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Why Harmony Gold Stock Is Soaring Today

TheMotleyFool

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Shares of Harmony Gold (NYSE: HMY) rallied 10% by 2:30 p.m. EST on Wednesday. Driving up the gold mining stock was a deal to acquire AngloGold Ashanti's (NYSE: AU) remaining assets in South Africa.

AngloGold Ashanti agreed to sell its South African assets to Harmony Gold. It will pay $200 million upon closing the transaction, along with two potential deferred payments. The sale will enable AngloGold Ashanti to shrink its portfolio so that it can focus on its highest-return assets.

Image source: Getty Images.

Source Fool.com

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