Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Harmony Gold said on Monday it was on track to meet its annual output guidance due to the inclusion of its newly acquired Mponeng mine and as measures to offset the impact of covid-19 paid off.
Harmony said it was on track to meet its annual gold production guidance of between 1.26 million ounces and 1.3 million ounces after producing 745,347 ounces in the six months ended December.
The company total production for the quarter ended 31 December 2020 increased by 38% to 13 425kg (431 622oz) compared to 9 758kg (313 725oz) in the September 2020 quarter, with the average recovered underground grade increasing by 9% from 5.31g/t to 5.80g/t quarter on quarter.
Mponeng mine, the deepest in the world, and related assets have contributed 103,525 ounces to the group since it assumed full ownership from rival AngloGold Ashanti in October.
“The integration of Mponeng and Mine Waste Solutions went according to plan and contributed both to the quality of the ounces produced and overall production,” said chief executive officer Peter Steenkamp.
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