Deloitte creates a global resource valuation footprint


28 November 2012:  Deloitte’s South African member firm has acquired local mining services consultancy Venmyn, to create a new technical and economic minerals advisory practice called Venmyn Deloitte.

Deloitte Australia Partner and Global Mining Leader, Phil Hopwood said the Venmyn acquisition  had consolidated Deloitte’s global reach in technical resource valuation.

“The creation of Venmyn Deloitte in South Africa is part of our continuing strategy to build a world class global energy and resources technical advisory business,” he said.

“It will allow us to deliver new levels of sophisticated technical and economic advisory capability to our global mining clients and will truly differentiate us in the marketplace.

“Deloitte has a strong commitment to the mining sector globally, as well as to supporting investment in the African mining industry.  

“Having operated in one of the world’s most resource rich environments for more almost 25 years, Venmyn’s technical expertise in resource valuation is second to none and we plan to employ that knowledge across the globe for the benefit of clients in similarly resource rich regions.”

Deloitte’s Australian Mining Leader, Stephen Reid, said the new entity was an exciting development for the increasing number of Australian resource companies seeking to invest in African projects as well as those considering projects at home.

“Venmyn Deloitte has the potential to deliver a new level of insight and expertise to Australian resource investors looking at investment potential in Africa that will be hard to match,” he said.  

“In the current economic environment, we’d expect to see future opportunities for the acquisition of a number of smaller miners across Australia and Africa, and the sort of expertise Venmyn Deloitte has in evaluating reserves will be critical in accurately determining the value of any potential targets.

“Eventually, we plan to utilise the accumulated knowledge of Venmyn Deloitte to develop a similar technical capability in Australia that will continue to strengthen the global capability of the firm.  However, given our relative proximity to South Africa, we’re confident Australian clients will be able to benefit from Venmyn Deloitte’s expertise almost immediately.”

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