https://www.miningweekly.com

Pan African cautions stakeholders on reported Navachab offer

18th October 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

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.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.158 0.192s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: