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AngloGold, Harmony Deal Is Said to Stall on Mining Charter

  • Harmony needs acquisitions to boost declining gold reserves
  • New mining rules call for increased black ownership of assets
Updated on

Harmony Gold Mining Co.’s long-running talks to buy AngloGold Ashanti Ltd.’s South African assets have stalled because of uncertainty over the country’s new mining regulations, according to people familiar with the matter.

The discussions, which started two years ago, recently hit a snag as South Africa’s government and the mining industry wage a court fight over the Mining Charter, according to two people, who asked not to be identified because the proposed deal isn’t public. The charter calls for increased black ownership of assets and imposes extra costs on mining companies.