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Namibia Seeks Stake in AngloGold’s Navachab Gold Mine

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Oct. 29 (Bloomberg) -- Epangelo Mining Co., a Namibian state-owned investment company, plans to buy a minority stake in the country’s biggest gold mine, currently owned by AngloGold Ashanti Ltd., said Managing Director Eliphas Hawala.

Epangelo would finance the purchase by raising debt, Hawala said by phone yesterday. The company didn’t qualify to bid for all of Navachab because it lacked sufficient capital, he said.

AngloGold Ashanti, with 21 operations in 10 countries, earmarked the mine for sale earlier this year as the world’s third-largest producer of the metal announced a plan to divest higher-cost assets. Pan African Resources Plc and Giyani Gold Corp. made a joint bid valued at $130 million for the mine and reserved a 5 percent stake for Epangelo, the Namibian Sun reported Oct. 17.

“Epangelo is keen to approach any potential winner of the Navachab bid for a potential stake,” Hawala said. “If an opportunity arises where we can join any consortium, we will have to investigate the costs and see if they are willing to accommodate us on agreeable terms.”

To contact the reporter on this story: Kevin Crowley in Johannesburg at kcrowley1@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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