Moab Khotsong, Kopanang sales concluded – AngloGold
AngloGold Ashanti on Friday announced that the sale of the Moab Khotsong mine to Harmony Gold and the sale of the Kopanang mine to Heaven-Sent SA Sunshine Investment, have been completed.
The gross cash proceeds of R3.57-billion will be used to reduce debt, in line with AngloGold’s commitment to continually improve strategic and financial flexibility.
Both sales were announced on October 19 last year, as part of AngloGold’s capital allocation strategy.
At the time, AngloGold noted that while the Moab Khotsong mine includes a brownfield mine-life extension option (Project Zaaiplaats), of more than 15 years, it had range of other attractive brownfield and greenfield development options with high returns and relatively short payback periods.
As such, AngloGold deemed it prudent to sell Moab Khotsong while it still had remaining life from existing ore reserves, along with the optionality provided by Project Zaaiplaats.
Meanwhile, its decision to sell the Kopanang mine was based on the gold miner’s restructuring of its South African operations, while ensuring that the mine could be returned to profitability.
AngloGold had initially planned to cease operations at the mine and transition it to care and maintenance, at which point Heaven-Sent SA Sunshine Investment expressed an interest in buying the mine.
AngloGold’s remaining South African assets include the Mponeng underground gold mine, which is currently ramping up production from its Below 120 Level life-extension project, and two surface operations comprising the Mine Waste Solutions tailings dump-retreatment business and the rock dump reclamation and processing business.
Together, these South African operating units will account for about 13% of AngloGold’s total yearly production.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
