July 13 (Reuters) – South African junior miner Village Main Reef Gold Mining (VILJ.J) plans to buy a gold mine within the next year to generate cash for its other venture, Business Day on Tuesday quoted the chief executive as saying.
Village earlier this year bought a controlling interest in the Lesego Platinum exploration project, for which it plans to complete a bankable feasibility study within three years.
In the meantime, the company plans to buy a mine to avoid pitfalls suffered by other junior miners reliant on one asset only.
“Our first strategic objective is to buy a cash-generative asset,” CEO Bernard Swanepoel was quoted as saying. (Reporting by Agnieszka Flak, Editing by Himani Sarkar)