PERTH (miningweekly.com) – South African miner Gold One on Monday reported it had completed the acquisition of Rand Uranium for $250-million, after fulfilling all the conditions precedent.

Gold One said in a statement that it had now settled $137.7-million of the purchase price in cash, with the balance of $112.3-million to be settled in either cash, Gold One shares, or a combination of the two, within 90 days of the completion date.

“I am very pleased that we have been able to close the Rand Uranium transaction so timeously, allowing us to move full steam ahead with the turnaround of the Randfontein surface and Cooke underground operations,” said Gold One president and CEO Neal Froneman.

“Delivery has remained in line with expectations since Gold One assumed managerial control in September of last year, and we remain excited about the value-add that these assets create for our portfolio,” he said.

As part of Gold One’s strategy for the uranium assets, the Cooke underground operation and the Randfontein surface operations have been separated into two distinct business units with separate operational and managerial focus.

The gold miner has also undertaken a review of the existing feasibility study for the uranium plant, which was previously undertaken by Rand Uranium, with a view to starting uranium production by 2015.

External consultants have been appointed to assist with the feasibility review and discussions have also been initiated with international banks to evaluate third-party vendor financing for the plant’s construction, which is planned to start in early 2013.

Meanwhile, Froneman also on Monday announced the appointment of Hartley Dikgale as senior VP for general council, and Grant Stuart as VP for investor relations.

Dikgale, who has 18 years of corporate experience, has served as the general council for Rand Uranium, and was also previously responsible for business development and value-add facilitation across all portfolio companies within Pamodzi Investment Holdings, where he also functioned as executive director.

Stuart previously held the position of corporate development officer for Rand Uranium, and functioned as senior project developer for Harmony Gold.

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