Epangelo to Get Big Stake in Navachab

BRITISH based firm, QKR Corporation announced yesterday that state owned firm Epangelo Mining will get a significant stake in the Navachab Gold Mine. QKP recently acquired Navachab from AngloGold Ashanti.

Lloyd Pengilly, president of QKR, said yesterday that the completion of the Navachab acquisition, its first transaction, is a key milestone for QKR.

“As part of our investment strategy, our focus will be on maximising Navachab’s inherent value and realising the full potential of the asset, together with our future partners at Epangelo. We look forward to the next phase of development for Navachab, and also for QKR,” said Pengilly.

Eliphas Hawala, Managing Director of Epangelo Mining, said the imminent acquisition of ‘this significant stake’ in Navachab by Epangelo Mining Company will mark yet another very significant chapter in the Namibian mining sector in general and a huge milestone for Epangelo Mining Company in particular.

“This process brings us closer to fulfilling Epangelo Mining Company’s objective which is,to ensure state participation in the mineral resources development, mining, beneficiation and creation of mining related employment opportunities for Namibians,” said Hawala.

QKR is a private mining company focused on acquiring and building a diversified portfolio of development and growth assets.

Navachab was owned and operated by AngloGold Ashanti from the time of the company’s formation in 1998. As at 31 December 2013, Navachab had gold mineral resources of 3 910 000 ounces and gold ore reserves of 1 920 000 ounces. In the year ended 31 December 2013, Navachab produced 63 000 ounces of gold.

Source : The Namibian