Precious metals producer AngloGold Ashanti announced it intends to explore the seabed for gold, Minerprocessing reported.

AngloGold said it has formed a marine exploration company along with diamond giant De Beers.

The two's joint venture will see them spend some $40 million over the next three-to-five years, looking for undersea gold deposits.

The new company is already operational, an exploration mission off the coast of New Zealand, being it inaugural operation.