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Rand Uranium plans listing

Publication: I-Net Bridge
Journalist: Sherilee Bridge

Rand Uranium, the newly registered uranium player formed out of a joint venture between Harmony Gold Mining (HAR) and the Pamodzi Resources Fund (PRF), said that it intended to list the new company within two to three years.

The company’s new CEO, John Munro, told analysts and journalists on a visit to the uranium assets in Randfontein that the listing would be timed to coincide with the start of uranium production.

“The focus is not on listing upfront with all sorts of promises,” said Munro.

“It’s about getting up and running ... before crystallising the value of the company through listing,” he said.

In terms of the US$420 million binding agreement entered into by Harmony and Pamodzi Resources Fund in December, Harmony is selling its uranium and gold assets at Cooke Section to Rand Uranium.

PRF is buying a 60% stake for US$252 million and the remaining 40% will be retained by Harmony.

With a forecast production of 2.2 million pounds of uranium per annum - or 2% of the world total - and around 270,000 ounces of gold, the company ranks ninth among the world’s largest uranium producers.

Graham Briggs, CEO of Harmony, said the company would be listed on a major stock exchange.

The most attractive markets are Toronto and London, but the company would carry a dual listing on the JSE, Briggs said.

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