Randgold & Exploration is an investment holding company with interests in the gold and platinum mining industries of South Africa, holding prospecting rights directly and indirectly through subsidiaries. The company’s history can be traced back to 1992 with the taking over of the gold interests of South Africa’s oldest mining house Rand Mines Limited.

The group has capital assets valued at R180 million, mainly comprised of cash. The company’s current activities are restricted to the recovery of claims from assets allegedly misappropriated from it, whilst limiting operational costs and maximising the value of prospecting rights through development or selling.

Between 1999 and 2005, alleged fraud and theft of assets resulted in the company losing the majority of its assets. Randgold shares were suspended on the Johannesburg Stock Exchange (JSE), but were relisted for sale in 2010.

The company has a JSE market cap of R157 million, with Randgold share price remaining fairly stable on the bourse.

Randgold’s mining activities have stalled as the company seeks to settle ongoing legal claims to recover assets. Key tasks have included negotiations to ensure the best possible outcomes for prospecting rights and instructing legal counsel while overseeing preparation of forensic evidence. Claims are based on an alleged conspiracy between JCI and Gold Fields to misappropriate and sell shares, using the proceeds to fund Gold Fields.

The group’s latest financial results highlighted a profit of R5.3 million for the 2015 financial year, mainly as a result of recoveries valued at R7.5 million, including liquidation dividends from BNC Investments and cash from the estate of Brett Kebble. Results were further boosted by the sale of prospecting rights valued at R3.9 million and R11.6 million interest earned on cash investments.

Randgold currently holds a platinum, nickel and copper prospecting right for the Doornbosch farm north of Steelpoort, Mpumalanga, as well as gold prospecting rights for the Du Preez Leger Project in the Free State. Exploration work has been done on these farms, but the forecast is that further work will not begin until the company’s numerous legal proceedings are settled.

The live online stocks chart shows that Randgold share price has been stable at just above R2 for the past few years. Investors have been reluctant to buy Randgold shares as a result of the legal battles the company is involved in. The company has succeeded in recovering a significant amount from settlements, resulting in a fairly strong cash position. It is difficult to forecast the company’s future performance at present, but investors will still be cautious to buy Randgold shares, with other mining stocks offering a better purchase.

Materials

Metals & Mining

Precious Metal Mining

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1. Start by Filling in the BUY THIS SHARE form.
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