Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
JOHANNESBURG, June 5 (Reuters) – South Africa’s Harmony Gold said on Tuesday that it would sell new shares to raise up to 1.26 billion rand ($98.75 million) through an accelerated book-building.
The proceeds will be used to used to pay down part of Harmony Gold’s outstanding $150 million bridge loan raised for the acquisition of the Moab Khotsong mine.
The size of the new share placement represents around 15 percent of the firm’s ordinary share capital as of the market close on June 5, Harmony Gold added in a statement.
($1 = 12.7600 rand)
(Reporting by Alexander Winning; Editing by Tiisetso Motsoeneng)
