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    BREAKING NEWS
    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
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    AngloGold Ashanti to Sell South African Assets

    Posted On 24 Feb 2020
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Obuasi Gold Mine
    Photo Credit: Africa on the Rise

    NEW AFRICA BUSINESS NEWS (NABN), Accra, Ghana- AngloGold Ashanti said on it will sell its remaining South African assets for about $300 million to Harmony Gold.

    The gold miner said in May it will review divestment options for its South African assets, which include the world’s deepest mine, as it looks to streamline its portfolio and focus on assets that deliver higher returns.

    AngloGold said the deal includes a cash and deferred payment totaling about $300 million, subject to subsequent performance, with additional proceeds due 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.

    The South African assets include the Mponeng mine, the world’s deepest gold mine, a surface rock dump processing business and a mine waste retreatment operation.

    AngloGold, which also has operations in Australia, the United States, Ghana and Tanzania, previously sold its stake in the Sadiola project in Mali for $105 million as part of its strategy to streamline its portfolio.

     

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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution

    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia

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    • Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063
    • African Nations Exhorted to take on Modern Sustainable City Planning to enable Stave Off Prospective Emergencies
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