Johannesburg, South Africa — MININGREVIEW.COM — 23 January 2009 – Africa’s third-largest gold producer – Harmony Gold Mining Company – is looking to spend as much as US$300 million (R3 billion) on acquisitions that would add about 150 000 ounces to its annual production.
In a telephone interview with Bloomberg News, Harmony CEO Graham Briggs said: “There are opportunities around, and we will look to see if they suit Harmony.” The company’s annual output for the year to 31 June 2008 was 1.55 million ounces.
Referring to funding, he said it was “difficult to say right now,” adding that the company would have to discuss options with some shareholders.
Harmony is maintaining its spending plans in the face of a credit-market meltdown that has slashed demand for industrial metals. Gold was the only metal in the Reuters/Jefferies CRB Index to climb last year, rising 5.1%, while copper dropped 54% and platinum slid 39%.