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Canada’s Sprott to buy Aflease
David McKay
Posted: Sun, 05 Dec 2004
[miningmx.com] -- CANADIAN fund manager, Sprott Asset Management, is set to buy a stake in Afrikander Leases (Aflease), the South African gold and uranium company. The new investment is a vote of confidence in Aflease’s plans to start mining uranium, possibly in about two years. Sprott has about $1.9bn under management.


Neal Froneman, Aflease CEO, has said in the past that his company could provide roughly 6% of world uranium supply from its South African resources. This is also a far cry from events almost a year ago when Aflease closed its underground gold mine under pressure from the stronger rand/dollar exchange rate. As a result, Aflease’s share price ended 49% lower year-on-year.

Aflease will issue about 12 million new shares to Sprott raising up to R40m, funds that will be used to expedite Aflease’s uranium ambitions. Froneman declined to comment on the investment, but it’s expected an announcement will be issued to the Johannesburg Stock Exchange this week.

Aflease intends to produce four million pounds of uranium oxide from existing resources, and one million ounces of gold some of which will be produced from assets not yet acquired. The company’s Bonanza South, a gold project, will make Aflease an operating company again during the second quarter of 2005.

But it’s the uranium that has most speculators excited. Froneman reckons that although there is an abundance of uranium, there is not much flexibility in supply. As a result, the expected one quarter increase in nuclear power plants is expected to improve the uranium price.

According to Nufcor International, the world uranium market could easily absorb 11 million pounds of uranium oxide a year from South Africa alone. “Structural changes in the supply cycle opens unique opportunities for funding from end users,” Froneman says



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Carol Smith
Personal Assistant
e-mail: carol@aflease.com
Telephone: +27 11 482 3605
Fax: +27 11 482 3604
Cell: +27 82 338 2228
website: www.aflease.com
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Carol Smith
Personal Assistant
e-mail: carol@aflease.com
Telephone: +27 11 482 3605
Fax: +27 11 482 3604
Cell: +27 82 338 2228
website: www.aflease.com