In AngloGold’s Navachab Gold Mine is Namibia Hunting for Stake

The weakens of Gold price in COMEX

(Bloomberg) – Epangelo Mining Co., a Namibian public investment company, plans to purchase a minority stake within the country’s largest gold mine, presently in hand by AngloGold Ashanti Ltd., said Managing Director Eliphas Hawala.

Epangelo would finance the acquisition by raising debt, banking system same by phone yesterday. The corporate didn’t qualify to bid for all of Navachab as a result of it lacked comfortable capital, he said.

AngloGold Ashanti, with 21 operations in ten countries, earmarked the mine available earlier this year because the world’s third-largest producer of the metal declared an idea to divest higher-cost assets. Pan African Resources Plc (PAF) and Giyani Gold house. (WDG) created a joint bid valued at $130 million for the mine and reserved a five p.c stake for Epangelo, according to Namibian Sun October 17.

Hawala said “Epangelo is keen to approach any potential winner of the Navachab bid for a possible stake,” and also added “If a chance arises wherever we are able to be a part of any syndicate, we’ll need to investigate the prices and see if they’re willing to accommodate North American country on agreeable terms.”