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Africa's biggest fund manager wants to see local interest for any gold mining mergers
Felix Njini and Loni Prinsloo
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Tuesday, March 30, 2021
Africa's biggest fund manager and a key investor in South African gold companies said any consolidation in the sector must benefit the country as well as shareholders.
The Public Investment Corp., which manages 1.91 trillion rand ($128 billion) of mainly South African government worker pensions, has a broader mandate than purely shareholder returns, said Mdu Bhulose, portfolio manager for mining and resources at the money manager. It also considers potential job losses, the welfare of communities in which mining companies operate, as well as the interests of the broader South African economy, he said. That will affect the way it assesses proposals, he said.
... Dispatch continues below ...
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Asante Gold C$5 Million Placement Is Oversubscribed
and Another C$2 Million Is Accepted;
Drilling Finds 7.47 g/t Gold over 30 Meters
Company Announcement
Monday, March 22, 2021
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE, Frankfurt: 1A9, U.S. OTC:ASGOF) announces that assays have been received for the first hole of a three-hole geotechnical drill program at our Kubi Gold project in Ghana.
DDHK21-001 was collared approximately 100 meters to the north of the Kubi Pit, near the middle of the 1Kubi Main Mineral Resource. On this section gold mineralization has been previously outlined to a depth of 450 meters. The gold is free milling and occurs within a near vertical 1-kilometer by 1-meter to 15-meter-thick shear-bounded "garnet" zone.
Gold is associated with up to 30% garnet and 15% sulfide mineralization and as coarse gold in late quartz veins.
The drilling has confirmed typical Kubi Main Zone gold mineralization.
-- 30 meters grading 7.47 g/t gold (true width estimated at 7.5 meters), including:
-- 14.31 g/t over 10 meters.
-- 5.69 g/t over 9.0 meters.
-- 10.75 g/t over 16 meters.
Given the presence of visible gold and the numerous high assays received, samples have been resubmitted for screened metallics assays, which give more exact results when coarse gold is present. Further results will be announced as received. ...
... For the remainder of the announcement:
https://www.asantegold.com/news/cad-5-million-placement-oversubscribed-a...
Bhulose's comments come amid speculation that Johannesburg-based Anglogold Ashanti Ltd. and Gold Fields Ltd. could be takeover targets for foreign buyers because of their relatively low valuations.
Neal Froneman, the chief executive officer of South African gold and platinum miner Sibanye Stillwater Ltd., has said the three companies should combine to avoid being bought by companies based elsewhere.
"Is this going to be a value destructive deal for the country?," Bhulose said of the PIC's approach to potential takeovers in an interview last week. "We look at returns, but also what impact it will have for all other stakeholders."
The PIC is the biggest shareholder in AngloGold, holding 11.9%, and the second-largest in Gold Fields with 9.6%. In Sibanye its 15.9% holding is the biggest of any investor. ...
... For the remainder of the report:
https://finance.yahoo.com/news/south-africa-pic-says-gold-040001784.html
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