Mining Magazine > Panorama > Thani Dubai and AngloGold form alliance

Panorama

Thani Dubai Mining and AngloGold Ashanti have announced their intent to form a strategic alliance for the exploration, development and operation of gold, precious and base metal mines across the Middle East and parts of North Africa.
 
Each company will have a 50% interest in the alliance which brings together their combination of regional business knowledge and global exploration and mining expertise.

Thani has extensive experience of developing resource businesses in the Middle East and Africa, as well as long standing relationships with various national governments. In addition, AngloGold has a strong team of professionals with global experience in identifying greenfield opportunities and developing them to feasibility and production stages.

A technical and business development group is currently being established in Dubai. The groups first task will be to carry out a progress evaluation on a number of opportunities identified in the region.

Abdulla Al Thani, chairman of Thani Dubai Mining commented on the collaboration: “We are very pleased to enter into this alliance with such a well respected mining partner. 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.”

The alliance will be led by a board, which will comprise of equal numbers from both companies. Project acquisitions and exploration programmes will be equally funded from both parties, up to and including the completion of the project prefeasibility study. Under the terms of the agreement AngloGold would develop, manage and operate any subsequent mining operations.

CEO of AngloGold Ashanti, Mark Cutifani said: “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 the alliance’s strategic objectives in the region.”