CRG, Asian firms still locked in talks over subsidiary disposal
JOHANNESBURG (miningweekly.com) – Dual-listed Central Rand Gold (CRG) is continuing talks with Asian investor groups Hiria and Huili Resources over the disposal of its CRG Netherlands Antilles (CRGNV) subsidiary and a possible investment in CRG itself, informing the market on Monday that recent discussions had predominantly focused on commercial issues, while “minor” technical discussions relating to the dewatering of the Witwatersrand basin had also been raised.
Both Asian companies had previously entered into nonbinding memoranda of understanding to potentially acquire CRGNV for $150-million, with the major due diligence phase of the transaction largely completed in June.
CRG noted in a statement that discussions with Hiria and its financial partner, Hangzhou Everbright Private Equity Investment Management, were ongoing, with “various” commercial structural alternatives being considered.
Negotiations had also migrated from the acquisition of CRGNV to that of a significant initial strategic investment in CRG, which would be applied to increase the company’s gold production capacity and upgrade its resource base.
“Discussions with Huili remain ongoing, with a range of commercial issues and technical matters – largely focused on the continued dewatering of the Central basin – being discussed and progressed.
“The discussions with Huili still contemplate the acquisition of CRGNV; however, the progress of discussions has slowed over the past several weeks,” the miner advised.
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