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March 16, 2009
R6bn St Patrick's Day gold bonanza for vilified Mvela
JOHANNESBURG (miningweekly.com) - Vilified black economically empowered (BEE) mining company Mvelaphanda Resources on Monday received a R6-billion St Patrick's Day gold bonanza when it cleared the way for the taking on board 50-million high-flying Gold Fields shares and simultaneously paid off debt.
Mvela executive manager: commercial James Wellsted told Mining Weekly Online that, contrary to market concerns about a "debt burden" threatening the future of BEE companies, the R6-billion gross value of the Gold Fields shares comfortably exceeded Mvela's total R4-billion debt, leaving the company with more than R2-billion, a level of investment it intended eventually ploughing into the promising Booysendal platinum project.
Posted by StaffWriter at March 16, 2009 7:21 AM