Harmony says conditions for AngloGold Ashanti deal have been met
Harmony Gold says all conditions for its purchase of AngloGold Ashanti’s South African assets have been met, and it expects to take control of them from the beginning of October.
Harmony said in February that it would buy assets, including the Mponeng mine and Mine Waste Solutions tailings recycling business, for $300m, (about R4.4bn at the time).
Aside from improving Harmony’s portfolio mix between surface and underground operations, the transaction has the potential to improve the group’s overall recovered grade and increase cash flow margins, the group said on Monday.
“This is a proud moment for Harmony, further demonstrating our well-established belief in and commitment to the sustainability of gold, our confidence in SA and our determination to grow value for all of our stakeholders,” said CEO Peter Steenkamp.
In morning trade on Monday Harmony’s share was down 2.81% to R100.63, having almost doubled so far in 2020.
AngloGold Ashanti’s share was down 1.2% to R482.95, having risen by about 52% in the year to date.
Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.