Harmony aims to dispel fears
Company says it has full confidence in Papua New Guinea mine and has tackled concerns raised by sceptics
Harmony Gold says it is absolutely confident about delivering on its $180m investment in the silver and gold Hidden Valley mine in Papua New Guinea and proving that the many sceptics were wrong. Harmony bought its Australian partner, Newcrest Mining, out of its half of the mine and has opted to invest heavily in the operation as part of its strategy to grow its production to 1.5-million ounces a year in the next three years, replacing declining output from its South African mines, which make up about 1-million ounces of annual production now. In the February presentation of Harmony’s interim results, analysts questioned the board’s wisdom in investing in the historically underperforming mine, which had a poor reputation, let alone increasing the company’s exposure to the asset. During an interview on Wednesday, Johannes van Heerden, Harmony’s CEO of its Southeast Asia business, said this financial year’s $70m investment in Hidden Valley and the associated work was on or ahead of tar...
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