Deloitte acquires mining consultancy
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:
* Create a strong minerals industry service offering within one of the largest professional services organisations in the world;
* Continue to spearhead technical and valuation reporting in the minerals industry, as Venmyn has done throughout its 25 year history.
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.”