Orion Resource Partners-backed Aurous to go public via a SPAC merger with Rigel Resource Acquisition in a $362m deal.

Orion Resource Partners-backed Aurous, a gold producer, agreed to go public via a SPAC merger with Rigel Resource Acquisition, a special purpose acquisition company, in a $362m deal. “This Transaction represents one of the first significant gold industry deals in South Africa in some time and is expected to enable Blyvoor to expand its underground infrastructure, enhance surface infrastructure and optimize operations by achieving economies of scale. With the support of our investors and banking partners, we expect to reach our operational targets and unlock the next stage of growth for Aurous. Since the restart of production from the Blyvoor Mine in 2022, Aurous has been able to re-employ approximately 1.5k workers who had been unemployed following closure of the mine in 2013. This Transaction and associated influx of foreign investment into South Africa has the potential to enable further meaningful job creation, continued revitalisation of the local community and recapitalization of Africa’s precious metals industry, all of which we expect will be well-received by the relevant South African authorities," Richard Floyd, Aurous CEO.