Harmony CEO Peter Steenkamp has in recent months spoken of exploring options to realise value from the undeveloped project, which will cost $2.83bn in total for Har-mony and its Australian partner Newcrest Mining to bring into production over five years. With the release of an upda-ted feasibility study into the project on Monday, Steenkamp said Harmony would keep the project and that would repay it its capital investment in less than 10 years, generating free cash flow of an average $900m a year for the partners to share in the first decade of production. “We would like to build this project and we feel we can do that. We don’t have the mindset of selling… At the moment we’d certainly like to keep this mine,” Steenkamp said. Harmony financial director Frank Abbott said the company could fund the first three years of its $1.4bn share of the capital from cash from its South African mines and the restarted Hidden Valley mine in Papua New Guinea. Harmony would in the next 12 to 18 mont...
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