Gold One International is now 89.17 per cent owned by BCX Gold Investment Holdings, a consortium of Chinese investors, after the latter had successfully completed the required A$150 million subscription investment to gain majority ownership of the dual-listed South African and Australian gold producer.

Gold One announced the deal completion on the last day of trade in 2011. Gold One issued and allotted a total of 375 million ordinary shares, at $0.55 per share, to BCX Gold Holdings after receiving the A$150 million funds.

Earlier in May 2011, Gold One announced its intentions of bringing in a major shareholder and strategic investor that will help propel the company's long-term plans.

The finalization of the deal with the Chinese group also brings Gold One closer to clinching its planned acquisition of Rand Uranium at US$250 million. In late December 2011, the Australian Department of Mineral Resources approved the switch of control of the mineral rights of Rand Uranium to Gold One. Only one outstanding condition remains before Gold One can finally conclude full ownership of Rand Uranium.

The condition was that Gold One be able to successfully raise least US$150 million either through bank loan or from another debt or equity financing source. The minimum AUS$150 million capital injection from BCX Gold was just in perfect timing.

Gold One's September quarter production rose 23 per cent to 35,128 ounces, as against company projections of only 34,000 ounces. Its flagship operation, Modder East, a newly built shallow mine on the East Rand, is the first new mine to be built in South Africa in 28 years.

Its other projects and targets include Ventersburg in the Free State Goldfields, the Tulo concession in Mozambique and the Etendeka greenfield project in Namibia.

Gold One has earlier indicated it will start supplying uranium as early as 2015.