{"id":7513,"date":"2012-01-30T21:20:38","date_gmt":"2012-01-30T19:20:38","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/update-1-harmony-gold-sells-evander\/"},"modified":"2012-01-30T21:20:38","modified_gmt":"2012-01-30T19:20:38","slug":"update-1-harmony-gold-sells-evander","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-harmony-gold-sells-evander\/","title":{"rendered":"UPDATE 1-Harmony Gold sells Evander"},"content":{"rendered":"

\t\t<\/span><\/p>\n

(Adds details)<\/span><\/p>\n

<\/span><\/p>\n

JOHANNESBURG, JAN 30 – Harmony Gold said on
\nMonday it would sell Evander Gold Mines for 1.7 billion rand
\n($219 million) to junior miners Pan African Resources
\nand Witwatersrand Consolidated Gold Resources Limited.<\/p>\n

<\/span><\/p>\n

Evander, based in South Africa’s eastern Mpumalanga
\nprovince, is seen as having the potential to produce 85,000 to
\n90,000 ounces of gold a year for at least a decade.<\/p>\n

<\/span><\/p>\n

For Pan African the deal should boost gold output to 140,000
\nounces a year from 95,000 ounces. For Wits Gold, it is the first
\nforay into production from exploration.<\/p>\n

<\/span><\/p>\n

The transaction is part of Harmony’s strategy to reduce its
\ndependence on its South African base as it focuses attention on
\ndeveloping mines elsewhere, including Papua New Guinea.<\/p>\n

<\/span><\/p>\n

“We have taken the strategy to diversify,” Harmony Chief
\nExecutive Graham Briggs said.<\/p>\n

<\/span><\/p>\n

But he said the group had no plans to sell off any other
\nsignificant South African assets.<\/p>\n

<\/span><\/p>\n

“Selling more South African assets is not on our radar,
\nunless it’s odds and ends and maybe mineral rights,” he told
\nReuters in a telephone interview.<\/p>\n

<\/span><\/p>\n

Harmony is South Africa’s third-largest gold miner and
\ndepends on the country for 90 percent of its production, a far
\nhigher percentage than bigger rivals AngloGold Ashanti
\nand Gold Fields, which have global footprints.<\/p>\n

<\/span><\/p>\n

Gold miners are keen to move beyond South Africa in the face
\nof rising labour and power costs and the growing depths of its
\nmines – already the world’s deepest and among its most
\ndangerous.<\/p>\n

<\/span><\/p>\n

The Pan African\/Wits Gold consortium will settle the
\ntransaction through a combination of debt, equity and
\noperational cash flows.
\n ($1 = 7.7754 South African rand)\t<\/p>\n

(Reporting by Ed Stoddard; Editing by Ed Cropley)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

(Adds details) JOHANNESBURG, JAN 30 – Harmony Gold said on Monday it would sell Evander Gold Mines for 1.7 billion rand ($219 million) to junior miners Pan African Resources and Witwatersrand Consolidated Gold Resources Limited. Evander, based in South Africa’s eastern Mpumalanga province, is seen as having the potential to produce 85,000 to 90,000 ounces […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7513","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7513"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7513\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}