“North America is much more supportive to us, so it’s an easy decision,” Floyd told The Northern Miner in an interview.
South African gold miners have been increasingly diversifying their asset bases outside of South Africa to mitigate risks like regulatory uncertainties, economic fluctuations, deep-level mining challenges, labour unrest, and unreliable electricity supply. Major companies like AngloGold Ashanti (NYSE: AU) and Gold Fields (NYSE: GFI; JSE: GFI) have expanded into regions such as the Americas, Australia, and other parts of Africa, reducing their exposure to South Africa’s operational risks.
Aurous expects shareholders to approve plans in June to go public through the business combination with U.S.-based Rigel Resource Acquisition Corp., a special-purpose acquisition vehicle of Orion Resource Partners. The merger puts Aurous at a substantial pre-money equity value of about $362 million, Floyd said.
