Commodity Online

JOHANNES BURG: African Global Capital on Sunday announced its first investment by taking stakes of nearly 30 percent in Aflease Gold, according to South Africa s Business Day website.

AGC will take exactly 29.04% stakes in Aflease Gold. Earlier, Uranium One, which owns 67% of Aflease Gold, said it had sold 152 million of its shares for $40m and granted an option to sell another 187 million shares for $49m.

Aflease Gold is building a shallow gold mine at Modder East, east of Johannesburg, and holds undeveloped properties elsewhere on the East Rand, in Free State and in Namibia.

Production from Modder East is expected in the second half of next year. In its annual report released last week, it said its target was to become a significant player in the global metals industry, with annual production of about 500000oz of gold a year.