JOHANNESBURG (miningweekly.com) – The acquisitive black-empowered Aurora has taken a step towards the listing of its newly acquired gold assets on the JSE with the acquisition of a portion of Labat Africa for R4,5-million.

MD Zondwa Mandela, the grandson of Nelson Mandela, who heads Aurora, tells Mining Weekly Online that the purpose transaction is to create a cash shell for a future listing. On the proposed listing's timing, he says:"I'm holding thumbs for the first half of 2010."

Aurora has acquired several liquidated Pamodzi Gold assets as well as 60% of Blyvooruitzicht and an East Rand Proprietary Mines gold plant from DRDGold, which would be reverse listed.

Aurora says that a deal with Link Private Equity has given it 45,7% of Labat and that it wants to acquire at least 21,3% more to increase its ownership to at least 67%.

Aurora will be required to make a mandatory offer to minorities in Labat at 5 c a share once all suspensive conditions have been met.

Qinisele Resources Dennis Tucker is advising Aurora and identifying more market opportunities for the company.

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