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Report: AngloGold wants US$500M from Mponeng mine sale

AngloGold Ashanti Ltd. is seeking about US$500 million from the sale of its Mponeng gold mine and other assets that would complete its planned exit from South Africa, Bloomberg News reported Sept. 5, citing people familiar with the matter.

Harmony Gold Mining Co. Ltd. and Sibanye Gold Ltd., which both confirmed their interest in Mponeng, have submitted formal proposals, the report said.

However, the winning bidder faces risks as Mponeng, the world's deepest mine, requires a US$1 billion investment to extend its life beyond eight years, the report said, citing JPMorgan Chase & Co. Additional costs will also include compliance with the country's local ownership rules.

AngloGold is looking to move its listing to London or Toronto after off-loading its loss-making South African mines.

Chinese buyers, including Heaven-Sent Capital Management Group, are also interested in buying AngloGold's smaller assets in South Africa, the report said.