West Africa an option for Harmony Gold

by Ina King (Potgieter)

Harmony Gold Mining Company Limited is contemplating plans for an expansion strategy into Africa. This would enable the company to effectively mitigate the risk currently being presented by its South African operations. The company has stated that it derives about 90% of its production from its South African gold mines.

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Peter Steenkamp, CEO of Harmony Gold, has reported that the company has been able to establish itself in Papua New Guinea and that it should be able to establish a similar foundation in Africa – given the company’s base in Johannesburg. He has been quoted as stating that the company has to “go where the gold is”. In Africa this means following the proverbial yellow brick into West Africa. He has stressed that no concrete decisions have been made yet.

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