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

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.

ZAR/USD
17.12
(-1.39)
ZAR/GBP
21.80
(-0.98)
ZAR/EUR
19.91
(-0.88)
ZAR/AUD
12.03
(-0.84)
ZAR/JPY
0.16
(-1.12)
Gold
1864.66
(-0.12)
Silver
23.03
(-0.64)
Platinum
850.00
(+0.47)
Brent Crude
42.26
(+0.47)
Palladium
2211.68
(+0.08)
All Share
53587.11
(-1.22)
Top 40
49547.74
(-1.16)
Financial 15
9401.28
(-1.95)
Industrial 25
72949.70
(-1.72)
Resource 10
53453.42
(-0.10)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1365 votes
It depends on how the funds are used.
73% - 8840 votes
No. We should have gotten the loan elsewhere.
16% - 1954 votes
Vote