Originally posted by apkjm
Why did VEC get Adidi-Kanga so cheap , firstly VEC did not purchase AK from AngloGold. Our JV/Sale has been done with the owners of the project Mongbwalu Gold Mines SA and Fimosa Capital Limited.
Mongbwalu Gold Mines SA was previously owned by AngloGold Ashanti
Gold major AngloGold Ashanti is to remove $500-million of operating costs, seek to dispose of Navachab mine and suspends Mongbwalu ( Adidi-Kanga )
AngloGold between 2005 and 2013 spent US$500mill++ but then the Wheels fell of the Gold price and they found themselves over exposed with to many exploration plays and not enough working / cash producing Gold mines. The choice was made to strip the company of some of there exploration plays to allow then to focus on developing there proven assets.
2012 the writing was on the wall , Anglo needed to consolidate fast !
View attachment 1413454
This is around the time they committed 2.5Billion to the development of the kibali Gold Project DRC , now Africas largest gold mine. 20Milloz Resource ( about a 26Billion in ground resource )
View attachment 1413452
Look close enough and you will see VEC Gold Leases clear.png We are on there ground !
You would have to say dumping exploration plays in favour of developing this mine was a masterstroke in the end !
Ive run out of time sorry , time for some surfing clear.png but again this question of how did little old JB and him merry men has been answered over and over again , it does tell me one thing though ! Add-Kanga must be a bloody cracker , because the World just does not believe a little Aussie battler could pull of such a monster deal !
http://www.miningweekly.com/article...hab-suspends-mongbwalu-2013-05-13/rep_id:3650
I dont think a lot know just how big VEC is going to be, its not just AK, there is another 9 leases, I have read reports that say anything from 10-24 million ounces, even at the low which we are guaranteed of 3.2 million ounces the rerate should be fierce and exciting, congratulations to all who held during the doubting period and remembered why they invested in the first place you are about to be rewarded for your courage, GLTAH
