21 February 2014
- Condensed consolidated interim results for the 6 months ended 31 Dec 2013
- Interim results
- In 2008, To The Point Growth Specialists (Pty) Limited, acquired a 48% stake in the company.
- In June 2010, Village and its then 46% BEE shareholder, Umbono purchased a controlling interest in Lesego’s high grade total inferred resource of 27.8 million ounces of platinum group metals (3PGMs’ plus gold).
- In March 2011, Village finalised the purchase of, 74% of Cons Murch. Together with antimony, the mine produces gold from its three operating shafts, Athens, Monarch and Beta. The mine has a 1.3 million ounce equivalent gold deposit.
- In June 2011, Village acquired the majority of the Simmer and Jack assets. The enlarged Village entity incorporates Buffelsfontein Gold Mine, Tau Lekoa and an investment in First Uranium Corporation (FIU), a diversified portfolio of assets that have both organic and brownfields growth prospects. The inclusion of these assets transformed Village into a mid-tier precious metals player.
- In May 2012, Village received South African Competition Commission approval to purchase Blyvooruitzicht Gold Mining Company Limited, DRD’s wholly owned subsidiary for R150 million.
- In June 2012, FIU shareholders approved the required resolutions for FIU to dispose of its interest in Mine Waste Solutions (MWS) and Ezulwini mine. Village is to receive some R392 million due to it under the Secured Convertible Rand Denominated Rand Notes in MWS and a further R20 million in lieu of its remaining 5.7% investment in the ordinary shares held in FIU.
- Village has two broad based black economic empowerment partners, Xelexwa owns some 8% and Umbono some 13% of the equity.
- The company’s strategy is to invest in and develop self sustaining, socially responsible mining entities. This is achieved through an application of proven dealmaking/ transactional skills and operational turnaround expertise. The intention is to optimize assets and return value created to shareholders.
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