Aflease Gold sells assets to BEE group

August 23, 2006

Aflease Gold, the South African company building the first East Rand gold mine in decades, says it has sold 26% of its gold assets using a similar structure to its parent company, sxr Uranium One's empowerment deal last year...

A workers trust will be created for each of the consortiums relating to the workers for that specific asset, the trusts will own 30% in each of the consortiums formed. Also community trusts will be created taking 30% in each as well. Zandile Zungu’s African Vanguard will hold 20% of each. The rest of the ownership will be split into a number of 5% portions split between black owned investment companies.

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