Cape Town - A due diligence still in progress on Friday led to Trans Hex, the Northern Cape diamond miner, and Mvelaphanda (Mvela), the black empowerment mining company, issuing their third cautionary announcement.
In August last year, Mvela announced it had bought a 22,5 percent stake in Northam for R565,6 million from Anglo American Platinum (Angloplat), Anglo American and Remgro.
Tokyo Sexwale, the chairman of Mvela, was appointed chairman of Northam, the deep-level platinum miner.
At the time, Sexwale said he was looking at consolidating and continuing the good work done at Northam and to turn the company into a strong cash earner in conjunction with Angloplat and management.
When the Northam share acquisition was announced, Sexwale said Mvela would channel all of its future platinum projects through Northam.
His stated objective is to build credibility for black empowerment and to get black involvement from the board all the way through to the workforce.