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African Gold SPAC to Target ‘Well-Trodden’ Mining Countries

A worker holds a handful of gold bullion granules during manufacture at the Rand Refinery Ltd. plant in Germiston, South Africa, on Wednesday, Aug. 16. 2017. Established by the Chamber of Mines of South Africa in 1920, Rand Refinery is the largest integrated single-site precious metals refining and smelting complex in the world, according to their website.

African Gold Acquisition Corp., a special purpose acquisition company targeting gold assets on the continent, will price its stock on Thursday ahead of a listing in New York aimed at raising funds to target “well-trodden” mining countries on the continent.

“We are the only Africa mining-focused SPAC amongst a sea of SPACs,” Rob Hersov, the founder and chairman of the company, said by text message. Targets will be in known mining nations, “so no surprises. And we will likely buy a mining company and possibly add others thereafter.”

Hersov is the son of Basil Hersov, who ran AngloVaal Mining Ltd., the company founded by his father and once one of South Africa’s biggest mining companies. Chris Chadwick, a former director of Sibanye Stillwater Ltd., is chief executive officer.

The offer for about $300 million of stock has been “heavily oversubscribed,” Rob Hersov said.

“There are a lot of interesting mining companies and assets looking for capital to expand,” he said.

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