(Reuters) – Africa’s peak bullion manufacturer AngloGold Ashanti is selling its Namibian unit for $110 million to personal mining group QKR, it said on Monday, the disposal being part of an improved propel to rationalize and focus on its bigger procedures.
AngloGold said in a declaration “The affirmation presents for an upfront concern based on an enterprise worth of $110 million which will be modified to take into account AngloGold Ashanti Namibia’s (AGAN’s) snare debt and employed capital place on the concluding date of the transaction,”
The deal is subject to regulatory acceptances in Namibia and South Africa and is anticipated to take several months to complete.
AGAN functions the Navachab mine, which is a small but somewhat low-cost procedure, making 46,000 ounces in the nine months to the end of September last year at a cash cost of $755 per ounce.
For the minerals-rich southwestern African territory of Namibia, the transaction represents an improved commitment by a foreign investor in its mining commerce.