Harmony Gold is sprinting just to stand still

The effort required to keep the home fires burning for SA’s gold sector appears to be catching up with Harmony Gold, if the response to its 2022 year-end results is anything to go by.

Shares in the company fell to their lowest level in a year — a 19% decline — just after CEO Peter Steenkamp said it would spend R8.5bn in capital expenditure in the current financial year. That’s about R1.6bn more than previously guided. Capital spend for 2024 will be an equally onerous R8.2bn. For 2022, to date, Harmony stock has sunk 43%...

They need to change their strategy by diversifying into the production & marketing of other minerals especially those associated with the green economy. Create a diversified portfolio of other mineral assets.

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