For Harmony Gold shareholders 2018 promises to be interesting, with the results of a study on the $2.6bn Golpu copper and gold mining project due early in the year and CEO Peter Steenkamp talking about options open to the South African-focused gold miner in realising value from the Papua New Guinea deposit. Harmony has, however, tied its future to SA, with the $300m purchase of the Moab Khotsong mining operation and tailings from AngloGold Ashanti, needing its investors to back a $100m capital raising towards the purchase price in 2018. Steenkamp spoke of a review of strategies around Golpu it shares with Australian gold miner Newcrest in Papua New Guinea, where Harmony has bought that company out of the Hidden Valley gold and silver mine. The market has begun speculating that Harmony could bring its 14% empowerment partner, African Rainbow Minerals into the project or sell it to the copper-hungry company. Harmony’s investors are not the only ones contending with important decisions...
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