SOUTH Africa’s Harmony Gold Co Ltd said on Monday it would not oppose the agreed merger of Australian gold miners Delta Gold Ltd and Goldfields Ltd. Harmony, South Africa’s third-largest gold producer, currently holds a 23% stake in Goldfields. Harmony marketing director Ferdi Dippenaar said the South African firm had not been consulted on the merger plans, but he said the deal offered some attractive synergies. ”The only way to oppose would be to put in a competitive bid, but that is not going be our approach,” he said. Delta and Goldfields said earlier they would merge to create a A$825-million (US$421-million) company yielding one million ounces of gold annually. The merger requires only the approval of Delta shareholders. Dippenaar said Harmony would hold about nine percent of the merged entity. – Reuters
Monday September 17, 2001