Epangelo Seeks Stake in Navachab

STATE mining company Epangelo is in talks to obtain a stake in the Navachab Mine with the new owners QKR Corporation.

In an announcement yesterday, Epangelo said they had made significant progress in the discussion with QKR through its Namibian subsidiary.

AngloGold Ashanti announced in February this year that it had sold Navachab Mine to QKR, based on an enterprise value of US$110 million plus deferred consideration in the form of a net smelter return.

The transaction is subject to the fulfillment of a number of conditions precedent, including Namibian and South African regulatory approvals, with completion expected during the coming months.

Epangelo’s participation in Navachab would be facilitated following the completion of the transaction.

“We are pleased at the prospect of welcoming Epangelo as a future shareholder and partner in Navachab. The mine is an important project for the country and we are committed to ensuring that its success is shared for the benefit of all Namibians,” said Lloyd Pengilly, President of QKR.

Eliphas Hawala, Epangelo managing director, said the company was founded to support Namibia’s participation in our growing natural resources industry.

Source : The Namibian