Interview with Peter Steenkamp, CEO of Harmony Gold Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/harmony-gold-hmy-diversification-and-organic-growth-focus-3079

Recording date: 19th September 2023

Harmony Gold Mining Company Limited (JSE: HAR, NYSE: HMY) is a South Africa-based gold mining company with assets in Papua New Guinea. Harmony operates 9 underground mines and 2 open-pit mines in South Africa, focused on optimised, high-grade and surface operations. The company also operates the Hidden Valley open-pit gold and silver mine in Papua New Guinea. In addition, Harmony has copper exposure through its proposed acquisition of the Eva Copper Project in Australia and its interest in the Wafi-Golpu copper-gold project in Papua New Guinea.

Harmony has gold mineral resources of 137.8 million ounces, including reserves of 39.3 million ounces with an average reserve grade of 6.2g/t. The company produced 1.47 million ounces of gold in FY2023 (to June 2023). Harmony is targeting annual production of 1.38-1.48 million ounces in FY2024. 

Key upcoming catalysts include advancing the Eva Copper and Wafi-Golpu projects, extending high-grade zones at Moab Khotsong in South Africa, and completing Phase 2 of its renewable energy program. 

Harmony maintains a strong balance sheet with net debt/EBITDA of 0.2x and available liquidity of $385 million to support its growth pipeline. 

The company is focused on improving margins and directing capital towards higher quality assets.

View Harmony Gold's Company Profile: https://www.cruxinvestor.com/companies/harmony-gold