Harmony Gold Mining Company has announced that all conditions precedent relating to its acquisition of the Mponeng mine (Mponeng) and Mine Waste Solutions (MWS) from AngloGold Ashanti have been met and accordingly the two parties have now concluded the transaction.
Consequently, the transaction is scheduled to close in accordance with the transaction agreement on 30 September 2020, upon which Harmony will assume full ownership and operation of Mponeng, MWS and all other assets and liabilities that form part of the transaction. Harmony will take effective control of the assets as from the 1st of October 2020.
Aside from improving Harmony’s portfolio mix between surface and underground operations, the transaction has the potential to improve the group’s overall recovered grade and increase cash flow margins.
Harmony will only be in a position to estimate the full benefit of the integration once its planning parameters have been applied and the Company has taken ownership of the assets.
Harmony CEO Peter Steenkamp said: “This is a proud moment for Harmony, further demonstrating our well-established belief in and commitment to the sustainability of gold, our confidence in South Africa and our determination to grow value for all of our stakeholders.”