Johannesburg - Professional services firm Deloitte has acquired mining services consultancy Venmyn, to create a new technical and economic minerals advisory business. The deal has resulted in Deloitte acquiring 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 Deloitte will leverage the global Deloitte network to enable a global value proposition for technical evaluation and the financial valuation of mineral assets.
Venmyn was formed in 1988 by Andy Clay and Willo Stear with Rand Merchant Bank after they left the then Rand Mines. Over the next 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:
- Create a strong minerals industry service offering within one of the four largest auditing and professional services organisations’ globally.
- Maintain Venmyn’s ethos of “independence you can trust” using its mineral industry specialists.
- Continue to spearhead technical and valuation reporting in the minerals industry, as Venmyn has done throughout its 25 year history.
“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,” says Abrie Olivier, Deloitte Mining Advisory Leader, Southern Africa.
“The creation of Venmyn Deloitte is firmly aligned to our continuing strategy to build a world class global Energy & Resources advisory business” said Carl Hughes, Global Industry Leader – Energy & Resources, Deloitte Touche Tohmatsu Limited. “The resulting techno-economic advisory capabilities we can now offer our global mining clients truly differentiates us in the marketplace” he added.
Andy Clay, Managing Director of Venmyn, will head up the new business. “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 Clay.
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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.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 170,000 professionals are committed to becoming the standard of excellence.