The Johannesburg- and New York Stock Exchange-listed gold mining company Harmony Gold has unveiled a host of gold extension projects worth R7.8 billion ($537 million) that it believes will sustain gold output at around 1.4 million ounces for the next seven to eight years, Mining MX reported.
Harmony Gold is South Africa’s most extensive gold mining company. It operates in South Africa and Papua New Guinea.
While it owns nine underground operations located within the Witwatersrand Basin in South Africa, the gold miner also owns the Kalgold open-pit mine on the Kraaipan Greenstone Belt and several surface treatment operations in the country.
In Papua New Guinea, it operates Hidden Valley, an open-pit gold and silver mine in the Morobe Province, where it further holds a 50-percent stake in the Wafi-Golpu copper-gold project, a joint venture with Newcrest Mining Limited.
The projects include extensions of the Zaaiplaats, Mine Waste Solutions and Hidden Valley projects, among others.
The company plans to focus on these projects until it begins mining Wafi Golpu in Papua New Guinea. First production from the Wafi Golpu mines has been scheduled for the 2028 financial year.
The latest announcement follows the recent declaration of its 2021 financial year report, which had a positive growth outlook, demonstrating the company’s resilience and determination through the tough COVID-19 period.
Net profit increased 758 percent to R5.6 billion ($352 million) from a loss of R850 million ($56 million) in 2020. Revenue increased 43 percent to R41.733 million ($2.710 million) from R29.245 million ($1.867 million).
Peter William Steenkamp
Steenkamp serves as the CEO and executive director of Harmony Gold. He joined the company in 2003 following its merger with ARMgold.
While at ARMgold, he served as the executive director in charge of gold operations.