Qatar-Backed Mining Fund Said to Scrap Expansion Plans on Rout - Bloomberg Business:
"QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly and backed by Qatar’s sovereign wealth fund, has scrapped plans to expand amid a plunge in commodities, according to four people familiar with the situation.
QKR won’t make any new investments, the people said, who asked not to be named because the matter is confidential. The fund, which made its only acquisition in July last year, struggled to gain support from its Qatari backer for further deals following management changes at the country’s $100 billion sovereign wealth fund earlier this year, they said.
Set up in 2012 to tap distressed sellers of mining assets amid waning prices, QKR’s ambitions have been stymied by a decline in commodity prices to the lowest in 13 years. The company paid $110 million to buy the Navachab gold mine in Namibia last year from AngloGold Ashanti Ltd."
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