Great Basin Gold appoints Nedbank Capital as sponsor
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JSE- and TSX-listed gold exploration and development company Great Basin Gold (GBG) on Monday announced the appointment of Nedbank Capital, a division of Nedbank Limited, as its sponsor.
This was with immediate effect, the gold-miner said in a note to the Johannesburg bourse.
GBG was in “the final throes” of its black economic-empowerment (BEE) transaction negotiations with partner Tranter Gold, and it hoped to have the deal's terms finalised by the end of February, CE and president Ferdi Dippenaar said in January.
The Canada-based company viewed this as the “final addition” to completing its mining rights application, which would be submitted “within weeks” of the BEE deal being sealed. Dippenaar was confident of the application's likelihood for success, saying that the firm has closely followed the relevant framework.
The estimated time for a mining right to be granted in South Africa is 12 months from the date of application.
Meanwhile, GBG's prospecting rights allowed it to take a bulk sample before receiving the actual mining right. Dippenaar said that early-stage production at Burnstone could occur at the end of the year, which would be stockpiled until the project's metallurgical plant began its production build-up in 2008, reaching full production in 2011.
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