AngloGold Ashanti said on Wednesday it will sell its remaining South African assets for about $300 million to Harmony Gold.
The gold miner said in May it will review divestment options for its South African assets, which include the world’s deepest mine, as it looks to streamline its portfolio and focus on assets that deliver higher returns.
AngloGold said the deal includes a cash and deferred payment totalling about $300 million, subject to subsequent performance, with additional proceeds due if the West Wits assets are developed below current infrastructure.
AngloGold said it identified Harmony as the most suitable party to acquire these assets during the nine-month sales process due to its financial capacity and capability of operating ultra-deep, hard-rock mining assets in South Africa.
The South African assets include the Mponeng mine, the world’s deepest gold mine, a surface rock dump processing business and a mine waste retreatment operation.
AngloGold, which also has operations in Australia, the United States, Ghana and Tanzania, previously sold its stake in the Sadiola project in Mali for $105 million as part of its strategy to streamline its portfolio.