Anglogold Ashanti sells mines, raises $307 million

Anglogold Ashanti has announced that it will sell its newest gold mine, the Moab Khotsong mine, to Harmony Gold for $300 million, along with another mine, the Kopanang mine, to China’s Heaven-Sent SA Sunshine Investment Company, for $7.4 million.

Harmony has agreed to buy the Moab Khotsong mine - which began operations in 2006 - for cash. The sale will include related infrastructure, an underground mine called Great Noligwa, and stakes in a water and a nuclear fuels company.

According to Reuters, Srinivasan Venkatakrishnan (pictured), AngloGold Ashanti CEO, has said the sale is in line with both the company's capital allocation strategy and its goal of improving its portfolio.

Harmony has said that the acquisition will add 250,000 ounces of gold to its annual production, also increasing its underground resource base by 38 percent.