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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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, 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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Source: Yen

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