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AngloGold aims at Middle East

Mark Cutifani,
AngloGold Ashanti
Johannesburg, South Africa — MININGREVIEW.COM — 11 June 2009 – AngloGold Ashanti Limited has announced the formation of a strategic alliance with Thani Dubai Mining Limited to explore, develop and operate mines across the Middle East and parts of North Africa.

Revealing this in an a news release issued here, AngloGold – the world’s No. 3 gold producer –  said each company would have a 50% interest in the alliance, which would explore for gold, precious and base metals.

The release added that the alliance brought together a combination of regional business knowledge and relationships with global exploration and mining expertise. Thani had extensive knowledge of developing resource businesses in the Middle East and Africa, and AngloGold had the exploration and mining knowhow.

Project acquisitions and exploration programmes would be equally funded by AngloGold Ashanti and Thani, up to and including the completion of the project prefeasibility studies, the release explained. Under the terms of the agreement AngloGold would develop, manage and operate any subsequent mining operations.

The alliance has already identified opportunities in the region, and an evaluation process of these opportunities is currently in progress. A technical and business development group is being assembled and will operate from Dubai, in the U.A.E.

AngloGold Ashanti CEO Mark Cutifani commented: “We are very pleased to enter into this alliance with a well respected and prominent UAE based company with extensive business knowledge and relationships in the region. We believe that the complementary skills and regional expertise that this alliance brings will provide the mechanism for achieving its strategic objectives in the region.”

Thani Dubai Mining chairman Abdulla Al Thani said: “Both parties have much to contribute to this alliance which is well placed to become one of the leading mineral resource developers in the region.”