HomeGoldHarmony seeks acquisitions

Harmony seeks acquisitions

Doornkop “’ one of
the mines on which
Harmony is spending
Johannesburg, South Africa — MININGREVIEW.COM — 26 October 2010 – Harmony Gold Mining Company “’ the world’s fifth-largest gold miner “’ is aiming at boosting its output through low-cost acquisitions and partnerships, and plans to spend nearly US$500 million (R3.4 billion) on capital expenditure in the 2011 financial year.

The company said in its annual report released here that it would continue to assess acquisition opportunities that would meet its buying criteria.

It added that it had allocated R3.4 billion for capital expenditure in the current financial year, slightly up on the R3.3 billion spent in the previous financial year.

Harmony has said that it would boost production to 1.7Mozin 2011, and expects output to reach 2Moz by 2013. The company has also said that it plans to grow organically through exploration, especially in Papua New Guinea, where it has one mine and is developing a gold/copper project at Wafi-Golpu.

Harmony went on to say that it was planning for a US$50Mpa (R340Mpa) exploration budget for the next two years.