11 February 2020 - 17:20As market speculation intensifies over the possible acquisition by Harmony Gold of AngloGold Ashanti’s Mponeng mine, the SA-based company has said it is on the hunt for quality assets.
Steenkamp said Harmony had previously said it would look at merger & acquisition opportunities. “If it makes sense for us to invest we will do. Obviously it will need to be affordable too,” he said. “We don’t want to talk about any specific opportunity until we get to a point that we have some real clarity.”
Harmony swung back into the black for the six months ended December 2019, reporting net profit of R1.3bn, compared with a loss of R19m in the comparative period. This was despite an 8% drop in production and was due to a strong gold price, which climbed almost 10% higher during this period. The results however fell short of market consensus, causing the share price to drop 7.6% on Tuesday.
Harmony said it would also raise its game as a number of projects were expected to yield results in this financial year. Notably a turnaround plan at its Kusasalethu operation, which was responsible for the bulk of production losses, is expected to yield improvements in the final quarter.
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