Former Sibanye-Stillwater (NYSE:SBSW) CEO Neal Froneman and former AngloGold Ashanti (NYSE:AU) CEO Srinivasan Venkatakrishnan are leading a South African consortium proposing a Formula One complex near Cape Town.
Blue Mountain Racing Grand Prix has appointed Rothschild & Co as financial adviser to the proposed R6.7 billion ($581.5 million) development in the Western Cape’s Swartland region.
The consortium also includes Webber Wentzel lawyer Robert Appelbaum and businessman Bob Hartslief, according to Business Insider Africa.
The proposal comprises a circuit designed to meet Formula One requirements, alongside conference and exhibition facilities, hospitality infrastructure, and residential property. The circuit alone is expected to cost approximately R2 billion.
Rothschild is advising on the project’s business and financing structure as the consortium seeks corporate partners and works towards Formula One approval.
Hartslief says the group is considering a sponsorship model involving large African companies to support the race licence fee. The consortium also intends to meet government requirements that the event not rely on taxpayer funding.
The proposed venue would accommodate about 125,000 spectators. Blue Mountain Racing has responded to Formula One’s initial technical and commercial requirements, with the assessment process expected to take 12–15 months.
Formula One has not awarded the consortium a race. Its proposal is also separate from efforts to return the championship to the Kyalami Grand Prix Circuit near Johannesburg.
Africa last hosted a Formula One race at Kyalami in 1993.
Froneman led Sibanye-Stillwater until 2025, while Venkatakrishnan headed AngloGold Ashanti from 2013–2018.
Write to France Pinzon at Mining.com.au
Images: Unsplash
