Temptation rising | Namibia looks at buying AngloGold Ashanti million dollar mine
Namibia’s state-owned mining company can’t seem to resist temptation, with negotiations underway to acquire stake in the Navachab gold mine. AngloGold Ashanti have already agreed to sell the gold mine to the private group, QKR, for an estimated $110 million.
Negotiations are still underway, and the bidding war ensues, but it seems that Nambia’s firm (Epangelo Mining) have already signed confidentiality agreements with AngloGold Ashanti. Since the year 1998, AngloGold Ashanti have owned and had operations at Navachab gold mine, and the Navachab gold mine contributions represents less than 2% of the AngloGold Ashanti total production, minerals and ore reserves.
Data received by the AngloGold Ashanti owned Navachab gold mine, as of December 2012, it had gold resources of 4,410, 000 ounces and gold reserves of 2,100,000 ounces. Navachab gold mine is a relatively low cost operation, and in the time frame of nine months it has produced an estimate of 46, 000 ounces of gold, at an estimate cash cost of $755 per ounce.
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