UAE-based Thani Dubai Mining, a gold exploration company, has formed a joint venture with South Africa's AngloGold Ashanti, a leading global gold producer, to explore, develop and operate mines across the Mena region.

A company statement said 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,' Camball was quoted as saying in our sister publication, the Gulf Daily News.

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 was made by both companies for the business development aspect of the project,” Camball added.

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.

Thani Dubai Mining is a wholly owned subsidiary of a privately held    
company, Thani Investments, based in Dubai. – TradeArabia News Service