Gold One has big plans for Ezulwini
3rd Aug 2012
AUG 3 – The new owner of South Africa’s Ezulwini uranium mine, Gold One International, is launching a comprehensive turnaround program as part of its growing uranium complex in the West Rand, 30km from Johannesburg.
Gold One, which paid $US70M to acquire the project from First Uranium, says it will be incorporated into its Cooke Underground Operations.
The acquisition produces a reunion for Cooke project chief Syd Caddy, who was First Uranium’s chief operating officer prior to joining Gold One in 2009. Even earlier, Caddy was consulting engineer for JCI Ltd when it had the Cooke shafts and Ezulwini.
CEO Neal Froneman says the turnaround program to enhance revenue and reduce costs at Ezulwini will be similar to previous programs at Cooke underground and Randfontein surface operations. A turnaround team has been appointed and high level analysis begun.
Froneman says the Ezulwini acquisition is a key component of the company’s strategy following the acquisitions at the start of 2012 of the Cooke underground and Randfontein surface operations from Rand Uranium PL.
The company aims to implement common services to realise synergies across Cooke, Ezulwini and Randfontein.
A R37M capital program has begun to recommission the Ezulwini uranium plant, currently on care and maintenance, during the March 2013 quarter.
Froneman says Ezulwini’s gold and uranium processing facility will enable Gold One to unlock the full value of the underground uranium resources across the Cooke complex. Mining will also target immediately sections of Cooke 2, Cooke 3 and Ezulwini under a gold-uranium co-product strategy.
Detailed studies into the combined gold and uranium opportunities and transport alternatives are due by the end of the year. Ore will initially be trucked to Ezulwini until permanent transport arrangements are decided.
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