Central Rand Gold to Buy Mine Waste Dumps in South Africa.
M2 EQUITYBITES-October 7, 2016-Central Rand Gold to Buy Mine Waste Dumps in South Africa
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7 October 2016 - South African mining company Central Rand Gold Ltd. (LSE: CRND) has executed an agreement to acquire mine waste dump material located in close proximity to its metallurgical plant, the company said.
The mine waste dumps are jointly owned by a South African company and their Black Economic Empowerment partner.
This vendor has also submitted the requisite mining right applications over the various mine waste dumps.
The mine waste dumps are located approximately 10km, via sealed roads, from CRG's metallurgical plant. The Mine Waste Dumps are a result of mining operations that took place in the area in the late 1890s.
CRG has conducted legal and technical due diligence on the mine waste dumps over the past nine months. The due diligence involved a drill program, 3D-modelling, gravity concentrator trial processing and metallurgical testwork.
Under the agreement with the vendor, CRG will be responsible for the conducting and managing of the mining, transportation, milling, leaching, smelting and gold refining of the Mine Waste Dumps' materials.
Central Rand Gold is required to pay the vendor a nominal Rand per ton fee and a % age of the earnings before interest, tax, depreciation and amortisation.
The company, through its subsidiaries, mines, develops, and produces gold.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 7, 2016|
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