AngloGold Exits South Africa, Sells Off Mines
Feb 12, 2020 ·
1m 4s
AngloGold Ashanti is selling its Mponeng mine and Mine Waste Solutions tailings recycling business to Harmony Gold for $300m (about R4.4bn), marking the end of its exposure to SA mining....
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AngloGold Ashanti is selling its Mponeng mine and Mine Waste Solutions tailings recycling business to Harmony Gold for $300m (about R4.4bn), marking the end of its exposure to SA mining.
Harmony will pay $200m in cash and $260/oz of gold from Mponeng and other underground assets included in the transaction based on production above 250,000oz/year. These payments would be made for six years from the start of 2021.
Harmony will pay a further $20/oz on gold output coming from any extensions of mining below existing infrastructure at the three mines included in the transaction, including Mponeng, Savuka, and TauTona.
The Mponeng mine has 8.5-million ounces of gold reserves in a planned extension to the mine that would take its life to 20 years.
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Harmony will pay $200m in cash and $260/oz of gold from Mponeng and other underground assets included in the transaction based on production above 250,000oz/year. These payments would be made for six years from the start of 2021.
Harmony will pay a further $20/oz on gold output coming from any extensions of mining below existing infrastructure at the three mines included in the transaction, including Mponeng, Savuka, and TauTona.
The Mponeng mine has 8.5-million ounces of gold reserves in a planned extension to the mine that would take its life to 20 years.
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