China to acquire S Africa gold mining firms

By Yang Xi
0 CommentsPrint E-mail China.org.cn, June 2, 2011
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China to acquire S Africa gold mining firms 两家中国公司拟1亿美元收购南非两座金矿

Aurora Empowerment Systems (AES), based in South Africa, is in negotiations for its gold mining companies to be acquired by two Chinese firms, said Enver Motala on Tuesday, representing Aurora Empowerment Systems. The negotiation is transparent and open to the public, in accordance with South African laws, Economic Information Daily reported Thursday.

The two Chinese enterprises have been planning to pay 100 million dollars to acquire 65 percent shares of AES' two gold mining companies, located in northeast South Africa.

Solidarity, the largest independent trade union in South Africa, has questioned the legality of the acquisition, saying that AES failed to obey South African laws during the bidding process for the deal. But Enver Motala has denied the accusation.

AES's two gold mining companies have reported heavy losses in recent years due to poor management, and more than 4,000 employees have been laid off. AES has been actively looking for cooperation with foreign companies to save its subsidiaries.

经济参考报x消息称,南非极光控股有限公司代表恩维尔•穆塔拉当地时间5月31日说,公司正在与两家中国矿业公司就收购金矿事宜进行谈判,谈判过程透明、公开,按规范程序进行,符合南非相关法律。

中国两家矿业公司计划以1亿美元收购极光旗下两座金矿65%的股份。这两座金矿位于南非东北部。

此前南非团结工会曾对这一收购过程合法性提出质疑。该公会认为,南非极光在招标过程中没有按照南非法律规定的程序进行。但穆塔拉当天否认了这一说法。

由于经营不善,交易涉及的两座金矿近年来出现严重亏损,近4000名矿工面临失业。为此,南非极光积极寻求外资合作,以挽救金矿的命运。

China's business press carried the story above on Thursday.

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