QKR Corp., a mining investor founded by former JPMorgan Chase & Co. banker Lloyd Pengilly, completed its maiden deal with the $110 million purchase of the Navachab mine in Namibia from AngloGold Ashanti Ltd.
“The completion of the Navachab acquisition, our first transaction, is a key milestone for QKR,” Pengilly, president of QKR, said today in a statement. “Our focus will be on maximizing Navachab’s inherent value and realizing the full potential of the asset.”
Navachab, an open-pit mine, about 170 kilometers (106 miles) northwest of the capital Windhoek, produced 74,000 ounces of gold in 2012 and 46,000 ounces in the nine months through September 2013. Epangelo Mining Co., Namibian government owned entity, will acquire a stake in Navachab, QKR said, without disclosing the size of the holding.
QKR, funded by Qatar’s sovereign wealth fund and Poland’s richest man Jan Kulczyk, is seeking gold, copper, zinc, base metals and coal assets.