Harmony Gold considers Papua New Guinea copper venture with Newmont
South Africa's Harmony Gold is evaluating a substantial copper venture in Papua New Guinea in partnership with US mining giant Newmont, chairman Patrice Motsepe said on Tuesday.
"There's a huge investment that we are currently looking at in Papua New Guinea," Motsepe said at an event hosted by Bloomberg. "We've got a partnership there with Newmont that might require as much as four or five billion dollars to be invested down the line."
Motsepe said his company's financial position is sufficiently robust for such a project.
The company has R13-billion in cash plus facilities for a further R7-billion, he said.
A lot of that money is going to be used in Australia and Papua New Guinea, which are primarily copper regions, he said, adding that shareholders would expect the company to look at those.
The Papua New Guinea investment is viewed as a long-term strategy aligned with global decarbonisation trends and rising demand for critical minerals, Motsepe said.
African Rainbow Minerals, a company founded by Motsepe and which is an investor in Harmony, will also continue investments in gold, platinum group metals, iron ore and manganese in South Africa, alongside a copper stake in Canada, Motsepe added.
CORRECTION: Company name corrected from Harmony Gold, not African Rainbow Minerals, in headline and paragraph one.
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