HomeGoldMandela plans to list Aurora

Mandela plans to list Aurora

Zondwa Mandela,
Managing Director,
Aurora Empowerment
Systems Limited
 
Johannesburg, South Africa — MININGREVIEW.COM — 21 December 2009 – Twenty-six-year-old Zondwa Mandela “’ grandson of former president Nelson Mandela “’ plans to list the gold company that he runs on the Johannesburg Stock Exchange during the first quarter of 2010.

Mandela  is the managing director of Aurora Empowerment Systems Limited, which is chaired by Khulubuse Zuma “’ nephew of South Africa’s current president, Jacob Zuma.

“Aurora, which will list its gold interests, wants to raise its profile by having its shares traded on the stock exchange, Mandela said in an interview with Bloomberg News here.

Mandela’s company is in the process of taking over three South African gold mines with 8 000 employees for almost R1 billion rand, Bloomberg reports. Allies of his grandfather “’ including former union leader Cyril Ramaphosa and one-time guerilla Tokyo Sexwale “’ have invested in coal, gold and platinum.

Aurora has agreed to acquire 60% of DRDGold Limited’s Blyvooruitzicht mine for R296 million, as well as the Orkney and East Rand mines of Pamodzi Gold Limited for R215 million and R390 million respectively. Pamodzi went into liquidation this year after it ran out of funds.

“I am living my dream,” Mandela said. His says his grandfather gets very excited when they tell him about the gold mining plans. “He understands the potential for job creation.”

While Aurora doesn’t plan to immediately raise funds when it lists, it will seek more gold acquisitions and may enter the diamond and coal industries, according to Mandela.

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