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The acquisition also enhances Harmony's South African reserves by 8.27-million ounces (excluding Mponeng below infrastructure reserves) and improves its portfolio mix between surface and underground operations.
According to Harmony, the deal is a natural next step following the acquisition of Moab Khotsong in 2018, and is a natural strategic fit with its existing asset base.
"Over the past two years, Harmony has added over 500,000 quality gold ounces per annum through the acquisition of Moab Khotsong and now Mponeng and Mine Waste Solutions. The acquisition has the potential to improve our overall recovered grade and increasing our cash flow margins,” said Harmony CEO, Peter Steenkamp.
“Harmony has demonstrated its ability to increase the life of mines it operates in South Africa – sustaining the mine communities surrounding the mining operations, preserving jobs and further unlocking value for its shareholders through increased grades and stronger margins,” he added.
The acquisition, which is subject to certain conditions, includes:
The purchase price comprises three elements including a $200m cash payment, which will be settled utilising available banking facilities and available cash resources, and two deferred considerations.
The deferred components of the agreement are:
The acquisition is subject to South African Competition Authority approval and Section 11 approval from the minister of mineral resources.