Wanted: Buyer for the world’s deepest mine. The purchaser, with some additional investment, could extend the asset beyond its current eight-year timeframe. But extracting gold 4km below the planet’s surface will require a steep geological and engineering learning curve. And on the surface, there’s South Africa’s potentially explosive labour, social and political environment. AngloGold Ashanti, the seller, may just close it down if it can’t find a buyer.
Indeed, there are no obvious local candidates to buy it. Major noted that Harmony Gold is busy with its Wafi-Golpu project in Papua New Guinea. Sibanye-Stillwater is bedding down its palladium asset in the US. Gold Fields got out of conventional, labour-intensive operations such as Mponeng when it spun off Sibanye. Internationally, it is also hard to see any immediate takers .
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