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AngloGold Ashanti is pleased to announce completion of its sale of AngloGold Ashanti Namibia (Proprietary) Limited, a wholly owned subsidiary which owns the Navachab Gold Mine, to QKR Corporation Limited. The transaction, announced on 10 February this year, was concluded on 30 June after all conditions precedent were met and the monies paid.
“We’re pleased to have closed this sale, as we focus on optimising our global portfolio to deliver improved cash flow and returns,” said AngloGold Ashanti Executive Vice President Strategy & Business Development Charles Carter. “We thank the Government of Namibia and the Navachab team for the smooth handover to QKR, who we wish well as they take the mine forward.”
Further information on Navachab
Navachab was owned and operated by AngloGold Ashanti since the company was formed in 1998. As at 31 December 2013, Navachab had gold Mineral Resources of 3.91 million ounces and gold Ore Reserves of 1.92 million ounces. In the year ended 31 December 2013, Navachab produced 63,000 ounces of gold at a cash cost of US$691 per ounce and an all-in-sustaining cost of US$781 per ounce.
