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VENTURES AFRICA – JSE-listed gold miner, AngloGold Ashanti, which has operations in Ghana, Guinea, Tanzania and Zimbabwe, has sold its wholly-owned subsidiary, AngloGold Ashanti Namibia, for $110 million, it said on Monday.
The global gold mining company’s entire interest in the Namibian operation (otherwise known as Navachab) has been sold to QKR, a private mining company which is focused on growing its asset base in the EMEA region and the Americas.
“We are executing on our strategy to focus our efforts on assets of scale that drive value in the business,” Charles Carter, AngloGold Ashanti’s Executive Vice President of Strategy, said in an effort to explain the reason for disposing of the Namibian operation.
“We believe that QKR is the right group to take Navachab forward,” Carter added.
Lloyd Pengilly, the President of QKR, said this acquisition was its first following an intensive “review process.”
“We believe Navachab has significant potential and we look forward to working closely with the management, staff and contractors of Navachab, the Government of Namibia and Epangelo to steer the mine through its next phase of growth,” Pengilly said. Epangelo is a mining company owned by the government of Namibia.
AngloGold Ashanti said it will continue to operate Navachab until the deal has been finalised.