AngloGold Namibia seeks Navachab stake

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Namibia’s state-owned mining company is in talks with QKR to buy a stake in the Navachab gold mine that the investment company agreed to buy from AngloGold Ashanti last month for $110 million (R1.18 billion). “Our intention is to get into Navachab mine,” Eliphas Hawala, the managing director of state-owned Epangelo Mining, said. “We signed confidentiality agreements with AngloGold and the bidder and there are negotiations.” In 2012 Navachab produced 74 000 ounces of gold. QKR was paying a quarterly royalty of 2 percent of the ounces sold from Navachab’s smelter for seven years, AngloGold said last month. – Bloomberg

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