Epangelo Mining Seeks Stake in Navachab Gold Mine

Bloomberg reported yesterday that Epangelo Mining Co., Namibia’s state-owned mining company, is speaking with privately owned QKR Corp. about purchasing a stake in the Navachab gold mine. QKR agreed to buy Navachab from AngloGold Ashanti Ltd. (NYSE:AU) just this month.

As quoted in the market news:

‘Our intention is to get into Navachab mine,’ Eliphas Hawala, the managing director of the southern African nation’s Epangelo Mining Co., said by phone today. ‘We signed confidentiality agreements with Anglo and the bidder and there are negotiations but we don’t know when they will be concluded.’

Open-pit Navachab, about 170 kilometers (106 miles) northwest of the capital, Windhoek, produced 74,000 ounces of gold in 2012. QKR, an investment company founded by former JPMorgan Chase & Co. banker Lloyd Pengilly, is also paying the world’s third-biggest gold producer a quarterly royalty covering 2 percent of the ounces sold from Navachab’s smelter for seven years, Johannesburg-based AngloGold said on Feb. 10.

Click here to read the full Bloomberg report.