additional
200,000 shares). Blinkpoort Syndicate took over prospecting and option
contracts (from Transvaal Mining and Finance Company) over 40,000
morgen in the Heilbron district, Anglo American Corporation and
Transvaal Mining to 'receive subscription and other rights in regard to
future mining flotations'.69
The final stage was reached in 1946. Speaking at the annual meeting on 20 December 1946, the chairman said that
at
30 June last, the mineral rights of the farms Arrarat No. 567 and
Utopia No. 662 had already been acquired by your company and since that
date the mineral rights of the remaining farms in this block have been
acquired and the position now is that your company is the owner of
mineral rights over a compact area, in extent 5,152 morgen. . . . This
area was made the subject of an agreement entered into in 1942 between
your company and the Anglo American Corporation of South Africa
Limited, in terms of which the exploration of the area was to be
undertaken by that corporation for the joint account of itself and your
company, on the basis that 60 per cent of any rights resulting from the
exploitation of the area would accrue to the corporation and 40 per
cent to your company. . . .
The
results of boring operations in this area have been most satisfactory
and certainly warrant an application to the Union Government for the
grant of a mining lease. . . .
The earlier vicissitudes of Wit. Extensions have already been related.70 In the course of the financial year 1942-3 the company was resuscitated; the annual report of that year stated that
your
board has concluded arrangements with the Anglo American Corporation
of South Africa Limited in regard to the reconstruction of the capital
of
69 From the circular to shareholders dated 10 August 1944:
'7.
It is a condition of the agreement that any mining notations in respect
of the areas covered hy the option contracts referred to above, will be
sponsored alternately by the Anglo American Corporation of South Africa
Limited and Transvaal Mining and Finance Corporation Limited, the first
flotation to be under the auspices of the Transvaal Mining and Finance
Company Limited. In any such flotations 50 per cent of the initial
working capital required will be made available for subscription by the
two companies concerned.
8. In
addition to the new interests referred to above, the Transvaal Mining
and Finance Company Limited has also undertaken to endeavour to arrange
for the Blinkpoort Gold Syndicate Limited to acquire an interest in
prospecting and option contracts in the Vredefort district, by means of
a shareholding in another company.
9.
The Anglo American Corporation of South Africa Limited is to forgo its
right to take over the control and administration of Blinkpoort Gold
Syndicate Limited in terms of an agreement dated 15 April 1942.
10.
The Transvaal Mining and Finance Company Limited will be
appointed as secretaries and consulting engineers to the Blinkpoort
Gold Syndicate Limited for a period often years from I July 1944, at a
remuneration to be agreed upon but subject to a minimum of £2,000 per annum.'
70 Supra, pp. 529-30, 539 ct seq.
