AngloGold Ashanti (JSE:ANG, GSE:AGA) announced on Wednesday that it has reached an agreement to sell its remaining South African producing assets and related liabilities to Harmony Gold Mining Company Limited (JSE:HAR).
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.
AngloGold said it identified Harmony as the most suitable party to acquire these assets during the nine-month sales process due to its financial capacity and capability of operating ultra-deep, hard-rock mining assets in South Africa.
