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Wits Gold to bid for Burnstone
JOHANNESBURG: 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.
The company is also keen to bid for AngloGold Ashanti's Navachab gold mine in Namibia, says Wits Gold CEO Philip Kotze.
Burnstone has been idled while business-rescue practitioners find a buyer. The mine was on the cusp of being ramped up to full production but was stalled by operational problems. The business rescue started in September last year after the owner, Great Basin Gold, ran out of money.
Five approved potential buyers are bidding for the asset and three more are awaiting approval. Unconfirmed reports suggest Russia's Renova and a Chinese company are on the list.
Read the full article on www.miningreview.com.
