AngloGold Ashanti has sold its last South African asset and will be exiting the country.

It sold the Mponeng mine (the deepest in the world) and its surface assets to Harmony Gold for R4.4 billion.

Patrice Motsepe, one of the richest people in South Africa, is the chair of Harmony Gold. Apart from its assets in South Africa Harmony Gold also has mines in Papua New Guinea.

The sale represents the end of AngloGold’s century-long association with South Africa. It was founded as Anglo American by Ernest Oppenheimer in 1917.

The sale of its final South African asset goes hand-in-hand with sales of mines in Mali and Argentina. The company will now focus on its operations in Ghana, Australia, and the Americas.

The exit of AngloGold from South Africa likely reflects a broader decline in confidence in the future of this country.

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