Deloitte will consolidate its existing mining advisory services practice to create a new technical and economic minerals advisory business called Venmyn Deloitte.
“The criticism often levelled against Venmyn is that we are too small and not global. In one fell swoop we’ve knocked all of that on the head, ” said Andy Clay, Venmyn founder.
Clay, who will head the new business, formed Venmyn with business partner Willo Stear in 1988 and was financially backed by Rand Merchant Bank.
The deal for the 25-year old Venmyn was reached in December but was only concluded this month, according to a Business Day Live article.
Clay said he spent most of the year travelling to Deloitte’s offices around the world, meeting the company’s partners in the mining, oil and gas facets of the business.
Abrie Olivier, Deloitte mining advisory leader in Southern Africa said the acquisition emphasizes the group’s commitment to the global mining industry.