Deloitte and Venmyn deal establishes leading capability in mining advisory services
28 November 2012
Deloitte’s Southern African firm has acquired mining services consultancy Venmyn, to create a new minerals advisory business – Venmyn Deloitte - which will provide the clients of Deloitte’s global network of member firms with international expertise around the technical and financial valuation of mineral assets.
The deal has seen Deloitte South Africa acquire 100% of the current Venmyn business for an undisclosed amount and consolidates its existing mining advisory services practice into the new entity. The new business, “Venmyn Deloitte”, will build on the two companies’ successful track records in minerals consulting, mining advisory services, audit, tax, risk advisory, consulting and corporate finance services to the mining industry.
Venmyn was formed in 1988 by Andy Clay and Willo Stear with Rand Merchant Bank after they left the then Rand Mines. Over the past 25 years it has established itself as a pioneer in a range of technical and financial areas including the writing of short form reports and valuations with the Venmyn valuations curve.
The business combination of Deloitte and Venmyn will:
Debbie Thomas, UK head of metals and mining at Deloitte, said: “This acquisition emphasises our strong commitment to the global mining industry, our Deloitte culture of innovation and to supporting investment in the mining sector across Africa.”
Carl Hughes, Deloitte’s Energy & Resources global industry leader, said: “The creation of Venmyn Deloitte is firmly aligned to our continuing strategy to build a world class global Energy & Resources advisory business. The resulting techno-economic advisory capabilities we can now offer our global mining clients truly differentiates us in the marketplace.”
Andy Clay, managing director of Venmyn, will head up the new business. He commented: “This is a new chapter for Venmyn that will allow us to serve a wider market and enhance our value proposition to clients through the power of the Deloitte network.”
Notes to Editors:
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.
Venmyn is an internationally focused, South African based, independent mining and minerals management advisor, specialising in the technical and economic evaluation of mineral projects and the strategic analysis of mining and mineral resource companies. It is its ability to provide a comprehensive range of technical and financial services that makes Venmyn an exceptional advisory company, especially in the preparation of concise reports and documents on public domain transactions.