AngloGold to Form Mining Venture with De Beers
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06.10.09, 11:04
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Mining
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MarketWatch reports that precious metal AngloGold Ashanti Ltd intends to beat its rivals to the punch and form a joint mining venture with diamond giant De Beers SA.
The De Beers SA and AngloGold venture will search for deposits of metals and minerals between the high water mark and the edge of the continental shelf worldwide. However, it will not search for diamonds, unless they are found with other minerals.
"By combining one of the world's most successful gold exploration teams with the foremost authority in ocean mining and exploration, we're creating a powerful base to tackle this new frontier," AngloGold Ashanti CEO Mark Cutifani stated.
AngloGold and De Beers SA will establish Techco, which will provide technical services as well as serve as a marine exploration and mining company.
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By: Shir Deutch
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