Harmony, Norilsk Not Extend Expiry Date

Bernard Swanepoel, the head of South Africa?s gold producer Harmony Gold, has conducted negotiations with the representatives of Norilsk Nickel in London.

According to Harmony, the talks were successful. However, the companies have not extended the expiry date of the ?irrevocable? undertaking that Norilsk will deliver its 20% stake in Gold Fields to Harmony.

Swanepoel said both parties agreed that it was premature to extend the date of the irrevocable undertaking now and will discuss the matter closer to the time.

Under the irrevocable, Norilsk will tender its 20% stake in Gold Fields to Harmony, once Harmony has acquired 30% of Gold Fields through its hostile takeover bid. So far it has received 11.5% since its two stage offer began on October 18 last year.

The agreement expires on May 20.