https://en.sputniknews.africa/20240905/south-africas-harmony-gold-to-start-producing-copper-in-australia-as-earnings-more-than-double-1068161713.html
South Africa's Harmony Gold to Start Producing Copper in Australia as Earnings More Than Double
South Africa's Harmony Gold to Start Producing Copper in Australia as Earnings More Than Double
Sputnik Africa
Harmony Gold, established in 1950, is a major player in the South African gold mining sector. It has positioned itself among the world's top ten gold producers... 05.09.2024, Sputnik Africa
2024-09-05T16:01+0200
2024-09-05T16:01+0200
2024-09-05T17:08+0200
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South Africa's Harmony Gold has announced its goal to begin copper production from its Australian mining project by 2028, marking a significant step in its diversification into copper, a key metal in global decarbonization efforts, the company's CEO Peter Steenkamp said in an interview with Reuters on Thursday.Harmony Gold, traditionally known for its gold mining operations, acquired the Eva Copper project in Queensland in 2022 as part of its strategy to reduce reliance on gold and tap into the rising demand for copper. The company is currently updating the project's feasibility study as it prepares to move forward.The Eva Copper mine is expected to produce up to 60,000 tonnes of copper annually once fully operational, providing a significant boost to Harmony's portfolio.Early Development UnderwayPreliminary work has already begun at the Eva Copper site, including building access roads, underscoring Harmony’s confidence in the project’s future. Steenkamp reportedly expressed optimism that these early developments signal a clear path toward full-scale production in the coming years.The announcement comes as Harmony reported a 132% increase in headline earnings for the financial year ending June 30, driven by higher gold production and record gold prices. The company posted 11.474 billion rand ($715.2 million) in earnings and generated a record 12.7 billion rand in operating free cash flow. With a $700 million “war chest” in cash and credit facilities, Harmony plans to fund both the Eva Copper project and extend the life of its South African gold mines at Moab Khotsong and Mponeng.Despite these financial achievements, Harmony’s share price fell by 10% to a five-month low after the company forecasted lower gold output and higher costs for the upcoming financial year. However, Steenkamp reassured investors that the company’s long-term gold production would stabilize around 1.4 million ounces annually, while the Eva Copper project positions Harmony to benefit from the growing demand for copper in the global transition to greener technologies.
https://en.sputniknews.africa/20240501/south-africas-harmony-increases-its-projected-gold-production-this-year-by-about-5-1066318701.html
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South Africa's Harmony Gold to Start Producing Copper in Australia as Earnings More Than Double
16:01 05.09.2024 (Updated: 17:08 05.09.2024) Christina Glazkova
Writer / Editor
Harmony Gold, established in 1950, is a major player in the South African gold mining sector. It has positioned itself among the world's top ten gold producers by 2023, as per data from the Statista global platform.
South Africa's Harmony
Gold has announced its goal to begin copper production from its Australian mining project by 2028, marking a significant step in its diversification into copper, a key metal in global decarbonization efforts, the company's CEO Peter Steenkamp said in an interview with Reuters on Thursday.
Harmony Gold, traditionally known for its gold mining operations, acquired the Eva Copper project in Queensland in 2022 as part of its strategy to reduce reliance on gold and tap into the rising demand for
copper. The company is currently updating the project's feasibility study as it prepares to move forward.
"We want to make the final investment decision by the end of the [financial] year. It's a two-year build, then Eva Copper will be in production," Steenkamp was quoted as saying.
The Eva Copper mine is expected to produce up to 60,000 tonnes of copper annually once fully operational, providing a significant boost to Harmony's portfolio.
Early Development Underway
Preliminary work has already begun at the Eva Copper site, including building access
roads, underscoring Harmony’s confidence in the project’s future. Steenkamp reportedly expressed optimism that these early developments signal a clear path toward full-scale production in the coming years.
The announcement comes as Harmony
reported a
132% increase in headline earnings for the financial year ending June 30, driven by higher gold production and record gold prices. The company posted
11.474 billion rand ($715.2 million) in earnings and generated a record 12.7 billion rand in operating free cash flow. With a $700 million “war chest” in cash and credit facilities, Harmony plans to fund both the Eva Copper project and extend the life of its South African gold mines at Moab Khotsong and Mponeng.
Despite these financial achievements, Harmony’s share price fell by 10% to a five-month low after the company forecasted lower gold output and higher costs for the upcoming financial year. However, Steenkamp reassured investors that the company’s long-term gold production would stabilize around 1.4 million ounces annually, while the Eva Copper project positions Harmony to benefit from the growing demand for copper in the global transition to greener technologies.
