JOHANNESBURG (miningweekly.com) – Investment holding company Oakbay Resources and Energy on Friday listed on the JSE’s main board, becoming the sixteenth company to list there this year.
The company held a 74% interest in Shiva Uranium, previously Uranium One Africa, which focused primarily on uranium and gold deposits with its main base of operations conducted on the Dominion and Rietkuil mines, in the North West.
“The listing of Oakbay Resources is the culmination of four years’ hard work and investment in its uranium asset, Shiva. It is also a further step in the wider Oakbay group’s strategy to create 100 000 new jobs in South Africa,” chairperson Atul Gupta said.
During the six months ended August 31, Oakbay produced about 386 485 milled tons of gold and realised gold sales of 6 721 oz.
The company said mining operations over the past six months had been challenging as a result of operational upgrades in the company’s milling section.
“The company's recent investment in additional milling equipment and related infrastructure is expected to increase production capacity at the mine,” Oakbay said.
Meanwhile, the company intended to proceed with commissioning a bankable feasibility study on its mineral deposits, which was expected to be completed late next year, with a view to raising additional capital in the foreseeable future.