JSE-listed gold miner, AngloGold Ashanti, late on Tuesday said it had completed the sale of its Namibian unit, AngloGold Ashanti Namibia, which owns Navachab Gold Mine.

The unit was sold to QKR, a private mining company which is focused on acquiring growth assets in the regions of EMEA and the Americas, for $110 million in cash.

The deal was concluded last month and all conditions have been met, AngloGold Ashanti said.

“We’ve…closed this sale, as we focus on optimising our global portfolio to deliver improved cash flow and returns,” AngloGold Ashanti Executive Vice President, Charles Carter, said.

“We thank the Government of Namibia and the Navachab team for the smooth handover to QKR, who we wish well as they take the mine forward,” Carter continued.

Navachab mine has been owned and run by AngloGold Ashanti since 1998. By December 31 last year, Navachab had gold mineral reserves of 3.91 million ounces and gold ore reserves of 1.92 million ounces.

During that year, Navachab produced 63,000 ounces of gold at a cash cost of $691 an ounce and an all-in-sustaining cost of $781 an ounce.