Free State Consolidated Gold Mines said yesterday it had agreed to sell three mining shafts at its President Steyn gold mines to Kades Barnea. It said it was selling the shafts, related mineral rights and infrastructure for R113,5m in cash to be effected over the next 17 months. Kades Barnea is owned by a Free State agricultural businessman. The new owner has hired 680 former Free State Gold employees and plans to offer positions to a further 800 miners. A co-operation agreement on diamonds signed by Russia and Namibia would not affect the relations of either country with De Beers , the South African diamond company, a senior Russian official said yesterday.
Large business tends to dominate the South African mining industry.
But the small guys who need a few million rand for an innovative mining industry venture find no interest, because the outlay is seen as small in venture capitalists' eyes. The returns are low compared with the mega projects of the huge mining houses. The SA Foundation yesterday said business should become responsible for all artisan training, a proposal which could be included in business' submission to the presidential job summit. Please click button to read the before using the information on this website.