AngloGold: Namibian mine sold to QKR

AngloGold Ashanti would sell its entire interest in AngloGold Ashanti Namibia (AGAN) to a wholly owned subsidiary of QKR Corporation, the company said yesterday. AGAN owns the Navachab open-pit gold mine in western Namibia. “The agreement provides for an upfront consideration based on an enterprise value of $110 million [R1.2 billion] which will be adjusted to take into account AGAN’s net debt and working capital position on the closing date of the transaction.” AngloGold would also receive a net smelter return paid quarterly for seven years. The deal is subject to a number of conditions. AngloGold leapt 6.94 percent to R175.74 on the JSE. – Sapa