October 23, 2017

Black-owned company bids for ‘up-for-sale’ Anglo Gold’s mine in South Africa

Kopanang Gold Mine in North West Province, South Africa

A majority black-owned entity, Kopanang Shaft 9, is amongst companies interested in buying Anglo Gold Ashanti’s  Kopanang Gold mine near Klerksdorp in North West, according to reports disclosed by last week’s edition of City Press, one of South Africa’s widely circulated weekly broadsheets.

Kopanang mine is one of two operations the company plans to shut down.

Despite obliging prospective buyers to sign nondisclosure agreements that restrict them from talking about their respective bids, City Press got latest developments on Kopanang.

In the report, City Press claims it obtained information from well-placed sources – whom it says are privy to the matter – one of the bidders is said to be a 100% black owned consortium.

The consortium is planning to bid as a management takeover,  with an 8% stake each for a community trust and an employee scheme.

Kopanang Shaft 9 is reportedly preparing a bid of more than $23 million (R330 million). Anglo-Gold to use the funds from the successful sale of Kopanang to settle all the retrenchment packages for the mine workers.



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