AngloGold Picks Harmony to Buy South African Assets

AngloGold Ashanti Ltd. has picked Harmony Gold Mining Co. as the buyer for its last remaining South African operations.

The company looks to sell the assets as Chief Executive Officer, Kelvin Dushnisky focuses on more profitable mines in Ghana, Australia and the Americas.

Harmony, backed by billionaire, Patrice Motsepe’s African Rainbow Minerals Ltd. is hunting for deals to replenish declining reserves in South Africa. Harmony paid $300 million for AngloGold’s Moab Khotsong mine in 2017.

Mponeng, the world’s deepest mine, produced 265,000 ounces of gold in 2018, while output from the surface operations, which extract the precious metal from ore dumps, totalled 171,000 ounces. Those South African assets accounted for about 13% of AngloGold’s production that year.

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