AngloGold Ashanti sells South African mines for over GHC1.5 billion

AngloGold Ashanti sells South African mines for over GHC1.5 billion

- AngloGold Ashanti has ceased operations in South Africa after selling its mine to Harmony Gold Mining Company Limited

- The deal, valued at $297 million comes with the asumption of AngloGold's assets and liabilities in the country

- Information available shows that Harmony would begin payments for the sale from 2021.

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Ghana’s gold producer, AngloGold Ashanti, has left South Africa after selling its mines there for $297 million.

The mining firm reached an agreement with Harmony Gold Mining Company Limited to offset its remaining assets and liabilities in the country.

Per a report by Business Insider, Harmony is expected to pay $200m in cash and $260/oz of gold from Mponeng and other underground assets included in the transaction based on production above 250,000oz/year.

AngloGold Ashanti sells South African mines for over GHc1.5 billion

Source: Business Insider
Source: UGC

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YEN.com.gh understands that payment would be made for six years beginning from 2021.

AngloGold Ashanti explained to investors that it approved the sale because it intends to streamline its portfolio in line with a frame work focused on capital allocation.

This would help it create a more focused business with enhanced operating and financial standards.

In other news, Rwanda, a central African country, is on record as the first to produce cell phones in the continent in October 2019.

Information available shows that the gadgets produced come with higher-end options such as fingerprint sensors that assist with unlocking the phone.

Such a feature is one that several phones used in the continent lack and this comes not only as a push for technology but for high quality as well.

Rwanda, per a report by fortune.com, has challenged the status quo by overcoming the challenges associated with the 1994 genocide.

Rebranding itself as a technology hub, its capital, Kigali, has become the home of a number of incubators.

Rwanda’s minister of technology, Paula Ingabire, has explained that “It boils right down to our turbulent past being left without anything, and the use of ashes as a development instrument for cohesion.”

Africa’s technological space is enjoying a growing support from foreign countries in recent times. American financial services cooperation, Visa, invested $200 million in Interswitch, a Nigerian bills company.

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