Hanhong PE buys Stonewall stake for $13m
China’s Hanhong Private Equity Investment Company has invested $13 million in Stonewall Mining, buying it a 19% stake in the South African gold miner.
The capital invested has allowed Stonewall to buy Transvaal Gold Mining Estates, a set of gold mines located in Mpumalanga, South Africa, from mining business Simmer & Jack for RMB25 million ($3.9 million).
Hanhong has agreed to purchase a further 19% in the company once the Department of Mineral Resources has approved the transfer of mining rights to Stonewall, Business Day reported.
According to CEO Lloyd Birrell, Stonewall will produce 80kg of gold per month by the end of 2012, and will soon announce plans for an IPO. In the long-term, the company aims to build a plant with enough capacity to produce 5,670 kg of gold a year from greenstone mines around Mpumalanga.
Last week, meanwhile, another China-based investor, Saif Partners, agreed to buy $30 million worth of shares in lead, zinc and silver miner China Polymetallic Mining. This investment moved the firm a step closer to its goal of raising up to $163 million through an IPO.
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