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Mining Weekly reports that the Competition Tribunal has unconditionally approved Harmony Gold’s acquisition of Mponeng gold mine, other assets and other related liabilities from AngloGold Ashanti (AGA).
AGA last year decided to dispose of its last remaining SA assets, principally comprising the Mponeng underground mine; Mine Waste Solutions (MWS), the mine waste retreatment operation; and a surface rock dump processing business. AGA will retain its interest in Rand Refinery, as well as its obligations relating to the post-retirement medical cost for its applicable retired and remaining employees and its obligations under the Silicosis Class Action Settlement Agreement. The Competition Commission, which assesses large mergers before referring them to the Tribunal for a decision, concluded the relevant market as being the international markets for the production and supply of gold and silver. A lessening of competition in either market due to the acquisition was found to be unlikely. In relation to public interest concerns, the merging parties undertook that there would be no merger-related retrenchments. The Commission recommended that the proposed transaction be approved without conditions.
- Read the full original of the report in the above regard at Mining Weekly
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