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Thani Investment Dubai
The UAE�s Thani Dubai Mining has formed a joint venture with South Africa�s Anglo Gold Ashanti to explore, develop and operate mines across the Middle East and North Africa, a company statement said yesterday.
Each of the companies will have a 50 percent share in the joint venture which will involve mining for gold and other precious metals, Richard 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 specialize in acquiring assets,� said Camball. The final name for the new joint venture company has yet to be finalized, he said.
�But as an initial investment a total of $15m 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 Anglo Gold would develop, manage and operate any subsequent mining operations.
The primary focus for the new company will be mining for gold in countries including Saudi Arabia, Yemen, Eriteria, Egypt, Ethiopia and Sudan, said Camball. �Gold will be our focus for now since the Nubian shield has a lot of potential for gold mining,� he said. �But in the future we will be looking for other precious metals like silver and copper.�
Thani Dubai Mining is a wholly owned subsidiary of a privately held company, Thani Investments, based in Dubai.
Thani Dubai Mining is currently involved in gold mining projects in Yemen and Egypt.
South Africa�s AngloGold Ashanti is a listed gold mining company on the Johannesburg stock exchange. In 2008 the company produced 4.98 million ounces of gold from its 21 operations worldwide, an estimated 7 percent of global production.
The company is currently working on exploration projects in Colombia, the Democratic Republic of Congo (DRC), Australia, Russia, China and the Philippines.
Each of the companies will have a 50 percent share in the joint venture which will involve mining for gold and other precious metals, Richard 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 specialize in acquiring assets,� said Camball. The final name for the new joint venture company has yet to be finalized, he said.
�But as an initial investment a total of $15m 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 Anglo Gold would develop, manage and operate any subsequent mining operations.
The primary focus for the new company will be mining for gold in countries including Saudi Arabia, Yemen, Eriteria, Egypt, Ethiopia and Sudan, said Camball. �Gold will be our focus for now since the Nubian shield has a lot of potential for gold mining,� he said. �But in the future we will be looking for other precious metals like silver and copper.�
Thani Dubai Mining is a wholly owned subsidiary of a privately held company, Thani Investments, based in Dubai.
Thani Dubai Mining is currently involved in gold mining projects in Yemen and Egypt.
South Africa�s AngloGold Ashanti is a listed gold mining company on the Johannesburg stock exchange. In 2008 the company produced 4.98 million ounces of gold from its 21 operations worldwide, an estimated 7 percent of global production.
The company is currently working on exploration projects in Colombia, the Democratic Republic of Congo (DRC), Australia, Russia, China and the Philippines.