PRECIOUS STRESS
Chinese companies are featuring increasingly in bidding for stressed South African mining assets, in general, and precious metal assets, in particular. Central Rand Gold, which mines under the golden city of Johannesburg, is considering selling out to Hiria of Hong Kong for $150-million cash. Eastern Platinum’s shares jumped as much as 147% on Hebei Zhongbo Platinum of China buying its South African platinum assets for $225-million. Aquarius Platinum was in talks with a Chinese consortium to sell its interests in Blue Ridge Platinum and Sheba’s Ridge Platinum. Wesizwe Platinum and the Orkney gold mine are already Chinese-controlled and Coal of Africa Limited has had an injection of Chinese cash. Hebei of China participated in the consortium established to buy Rio Tinto’s 57.7% interest in Palabora Mining Company for $373-million and more Chinese investment could be on the way during this period of subdued metals and minerals prices and costs refusing to abate.
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