Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Harmony Gold said on Thursday it had started construction of three 10 megawatt solar photovoltaic plants as part of its environmental, social, and governance (ESG) program.
Demand for sustainability has multiplied in the past few years as shareholders increasingly expect companies to take steps toward greater transparency and use cleaner energy.
The miner said the first phase of its renewable energy project consisted of a 30-megawatt solar energy plant in the Free State province of South Africa.
The second phase would add 137 megawatts at its various longer-life mines, which the company said would deliver over 500 million rand ($32.23 million) per annum in cost savings once it reaches full production in the fiscal year 2025.
Harmony said the third phase was in the planning stage and was progressing as expected.
($1 = 15.5143 rand)
(By Aby Jose Koilparambil; Editing by Amy Caren Daniel)
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