Harmony’s purchase of Australian copper project Eva heralds the end for SA gold
The acquisition is a marker in the sand for both the local company and the country’s storied Witwatersrand gold fields
20 October 2022 - 05:00
Harmony Gold pushed the boat out in an unexpected way earlier this month, announcing the R4.1bn purchase of Eva, a copper project in Australia. When last the FM visited the gold firm’s business case (September 15) it was to point out the risk to dividends of a two-year, R17bn capital outlay in SA.
Harmony CEO Peter Steenkamp tells the FM his company can take the strain of buying Eva, which requires $600m in capital development in addition to the acquisition cost. Dividends are not endangered...
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