Gold mining sector mergers and acquisitions are inevitable due to the need to replace depleting mineral reserves, Harmony Gold Chief Executive Peter Steenkamp said on Wednesday.
The company is also exploring opportunities to acquire more assets in Africa, Australia and Papua New Guinea, Steenkamp added.
Harmony's shares slid 2% on Wednesday after it posted an 18% increase in half-year profit but refrained from declaring an interim dividend, citing the need to allocate capital to growth projects. Its headline earnings per share - the most common profit measure in South Africa - were 2.93 rand in the six-month period ended Dec. 31, compared with 2.48 rand a year ago.
The miner reported a 5% decline in gold production to 740,655 ounces from 778,879 ounces in the previous year, following the closure of its Bambanani mine at the end of June 2022. The lower output was offset by a 12% increase in the average rand gold price Harmony received during the six months - attributable to a stronger dollar - as well as a 5% improvement in average grades in the South African underground mines.Reporting by Nelson Banya; Editing by Tom Hogue, Sherry Jacob-Phillips and Bernadette Baum
France Dernières Nouvelles, France Actualités
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