March 04, 2021

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AngloGold sells assets for $300m

AngloGold Ashanti has entered into a sale and purchase agreement (the “SPA”), to dispose of various assets situated in the Vaal River region of South Africa to Harmony Gold Mining Company Limited (“Harmony”) for a cash consideration of US$300 million (the “Transaction”).

The assets and related interests to be sold include the following:

• The Moab Khotsong mine (which incorporates the Great Noligwa mine) and related infrastructure (the “Moab Mining Sale Assets”);

• AngloGold Ashanti’s entire interest in Nuclear Fuels Corporation of South Africa Proprietary Limited (“Nufcor”); and

• AngloGold Ashanti’s entire interest in Margaret Water Company NPC (“MWC”) (collectively, the “Sale Interests”)

“This transaction is in line with our capital allocation strategy and our aim to effect the improvement of our global portfolio, through projects that extend mine lives, enhance margins and provide quicker cash turns on investment,” AngloGold Ashanti Chief Executive Officer Srinivasan Venkatakrishnan said.

“We are pleased to have agreed the sale of the Moab assets on fair terms to a well-established mining company with plans to secure its long-term future.”

Production from AngloGold Ashanti’s remaining South African operations, comprising the long-life Mponeng mine and Mine Waste Solutions (“MWS”) surface operation, will constitute less than 15% of the Company’s estimated annual production.

Source: classfmonline.com

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