[miningmx.com] – QATAR’S wealth fund is conducting a review of its investment strategy which could result in it pulling back from the mining sector – a turn of events that would be potentially negative for QKR Corp., said Reuters.
QKR, operated by Lloyd Pengilly, a former JP Morgan banker, bought Namibia’s Navachab gold mine from AngloGold Ashanti last year. The Qataris and the Polish firm Kulczyk Investments, provided almost half of QKR’s funds.
“Various changes happened at the fund in that part of the world and have created a situation where it seems there is no further support for mining,” a banking source told Reuters.
Qatar Holding is also the largest shareholder in giant mining and commodity trading house Glencore, but two sources told Reuters that it was unlikely Qatar would review that stake.
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