Harmony Gold’s Chief Financial Officer, Boipelo Lekubo, tells OFM News this effectively resulted in a 23% increase in production profit. Lekubo explains the re-investment in Hidden Valley in Papua New Guinea, along with the acquisition of the North West mine located outside the modest town of Orkney in the province, significantly boosted the mining giant’s operating cash flow during the year - something which they’re quite pleased about. Lekubo says the company is also continuing with its hedging strategy which has also managed to secure cash flow margins for the company.

In February 2018, the company’s Chief Executive Officer (CEO) Peter Steenkamp told OFM News that the mining company was working on expanding the Tshepong Mine near Welkom while deepening the Joel mine located near Theunissen in the Free State.

When probed about the future of their operations in the Free State, Lekubo maintains that ensuring stability of mining towns is a priority to the company. She says “one thing people tend to forget is that the mines we operate, are mines that previous companies were looking to close. We’ve managed to turn those around and ensure the sustainability of the towns”.

Of concern to the mining company is the eleven fatalities seen over the last financial year, eight of which occurred in the 2019 calendar year alone. The CFO says this is unacceptable and is a problem they will continue to prioritise.

OFM News