Harmony surprises with R3.7bn capital raise for Mponeng buy
Harmony shares dive 11% on news that it cannot fund the $200m cash purchase of AngloGold mines off its balance sheet because of coronavirus curtailing SA gold output
Harmony Gold shares tumbled after it surprised the market with a decision to issue $200m (R3.7bn) worth of shares to fund its purchase of mines and other assets in SA from AngloGold Ashanti.
Harmony said in its update for the past nine months to end-March that its net debt had increased by nearly R700m to R5bn. It had cash of R1.65bn and had drawn down R1.8bn on debt facilities after the March quarter to see it through the coronavirus lockdown phase in SA...