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AngloGold Quits South Africa In R4.4 Billion Deal

AngloGold Ashanti sold its remaining South African assets to Harmony Gold Mining for about $300 million (R4.4 billion).

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.

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 sharpening 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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Written by How South Africa

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