The bank‘s black economic-empowerment partner is going into default by The decline in the share price of junior gold miner Great Basin.
Gold has the share price of the JSE-listed gold miner fell 4.76% to R5.99 a share on Thursday.
In order to fund the purchase of 13% of Great Basin Gold nearly five years ago, the BEE company, Tranter Burnstone, borrowed R200-million ($27-million) from Investec Bank Tranter Burnstone used Tranter Gold as the investment vehicle in the purchase of 19.9-million Great Basin shares equating before.
Great Basin did not expect the outcome of the default discussions to affect its Mining Charter compliance or near-term cash flow. The focus of Tranter Holdings is mineral resources as well as engineering manufacturing, the supply of mining and energy equipment and the provision of engineering services.
At the meantime, Great Basin Gold is evolving into a leading mid-tier gold producer through a well-defined strategy of: developing gold projects and assets into high margin mining units; continuing to increase our reserve and resource base through exploration; and acquiring companies and assets suited to expanding our business. Including them, Great Basin Gold pays much attention to update their mining facility—the gold mining crusher.
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