Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Namibia Seeks Stake in AngloGold’s Navachab Gold Mine

Don't Miss Out —
Follow us on:

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

To contact the editor responsible for this story: John Viljoen at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.