Harmony Gold’s long-running talks to buy AngloGold Ashanti’s South African assets have stalled because of uncertainty about the country’s new mining regulations, according to people familiar with the matter. The discussions, which started two years ago, recently hit a snag as the government and mining industry wage a court fight over the Mining Charter, according to two people, who asked not to be identified because the proposed deal was not public. The charter calls for more black ownership of assets and says prospecting rights must be 51%-owned by black economic empowerment partners, which will impose extra costs on mining companies. The assets could potentially be valued at $500m to $650m, said another person. An alternative option being considered is a partial sale, with Harmony buying AngloGold’s Vaal River operations for about $150m, the person said. When asked about the proposed deal, a Harmony spokeswoman called it "pure speculation" and declined to comment further. An Anglo...
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