Bloomberg News

Denham, Pangea Exploration Start $200 Million Mining Venture

November 09, 2011

Nov. 9 (Bloomberg) -- Denham Capital Management LP, a $4 billion U.S.-based private equity firm, committed $200 million to start an African-focused mining venture with Pangea Exploration.

The group will study investments across Africa in minerals including gold, platinum group metals, iron ore, coal and copper, Denham said today in an e-mailed statement. The group, to be led by Pangea’s Rob Still, is currently reviewing multiple projects, it said.

“Local developments that we see as attractive opportunities for capital intervention include the emergence of Mozambique as a major global coal supplier, the diversification of Botswana’s mining industry, the development of iron ore opportunities in West Africa and gold mining consolidation opportunities in the same area,” Denham’s Bert Koth said in the statement.

--Editor: John Viljoen

To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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