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AngloGold seals SA exit with R4.4 billion asset sale to Harmony Gold

Feb 12 2020 09:29
Felix Njini

AngloGold Ashanti has sold its remaining South African assets to Harmony Gold for about $300 million (R4.4 billion at current exchange rates).

Harmony will acquire the Mponeng mine and surface assets with a combination of cash and deferred payments, AngloGold said in a statement Wednesday.

The deal marks the exit from South Africa of AngloGold, a company that emerged from a mining empire created by Ernest Oppenheimer a century ago. Since taking the helm in September 2018, Chief Executive Officer Kelvin Dushnisky has moved to sell mines in Mali and Argentina as the producer focuses on more profitable mines in Ghana, Australia and the Americas.

“This sale helps deliver on our commitment to sharpen our management focus and capital allocation on the highest return investment options available to us,” Dushnisky said in a statement.

Harmony, backed by billionaire Patrice Motsepe’s African Rainbow Minerals, has been hunting for deals to boost declining reserves and grades at its South African mines.

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