{"id":1133568,"date":"2019-08-20T05:53:53","date_gmt":"2019-08-20T10:53:53","guid":{"rendered":"https:\/\/www.mining.com\/?p=999715"},"modified":"2019-08-20T05:53:53","modified_gmt":"2019-08-20T10:53:53","slug":"harmony-gold-mulls-anglogold-assets-acquisition-as-reserves-dwindle-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1133568","title":{"rendered":"Harmony Gold mulls AngloGold assets acquisition as reserves dwindle"},"content":{"rendered":"<p>South Africa\u2019s Harmony Gold&nbsp;(JSE:<br \/>\nHAR) (NYSE: HMY) is mulling the acquisition of new assets to sustain growth and<br \/>\nreplace capacity currently coming from its Masimong and Unisel mines in the home<br \/>\ncountry, which are running out of ore.&nbsp;<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Delivering <a href=\"https:\/\/www.harmony.co.za\/downloads\/send\/115-downloads\/3577-results-for-the-year-ended-30-june-2019\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">full-year results<\/a>, the company\u2019s chief executive officer, Peter Steenkamp, said that South Africa remained its main investment target, even as its gold industry is facing mounting challenges, including geological and safety aspects of extracting ore from the world\u2019s deepest mines.<\/p>\n<p>\u201cHarmony will be operating in South Africa for a very long time,\u201d Steenkamp said <a href=\"https:\/\/www.harmony.co.za\/downloads\/send\/115-downloads\/3563-harmony-fy19-results-invitation\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">on a media call<\/a>. \u201cWe are not against any investment in the country provided it matches our criteria and we can make money out of it.\u201d<\/p>\n<p>Steenkamp revealed that the Mponeng mine, AngloGold Ashanti\u2019s (NYSE: AU) (JSE: ANG) last underground operation in South Africa, was among the many projects the company was looking at.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Chief executive officer, Peter Steenkamp, said that South Africa remained Harmony&#8217;s main investment target, even as its gold industry is facing mounting challenges<\/p>\n<\/blockquote>\n<\/figure>\n<p>The Randfontein-based miner also<br \/>\nsaid it would delay and revise its planned work at its Papua New Guinea\u2019s<br \/>\nWafi-Golpu mine, a joint venture with Australia\u2019s Newcrest Mining (ASX: NCM),<\/p>\n<p>Permitting of <a href=\"https:\/\/www.mining.com\/newcrest-harmony-joint-venture-png-cost-extra-1bn-upfront\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">the $5.4-billion gold and copper project<\/a>&nbsp;has been stalled since May, when PNG elected new Prime Minister James Marate. Since assuming the post, the former finance minister,<\/p>\n<p>&nbsp;has downplayed his nation\u2019s vast mineral<br \/>\nwealth, declaring that the country\u2019s economic future lied in becoming the food<br \/>\nbowl of Asia and not in being a source of raw minerals.<\/p>\n<p>In the latest indication of PNG\u2019s intention of \u201ctaking back\u201d its mineral resources, the government <a href=\"https:\/\/www.mining.com\/web\/png-puts-barrick-zijin-on-notice-over-porgera-gold-mine-negotiations\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said on Monday it wanted a larger share of the Porgera gold mine<\/a> as part of lease-renewal talks, diluting the ownership of partners Barrick Gold and Zijin Mining.<\/p>\n<p>In terms of results, Harmony\u2019s<br \/>\ntotal gold output jumped 17%, which resulted in an R 6.5 billion (about $420m) production<br \/>\nprofit. The purchase of Moab Khotsong from AngloGold Ashanti and the reopening<br \/>\nof Hidden Valley mine in PNG generated R1.35bn (roughly $88m) of Harmony\u2019s<br \/>\noperating cash flow.<\/p>\n<p>The company has not declared a<br \/>\ndividend since 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The South African gold miner is interested in many projects, including AngloGold Ashanti&rsquo;s Mponeng operation.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133568"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1133568"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133568\/revisions"}],"predecessor-version":[{"id":1133570,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133568\/revisions\/1133570"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1133568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1133568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1133568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}