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Harmony debt free after uranium assets sale and fundraising

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Harmony Gold Mining Co Ltd (LSE: HRM) announced it is now debt free following the sale of a 60 percent stake in its uranium assets to Pamodzi Resources Fund for US$252 million and a fundraising earlier this year.

The money raised totaled Rand2.7 billion and is being used to repay Harmony’s convertible bond due in May 2009 and its short term debt, leaving a positive cash balance of approximately Rand1.5 billion.

“Harmony is in excellent financial health with a strong balance sheet thanks to all the measures that have been taken in the past 18 months. Our focus now remains on achieving our overall targets and delivering consistent results”, chief executive Graham Briggs said.

Quick facts: Harmony Gold

Price: 4.23 USD

NYSE:HMY
Market: NYSE
Market Cap: $2.53 billion
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