Blyvoor Gold deal secures US blessing
The prospect of good forward momentum for a resumption of valuable mining at the re-emerging old Blyvooruitzicht (Blyvoor) gold mine has received another boost.
This is because Aurous Resources, the South African mining group that owns and operates Blyvoor on Gauteng’s West Rand, has secured approval from the US Securities and Exchange Commission (SEC) for its proposed business combination deal with Rigel Resource Acquisition Group.
The SEC declared effective the registration statement for the proposed business combination on January 14, which has been welcomed as a growth phase enabler.
"We’ve made steady progress in our ongoing efforts at improving our operational efficiency and unlocking significant value for our shareholders on the back of near record high gold prices,” Aurous CEO Richard Floyd noted.
Rigel will hold a special meeting of shareholders on February 4 to vote on the approval and adoption of the business combination. The transaction is expected to close shortly after shareholder approval at the special meeting, subject to the meeting of other customary closing conditions.
The combined company will be named Aurous Resources and is expected to be listed on the US’s NASDAQ stock exchange.
To date, the total committed and commercially agreed private investment in public equity (PIPE) financing secured amounts to R519-million, with a targeted PIPE raise of R944-million.
For the first six months of the company’s 2025 financial year, 5%-higher revenue of R434-million was generated year and a 59%-higher operating profit of R39-million.
On surface, the Gauta tailings retreatment project is being developed.
Since the restart of Blyvoor production in 2022, Aurous has been able to re- employ about 1 500 workers who had been unemployed following closure of the mine in 2013.
Blyvoor was established in 1937, with production commencing in 1942.
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