Harmony buys Hidden Valley royalty

SOUTH African company Harmony Gold will pay $US22.5 million for the royalty rights on its Hidden Valley gold project in PNG to major Rio Tinto, in a move that will reduce cash costs at the emerging operation by $13 per ounce.

Harmony buys Hidden Valley royalty
Harmony buys Hidden Valley royalty
Harmony buys Hidden Valley royalty
Harmony buys Hidden Valley royalty
Harmony buys Hidden Valley royalty

Under the royalty terms, Rio had the right to between 2% and 3.5% of future ounces produced from the Hidden Valley deposit.

That agreement has been neutralised with the payment of more than 1.

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