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AngloGold to sell assets to Harmony, earnings disappoint

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'The minute you see a share come in a little lighter than what the market is pricing in it gets hammered.'

AngloGold said Harmony was identified as the most suitable party to buy these assets during the nine-month sales process, citing its financial capacity and ability to operate ultra-deep, hard-rock mining assets in South Africa.AngloGold's South African assets include the Mponeng mine, which is the world's deepest gold mine, as well as a surface rock dump processing business and a mine waste retreatment operation.

Harmony, which bought South Africa's Moab Khotsong mine in 2018, said its acquisition of AngloGold's assets provided a strategic, financial, operational and geographical fit. The acquisition increases Harmony's South African reserves by 8.27 million ounces, excluding any reserves at Mponeng below the existing mining infrastructure.

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