SA Gold Procucer Harmony Bought Western Areas 29% Stake

Harmony Gold has bought a 29% stake in Western Areas, Harmony CEO Bernard Swanepoel announced.

Harmony bought investment manager Allan Gray's 24.5% in Western Areas, with the remainder of the shares being bought on the open market, he said, adding the average price of the transaction was R44 per share.

There are no immediate plans, he said, to increase the stake in Western Areas, which has as its primary asset half of the South Deep joint venture mine it shares with Barrick.