AngloGold Ashanti sells South African assets to Harmony Gold

AngloGold Ashanti is selling its assets in South Africa to Harmony Gold in a deal worth about US$300 million. Harmony Gold has nine underground operations in the country’s Witswatersrand Basin and an open-pit mine on the Kraaipan Greenstone Belt. AngloGold said it decided to sell its remaining producing assets and related liabilities to Harmony Gold after a nine-month sales process. The portfolio of assets includes AngloGold’s Mponeng underground mine; the Tau Tona and Savuka mines, tailings storage reclamation sites; its mine waste treatment operation (Mine Waste Solutions); and a surface rock dump processing business. The company will retain its interest in Rand Refinery Ltd. and its obligations related to medical costs for retired and remaining employees under the Silicosis Class Action Settlement The proceeds will be paid in cash and deferred payments, with additional proceeds if AngloGold’s West Wits assets are developed below its current infrastructure. Continue reading at The Northern Miner.