GFSA's market capitalisation at R115 is R11.7-billion. GFSA has management and workforce problems. The brightest hope is the Tarkwa gold mine in Ghana, which is reporting good development progress. Gold division chief Alan Munro is to retire at the end of June and will be succeeded by long-serving Richard Robinson. Ramaphosa, who is Nail's deputy chairman, says the deal is a partnership between Rembrandt and Nail.
Talks are at an early stage.
Since Khumalo won control at R54.50 a share, JCI has taken a dive to R42.55. But Ramaphosa says this is not a deterrent for Nail. Ramaphosa says various possibilities are being investigated in terms of funding the acquisition, which would cost over R1.8-billion at current market prices. The discussions on price have not yet really started. We are still at a preliminary stage.