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AngloGold Ashanti agrees South African asset sale to Harmony Gold for $300 million

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Christian Fernsby ▼ | February 12, 2020
AngloGold Ashanti announced that it has reached an agreement to sell its remaining South African producing assets and related liabilities to Harmony Gold Mining Company Limited.
AngloGold Ashanti
Acquisition   AngloGold Ashanti
Consideration for the transaction is in cash and deferred payments with expected proceeds of around $300 million, subject to subsequent performance, and with additional proceeds if the West Wits assets are developed below current infrastructure.

Topics: AngloGold Ashanti South Africa sale Harmony Gold

AngloGold Ashanti announced in May 2019 that it was undertaking a process to review sale options for the portfolio of assets, principally comprising the Mponeng underground mine, where further capital, necessary to extend the mine life was in competition with other, higher return AngloGold Ashanti priorities; Mine Waste Solutions, the mine waste retreatment operation; and a surface rock dump processing business.

The sale is part of the process of streamlining AngloGold Ashanti’s portfolio, in line with its clear capital allocation framework, to create a more focused business with enhanced operating and financial metrics.

A rigorous nine month sales process identified Harmony as the most suitable party to acquire these assets, given its financial capacity and proven technical capability in operating ultra deep, hard rock mining assets in South Africa.