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Gold miner Harmony raises $82m via share sale

Harmony took out loans to partly fund the $300 million acquisition of the Moab Khotsong mine earlier this year in a deal that the company said would significantly boost its operational cash flow.

FILE: Harmony Gold's Doornkop mine on the West Rand. Picture: EWN

JOHANNESBURG - South African gold miner Harmony Gold raised just over R1.05 billion via the issue of new shares, it said on Wednesday, raking in cash to pay down debt used for an acquisition.

Harmony took out loans to partly fund the $300 million acquisition of the Moab Khotsong mine earlier this year in a deal that the company said would significantly boost its operational cash flow.

The company, which competes with AngloGold , Gold Fields and Sibanye-Stillwater at home, sold 55 million new shares, or 15% stake, at 19.12 rand each, an 11.7 percent discount to the closing price on Tuesday.

UBS, JP Morgan, Absa and Nedbank arranged the so-called accelerated bookbuild, a share sale done with little to no marketing.