SLFP will not contest Local Government polls with the UNP

The SLFP and the UNP are part of the current unity Government. The Sri Lanka Freedom Party (SLFP) says it will not contest the Local Government (LG) elections with the United National Party (UNP).SLFP General Secretary Duminda Dissanayake said that the SLFP will contest the elections scheduled to be held in January, independently.

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Aflease Gold and BMA Gold to form new international gold company

first_imgSouth Africa’s Aflease Gold and Australia’s BMA Gold, are set to create a new mining company, forming, as the two companies said, an attractive international gold business with a new mine on the brink of production and a portfolio of growth prospects. The new company, to be known as Gold One International, will be listed on the Australian (ASX) and Johannesburg (JSE) stock exchanges and is subject to various conditions including shareholder and regulatory approvals. Its assets will include Aflease Gold’s new Modder East mine on the Witwatersrand, which is on track to pour its first gold towards the end of 2009, a gold resource of more than 15 Moz and a number of gold exploration and development projects in Queensland, South Africa, Namibia and Mozambique.The proposed transaction will involve the inward listing of BMA on the JSE and the subsequent acquisition by BMA of all the issued ordinary shares in Aflease Gold by way of a scheme of arrangement. BMA will complete a 20:1 share consolidation and Aflease Gold shareholders will then receive one BMA ordinary share for each Aflease Gold ordinary share and will consequently hold 95.6% of Gold One.Aflease Gold Chief Executive, Neal Froneman will become Gold One’s Chief Executive and BMA Gold Chief Executive, Mark Wheatley will be the new company’s Non-Executive Chairman. The completion of the scheme is expected in February 2009.Froneman said in Johannesburg that the enlarged company’s primary focus was to complete the Modder East project. Its longer term strategic vision would be to grow into a geographically diversified mid-tier gold producer with production of 500,000 oz/y and a premium market rating.Froneman: “Our priorities will be to complete the development of the shallow, high-margin Modder East mine on schedule, to advance our other low-risk, near-surface assets, and to generate a cash flow capable of sustaining growth through organic expansion as well as value-accretive acquisitions.”Speaking in Sydney, Wheatley said given the current difficult environment, a broadened investor base and direct access to the Australian and South African capital markets would provide a number of funding options for the growth-orientated Gold One.Wheatley: “There are few near-term gold development companies with such an attractive growth profile anywhere in the world and this, along with Gold One’s substantial resource base and strong, highly experienced management team, should attract significant interest from institutional and other investors, particularly on the ASX.”last_img read more

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