Business | General
UAE mining firm forms South African alliance
The UAE's Thani Dubai Mining has formed a joint venture with South Africa's AngloGold Ashanti to explore, develop and operate mines across the Middle East and North Africa, a company statement said on Wednesday.
- Reuters
- Published: 23:16 June 10, 2009
Dubai: The UAE's Thani Dubai Mining has formed a joint venture with South Africa's AngloGold Ashanti to explore, develop and operate mines across the Middle East and North Africa, a company statement said on Wednesday.
Each of the companies will have a 50 per cent share in the joint venture which will involve mining for gold and other precious metals, Rishard Camball, chief executive officer of Thani Holding which owns Thani Dubai Mining, said.
"The reason we formed this alliance is not for financial reason, it's because we needed a partner who has the know-how and technology of mining, while we specialise in acquiring assets," said Camball.
The final name for the new joint venture company has yet to be finalised, he said.
"But as an initial investment a total of $15 million [Dh55.05 million] was made by both companies for the business development aspect of the project."
He declined to reveal the total capital of the joint venture. Project acquisitions and exploration programmes will be equally funded by AngloGold Ashanti and Thani, up to and including the completion of the project pre-feasibility study.
Under the terms of the agreement AngloGold would develop, manage and operate any subsequent mining operations.
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