Anglovaal Group was one of six large South African holding conglomerates that had interests in mining, finance and industry.
It was formed in 1933 as the Anglo-Transvaal Consolidated Investment Company Limited with interests initially in mining.
[2]: 458 After the Second World War, drilling began in 1949 in the Orange Free State on the farms Merriespruit, Harmony and Virginia.
[5] AVI would retain its Consol, I&J and National Brands while selling off Alpha, Aveng, Bearing Man, Tristel Holdings and Grinaker Construction.
[7] But the former's investment potential was short-lived when Avim sold a portion of its ownership in Avgold from 60 to 42 percent.
[9]: 411 The process then developed into an idea to produce oil from coal, so in 1935, the company purchased a South African licence to build a Fischer-Tropsch plant.
van Eck and Etienne Rousseau became involved with the company but falling oil prices in 1937 and the approach of the Second World War ended the idea temporarily.
[9]: 33 Van Eck left in 1940, to become chairman of South African Industrial Development Corporation.