AngloGold Ashanti has picked Harmony Gold Mining as the buyer for its last remaining South African operations, according to people familiar with the matter.
The two companies are still finalising the exact terms of the deal for the Mponeng mine and surface facilities, said the people, who asked not to be identified because the information is private.
AngloGold is selling the assets as CEO Kelvin Dushnisky focuses on more profitable mines in Ghana, Australia and the Americas. Harmony – backed by billionaire Patrice Motsepe’s African Rainbow Minerals – is hunting for deals to replenish declining reserves in South Africa. Harmony paid $300-million for AngloGold’s Moab Khotsong mine in 2017.