JOHANNESBURG (miningweekly.com) - Harmony Gold on Tuesday said all conditions precedent to its acquisition of Moab Khotsong from AngloGold Ashanti had been met and that the transaction would become effective on March 1.
"The integration of Moab Khotsong will enhance the quality of our portfolio and boost our cash flows," said Harmony CEO Peter Steenkamp.
The Department of Mineral Resources last week granted the transfer of the Moab Khotsong mining right to Harmony, fulfilling one of the most important conditions precedent towards the completion of the transaction, for which $100-million equity is to be raised.
Harmony is aspiring to become a 1.5-million-ounce-a-year producer with the help of Moab, while gold price hedging is continuing as one of the shields against the potential cost blows induced by the strengthening rand.