QKR explores exit from Navachab

QKR Namibia Mineral Holdings, the majority shareholder of Navachab Gold Mine, is exploring options for the potential sale of its holdings in the mine, situated near Karibib. The Navachab Gold Mine is jointly owned by QKR (92,5%), and the state-owned Epangelo Mining (7,5%).

QKR Mineral Holdings spokesperson Usi Hoëbeb confirmed to The Namibian that the company has started a comprehensive review of strategic alternatives.

“The process includes reaching out to potential investors through an organised sale process advised and managed by QKR Mineral Holdings-appointed financial adviser UBS, who are one of the leading investment banks involved in mining transactions in Africa,” said Hoëbeb.

Hoëbeb said at the current stage the process does not represent a commitment to sell, but is part of exploring this option. He added that due processes will be followed in line with national and international regulations.

“There will be no interruption to the operations of the mine. Navachab remains fully committed to progress its strategic projects such as the ramping up of ore mining operations, having invested substantially in a new mining fleet,” he said.

Navachab is committed to various strategic projects currently underway such as the expansion of the processing plant and the feasibility study of underground mining through a trial underground mine.

“All these projects will ensure that the life of the mine is increased to 2042,” Hoëbeb said.

QKR, which was set up by former JPMorgan banker Lloyd Pengilly and Polish billionaire Jan Kulczyk, acquired the Navachab mine from AngloAshanti in 2014 for US$110 million.

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