Harmony sells Mount Magnet project

Harmony Gold Mining, the world’s fifth-largest listed gold miner, said on Thursday it would sell its Mount Magnet project in Australia for Aus$40-million to focus on other ventures.

The company plans to sell the project in Western Australia, which was placed on care and maintenance in 2008, to Australian gold miner Ramelius Resources Limited.

“The sale of Mount Magnet is a continuation of our asset optimisation strategy,” said Harmony chief executive Graham Briggs.

“We consider this operation as non-core to this strategy and this divestment allows us to focus on growing, developing and operating our portfolio of quality assets in Papua New Guinea.”—Reuters