UPDATE 1-Harmony says Mt Magnet deal with Monarch ended
JOHANNESBURG, Aug 1 (Reuters) - South African miner Harmony Gold said on Friday an agreement to sell its Mount Magnet operations to Australian junior miner Monarch Gold had been terminated. Harmony said in a statement Monarch had been placed in voluntary administration and would not press ahead with the A$65 million ($61.90 million) purchase. Harmony received a deposit of A$5 million from Monarch, of which A$2.5 million is refundable, it said. The Mount Magnet operations include Hill 50, Great Fingall, St George, Star and Big Bell mines, which comprises a resource inventory of 2.7 million ounces of gold, tenements covering about 62,000 hectares and 166 exploration licence blocks, along with a 2.7 million tonnes a year capacity plant. Harmony, which is selling some assets after reviewing its operations, had previously said the sale of Mount Magnet would be the last of those operations to be sold. It would then focus on developing and operating larger, longer-life mines. Shares in Harmony fell 2.79 percent to 78.01 rand, against a 3.11 percent fall in the sector index <.JGLDX>.
GAME OVER SH.T SH.T SH.T
MON Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
