Harmony skips special dividend to keep options open after record year
Miner positions itself for M&A deals, while facing spending pressures over the next two years
05 September 2024 - 08:12
UPDATED 05 September 2024 - 19:57
Harmony Gold has decided to channel its record operating free cash flow into long-term profit rather than issue a special dividend to its shareholders, a move that helps the gold miner to keep its options open in a sector experiencing a wave of consolidation.
“Lots of things are for sale, but we are only interested in those that will take us up the cost curve,” CEO Peter Steenkamp said, referring to the all-in sustaining cost, a crucial metric used by mining companies to calculate the cost of operations...
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