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Chinese firm to buy 2 S Africa gold mining companies

By Hao Yan (chinadaily.com.cn)
Updated: 2011-04-06 17:26
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A Chinese mining company is negotiating a $100 million acquisition of two South Africa gold mining companies under Aurora Empowerment Systems Ltd (AES), News.cn reported Wednesday.

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One of the joint liquidators said Tuesday the Chinese company has approved the deal of acquiring 65 percent shares of AES' two holding gold mining companies on the verge of bankruptcy, the report said.

AES said it met Chinese representatives Tuesday and financial and managerial staff reached a consensus on major issues and expect to complete the deal in August.

AES' chairman is South African President Jacob Zuma's nephew Khulubuse Zuma while the CEO Zondwa Mandela is the grandson of South Africa's first black president Nelson Mandela.

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