News ID: 265531
Published: 0824 GMT February 12, 2020

AngloGold seals South Africa exit with $300m asset sale

AngloGold seals South Africa exit with $300m asset sale
A miner climbs down a ladder at the Mponeng mine. (GRAEME WILLIAMS/GALLO IMAGES)

AngloGold Ashanti Ltd. sold its remaining South African assets to Harmony Gold Mining Co. for about $300 million.

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

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 Ltd., has been hunting for deals to boost declining reserves and grades at its South African mines.

 


 

   
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