Harmony Gold Mining to Buy South Africa Mine for $300 Million

By Dimitrios Kontos Features Dow Jones Newswires

Harmony Gold Mining Co. Ltd. (HAR.JO) said Thursday that it has formed an agreement with AngloGold Ashanti Limited to buy the Moab Khotsong underground mine in South Africa for $300 million in cash.

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The company said the transaction will strengthen its position as a robust, cash-generating gold miner.

The acquisition will boost Harmony Gold's cash flow by more than 60% and grow its underground resources base in South Africa by 38%, it said.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

October 19, 2017 01:37 ET (05:37 GMT)