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Monday, June 8, 2020 - 11:07:48 PM
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Mining News Pro - Gold mining company Harmony Gold on Monday reminded shareholders that it would be conducting a virtual extraordinary annual general (EGM) meeting on Thursday, June 11.
The purpose of the EGM is to gain shareholder approval for the raising $200-million in equity capital to fund the first tranche payment of its acquisition of the remaining South African assets of AngloGold Ashanti, which includes Mponeng, the world’s deepest mine.
Collectively, the assets add more than 350 000 oz/y to Harmony`s portfolio.
The result of the EGM will be released on Friday, June 12.
The Johannesburg- and New York-listed company stated that the EGM would be conducted entirely through electronic communication in view of the Covid-19 pandemic and related restrictions issued under the Disaster Management Act.
To vote, shareholders and proxies complete the electronic participation application forms and once registration is completed, email invitations are sent.
Shareholders elected to vote have an additional unique link sent to them.
EGM proceedings will be broadcast on a Zoom video call and shareholders registered to vote at the meeting will vote through a separate voting platform.
Although Harmony had intended to pay for the AngloGold Ashanti assets using cash or debt or a combination of both, uncertainty arising from the Covid-19 pandemic had resulted in the board deciding to shore up the balance sheet to cash preservation.
“It was for that reason that we have opted instead to do a capital raise through a share issue to fund the first tranche of payment of the $200-million,” Harmony Gold CEO Peter Steenkamp stated.
“We believe it is a most appropriate alternative to the cash or debt or cash/debt mix we envisaged earlier given the uncertainties posed by Covid-19. Our ability to preserve cash and maintain the strong flexible balance sheet, with low levels of debt, will allow the company to emerge from these uncertainties in a much stronger position.
“Furthermore, a share issue presents an incredibly attractive opportunity for investors to invest in a robust cash-generative gold mining company while rand gold prices are trading at near all-time highs,” Steenkamp said.
Harmony has 13 gold operations in South Africa and three in Papua New Guinea.
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