Pan African cautions stakeholders on reported Navachab offer
JOHANNESBURG (miningweekly.com) – Africa-focused precious metals producer Pan African Resources on Friday said that, while it is a participant in the disposal process by AngloGold Ashanti of its Namibia-based Navachab mine, this does not mean that it will acquire the operation.
“Shareholders are advised that Pan African is not at a stage in any negotiations for any asset or venture, which would necessitate exercising caution when trading in the company’s securities,” its cautioned in a statement on Friday.
The company’s comments came a day after Reuters cited a Namibian Sun article that reported that Pan African and Canada's Giyani Gold had jointly bid for AngloGold Ashanti's Navachab mine for $131-million.
According to the report, AngloGold had put the Navachab mine up for sale earlier this year as part of cost-cutting measures.
The Namibian newspaper, quoting bidding documents submitted by the two companies, said the consortium would offer N$1.3-billion in cash and royalties for the asset.
Namibian Giyani Gold director Knowledge Katti told the newspaper that his company and some partners were interested in Navachab, but did not provide further details.
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