Published on Thursday April 28 2011 (AEST)-Australia
ASX Listed Gold One International Ltd (GDO)will buy Rand Uranium Ltd for $US250 Million ($A230.7 million) in cash to get the South African miner's Gold and Uranium reserves.
Rand Uranium will bring its 150,000 ounces of annual gold production and gold resources of about 13.5 million ounces.
The annual production figure would take Gold One's yearly total to 300,000 ounces.
Rand Uranium also has a Uranium mineral resource base of about 90 million pounds, Sydney-based Gold One said in a statement on Thursday.
Gold One said the takeover would allow the company to consider gold and uranium co-production, which could significantly reduce the cash cost per ounce of gold production.
A feasibility study on the uranium potential was 70 per cent complete.
'The Rand Uranium operations represent one of the few established shallow gold producing operations in South Africa,' Gold One chief executive Neal Froneman said.
The joint owners of Rand Uranium - Pamodzi Uranium, Pamodzi Cooke and Armgold/Harmony Joint Investment Company - had accepted Gold One's offer.
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