Burnstone goldmining operation in the South Rand area in
Jul 08, 2013· Wits Gold, which explores for the metal in South Africa, made an offer for Great Basin Golds Burnstone mine to give the company its first bullion-producing asset.
Proceeds will be used for the development and ramp up of the Burnstone Mine. Burnstone is located in the South Rand area of the Witwatersrand Goldfields in. Wits Gold secures approval for acquisition of Burnstone mine in. The Burnstone gold property is located 80
Burnstone Property for the benefit of the Lenders and, to that end, the Receiver is working alongside the BRP to facilitate the sale transaction of the Burnstone Property to Witwatersrand Consolidated Gold Resources (Wits Gold). 23. Wits Gold has made an offer to purchase the shares of Southgold and certain shareholder
Nov 23, 2012· Established in 1937, Blyvooruitzicht was the first gold mine on the West Wits line. It became a subsidiary of Durban Roodepoort Deep in 1997 and in May this year it
Sibanye Gold has exercised its option to acquire the 90% complete Burnstone mine. This adds a development project to the portfolio, and with this comes added risk.
May 03, 2021· A strategy of organic and acquisitive growth was subsequently adopted, which resulted in the acquisition of the Cooke operations from Gold One International in 2013 and Wits Gold, which owned the Burnstone project, in 2014. These two acquisitions helped create a more sustainable gold business.
Jan 07, 2014· Wits Gold had successfully bid for Burnstone from Great Basins liquidators offering R100 and offering to take over $177.3m in bank debt owed by Southgold, Great Basins subsidiary. Wits Gold had committed to provide a R950m loan for working capital and capital expenditure at Burnstone.
Jul 05, 2013· Earlier today, Wits Gold said that following an intensive due diligence and the submission of its business plan, it had been selected as the sole preferred bidder for Burnstone mine which is owned by Great Basin Gold subsidiary Southgold Exploration, but falls under the custodianship of liquidators in terms of business rescue proceedings.
wits gold takeover of burnstone mine. copper mines in south west karnataka how to size the individual mill drive aggregate sampling equipment castiron mixer used on farm hammer mill model tkk 26x20 . Read More >> wits gold for burnstone mine latest news. Sibanye Gold Bids for Wits' Beatrix Area E MJ. Wits Gold itself made an offer for a gold
Dec 11, 2013· Sibanye Gold further believes that Wits Gold's offer for the Burnstone gold mining operation ("Burnstone") The South African Takeover Regulation Panel established in
JSE- and NYSE-listed Sibanye Gold planned to take over the intricacies of Witwatersrand Consolidated Gold Resources (Wits Golds) move to buy the embattled Burnstone gold mine, in Mpumalanga.
The Witwatersrand Basin is a largely underground geological formation which surfaces in the Witwatersrand. It holds the world's largest known gold reserves and has produced over 1.5 billion ounces (over 40,000 metric tons), which represents about 22% of all the gold accounted for above the surface. The basin straddles the old provinces of Transvaal and the Orange Free State, and consists of a
The Burnstone Property is located in the South Rand area of the Witwatersrand Goldfields, approximately 50 miles (80 kilometers) southeast of the city of Johannesburg and near the town of Balfour. The Burnstone Project has received all of the required permits to complete the development of the mine and commence full-scale underground mining.
Offer to acquire the Burnstone Mine accepted; Wits Gold's board of directors is of the opinion that once the Company has raised the requisite funding, it will have sufficient funds to settle
Dec 11, 2013· Wits Gold itself made an offer for a gold-mining operation in July, bidding for Great Basin Gold Ltd.s Burnstone mine to obtain its first bullion-producing asset. The mine, with a 6.4 million
Claire van Zuylen, Partner at pan-African corporate law firm, Bowman Gilfillan, which acted for Standard Chartered Bank in London and Credit Suisse (AG), commented, The restructuring will result in some 2 000 employees, who were initially retrenched in 2012 when the Burnstone mine went into care and maintenance, being re-employed at the mine when operations re-commence.
Wits Gold to bid for Burnstone Miningreview. 2020-11-24 The vertical shaft at Burnstone mine Johannesburg, South Africa 22 March 2013 Witwatersrand Consolidated Gold Resources Limited (Wits Gold) which has a primary listing on the JSE and a secondary listing on the TSX is preparing a bid for the Burnstone gold mine in South Africa, which is in a business-rescue programme.
Consolidated Gold Resources Limited (Wits Gold) Wits Gold had previously secured an option to acquire Southgold Exploration (Pty) Ltd (Southgold), which owns the Burnstone operation (Burnstone), through a business rescue process Following an extensive due diligence, Siba nye indicated its intention to exercise the option to acquire
Jul 05, 2013· Johannesburg - Witwatersrand Consolidated Gold Resources, which explores for the metal in South Africa, said it has made an offer for Great Basin Gold Ltd.s Burnstone mine, giving the
BURNSTONE MINE, SOUTH AFRICA Source: October 20, 2009 Burnstone Technical Report by D. van der Heever, J. Oelofse and P. Bentley; and February 18, 2009 Hollister Technical Report by J. Oelofse, P. Bentley, And D. van der Heever 1. Based on a cut-off of 4g/t 2. In situ ounces 9
Apr 05, 2019· Wits Gold put in a bid to acquire the mine, but in the end, Sibanye Gold (today Sibanye-Stillwater), on an acquisition spree under CEO Neal Froneman, bought the Burnstone assets in July 2014, after the mine had been in care and maintenance for close to two years. Drilling at the beleaguered Burnstone Mine in 2012. Image credit: Leon Louw
I started my mining career in Kimberley Mines after being awarded a Bursary by De Beers to study for Mining Engineering at Wits University but things did not work out and I then was sent to the mine for a year where he had to proof himself before being sent to Technikon. I left Be Beers and joined Great Basin Gold Burnstone Mine as a Mining
Wits Gold is a South African gold and uranium exploration company operating in the Witwatersrand Basin (Wits Basin) of South Africa. Wits Gold was formed in 2003 with the aim of acquiring properties adjacent to operating mines within the goldfields of the Wits Basin, in
Sibanye Gold to acquire of Wits Gold by way of scheme of arrangement Final decision to invest in the Burnstone Project/Mine subject to finalisation of due diligence Wits Gold has secured irrevocables from 5 shareholders, amounting to 57%, to vote in favour of the transaction
Wits Gold, the junior company spearheaded by Harmony Gold old boy, Philip Kotze, first appeared in these pages with news of the potential acquisition of a Harmons aging Evander operation (without prejudice March 2012, Vol2 No 2). That transaction had the potential to transform radically the mining junior from an explorer into a producer.