Tuesday, 4th September 2007 (1921 views)

Precious mineral exploration company Harmony Gold has announced the sale of its Orkney shafts to Pamodzi Gold, it has been reported.

According to AFX News, a formal agreement between the two companies is expected within the coming three weeks.

Under a contracting agreement, Harmony is to take managerial control over the Orkney operations in a deal worth 550 million rand (£37.6 million).

"The official signing of the agreement highlights the willingness of both parties to meet the conditions precedent in order to successfully conclude the transaction by October 2007," commented Graham Briggs, acting chief executive of Harmony.

The company recently reported improved headline earnings to 43 cents per share for the 2007 financial year.

Harmony claims to be the world's fifth largest gold producer and operates projects in South Africa, Australia and Papua New Guinea.

 

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