Harmony Gold raised R1bn via a share placement, completing the final tranche of financing needed for the $300m cash purchase of the Moab Khotsong and associated assets from AngloGold Ashanti. Harmony’s share price fell in line with the discount at which it placed the shares with institutional investors and African Rainbow Minerals, its key empowerment partner. By the close of trade on Wednesday, Harmony’s share price had retreated 8.6% to R19.80 each, giving the company a capitalisation of R8.8bn. The 55-million new shares were issued at R19.12 each, a 10% discount to a three-day volume weighted average price. The Moab transaction included the Great Noligwa mine, which has been incorporated into the Moab Khotsong mining complex, as well as tailings dumps containing nearly 900,000oz of gold and 22-million pounds of uranium that Harmony could retreat. As part of the purchase, Harmony acquired the Nufcor uranium processing plant near Randfontein on the West Rand. Harmony CEO Peter Stee...

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