BusinessLive reports that AngloGold Ashanti (AGA) expects to agree a sale of its last SA assets in the first half of 2020, marking the end of its exposure to the country.
“The process is going very well; exactly according to plan. There is very strong interest by a qualified list of bidders. The site due diligence visits by bidders is now complete and the next phase is for us to receive definitive bids which we are expecting over the coming weeks,” CEO Kelvin Dushnisky indicated.
Having reduced its SA asset base to a single underground mine at Mponeng, the world’s deepest mine at 4 km below surface, and a tailings retreatment operation, AGA has opted to sell those remaining assets. It has argued that it can receive better returns on capital investments elsewhere in its portfolio.
A multibillion-rand investment is needed at Mponeng to extend its life to more than 20 years beyond its existing eight years. The most likely buyers are Harmony Gold and Sibanye-Stillwater, which have gold mines close to Mponeng.