Galaxy Gold, a mining and exploration company, has appealed to the Johannesburg Stock Exchange against the ruling that the company may not list as it does not have possession of new order mining rights. It has been actively working towards a listing on the Main Board of the JSE since April 2010.
Galaxy Gold head Peter Skeat who had expected the company to be listed in the JSE yesterday had organized fund raising road shows for its mining operations in the UK and US. These were later cancelled citing the delay of the application process for a listing on the JSE.
Galaxy Gold Reefs is a wholly owned subsidiary of Galaxy Gold which is controlled by a consortium of investors led by Peter Skeat. They had acquired the Agnes Gold Mine business in December 2008 from African Pioneer Mining which was in liquidation. Galaxy Gold Reefs re-started mining operations in January 2010 after an aggressive infrastructure development programme.
Since restarting the mine, the operators have targeted a mine throughput of 18,000 tons per month. This was to increase to 53,000 tons per month at the beginning of 2012. However, this would require an additional investment of R250 million which would be dependent on the JSE listing.