A last wave of the hankie as AngloGold says ta-ta to SA

Business

A last wave of the hankie as AngloGold says ta-ta to SA

Purchase of its assets will make Harmony SA’s largest gold producer at more than 1.8 million ounces a year

Allan Seccombe

In what is the end of an era, AngloGold Ashanti (https://www.sharenet.co.za/v3/quickshare.php?scode=ANG), the world’s third-largest gold miner, has sealed a deal to sell its last remaining SA asset as it exits the country after 22 years on the JSE. 

AngloGold was created from gold mines bought and built by Anglo American, the mining giant founded by the Oppenheimer family more than a century ago. It was the dominant gold miner for decades, but gradually became a shadow of itself as it closed and sold old mines in SA, preferring offshore investments.

It is selling its Mponeng mine and Mine Waste Solutions tailings recycling business with other old assets to Harmony Gold (https://www.sharenet.co.za/v3/quickshare.php?scode=HAR) for $300m (about R4.4bn), less than half of what the assets are worth on AngloGold’s books. These are its last mining assets in SA. Since 2014, AngloGold has shut mines and sold others as it reduced its exposure to SA...

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