South Africa’s number four gold producer, DRDGold, said on Tuesday it had bought the remaining 35% interest in the Elsburg Gold Mining joint venture, so far held by Australia’s Mintails Limited.
DRDGold raised its stake to 65% in October.
The miner said it would pay R177-million in cash for the stake with the acquisition effective from December 8.
”The implementation of the acquisition will result in DRDGold having outright management control over the Elsburg Joint Venture, which will expedite the advancement of the project and will allow for greater flexibility and optimisation of all dump retreatment operations conducted by the DRDGold,” it said in a statement. — Reuters