Anglo/Harmony deal still on: Steenkamp

By Staff reporter / May 27, 2020 / www.mining-journal.com / Article Link

Editor's Note: Mining Journal is making some of its most important coverage of the COVID-19 pandemic freely available to readers. For more coverage, please see our COVID-19 hub. To subscribe to Mining Journal, click here

Steenkamp told a virtual panel of industry leaders yesterday the fact 196 people had tested positive for COVID-19 at AngloGold's Mponeng gold mine would not affect the deal. 

"I'm not really qualified to talk about the issues there because it's not in our hands yet," he said.

"It won't affect the deal."

Harmony had recently reported two cases of COVID-19 at its Kalgold operations.

In terms of the acquisition, Steenkamp said the deal was not yet complete and there were a few issues still outstanding.

"We don't expect it to be completed before the end of June or July," he said.

The deal, announced in February and comprising $200 million in cash and potentially $100 million compensation based on underground ounces produced, was expected to close around June 30.

Harmony announced plans earlier this month to issue shares to raise up to US$200 million to help fund the acquisition of the assets, Mponeng and Mine Waste Solutions.

Steenkamp told the panel Harmony had made a significant investment in the country in recent years.

"We're quite keen on opportunities in South Africa," he said.

Harmony closed down 5.6% yesterday to 5,800c to capitalise it at ZAR31 billion (US$1.8 billion).

AngloGold Ashanti (JSE: ANG) closed down 3.2% to 42,360c, capitalising it at ZAR176.5 billion (US$10 billion).

Recent News

Largest gold producers see strong Q3/25 earnings

November 17, 2025 / www.canadianminingreport.com

Gold stocks jump on gain in metal price

November 17, 2025 / www.canadianminingreport.com

AOCE and WB boost gold targets for 2025 significantly

November 10, 2025 / www.canadianminingreport.com

Gold and silver price ETFs see major net outflows

November 04, 2025 / canadianminingreport.com

Gold stocks decline by less than metal price

November 04, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok