Johannesburg - Gold One International [JSE:GDO], the Australian and African gold producer, on Monday announced
that it has secured a R1.47bn facility to finance its
acquisition of Rand Uranium.
The company announced in April that it made a binding offer to acquire 100% of Rand Uranium for $250m, or about R1.8bn.
Gold One said the signing of financing agreement with Investec Bank gives effect to the acquisition of Rand Uranium from the Rand Uranium shareholders Pamodzi Uranium, Pamodzi Cooke and Armgold/Harmony Joint Investment Company.
"This crucial step ensures that we remain on track to complete this acquisition by the end of this year," said Gold One president and CEO Neal Froneman.
The acquisition is expected to boost Gold One's gold output by some 300 000 ounces per annum, while adding some 3 million ounces of gold mineral reserves as well as 13.5 million ounces of gold mineral resources.
It will also allow Gold One the opportunity to consider gold and uranium co-product optimisation when undertaking production planning.
Rand Uranium hosts a uranium mineral resource and mineral reserve base of about 90 million pounds and 41 million pounds respectively.
The company announced in April that it made a binding offer to acquire 100% of Rand Uranium for $250m, or about R1.8bn.
Gold One said the signing of financing agreement with Investec Bank gives effect to the acquisition of Rand Uranium from the Rand Uranium shareholders Pamodzi Uranium, Pamodzi Cooke and Armgold/Harmony Joint Investment Company.
"This crucial step ensures that we remain on track to complete this acquisition by the end of this year," said Gold One president and CEO Neal Froneman.
The acquisition is expected to boost Gold One's gold output by some 300 000 ounces per annum, while adding some 3 million ounces of gold mineral reserves as well as 13.5 million ounces of gold mineral resources.
It will also allow Gold One the opportunity to consider gold and uranium co-product optimisation when undertaking production planning.
Rand Uranium hosts a uranium mineral resource and mineral reserve base of about 90 million pounds and 41 million pounds respectively.