Harmony Hunts for Deals Amid Depleting South Africa Reserves

Harmony Gold Mining Co. is assessing the acquisition of new assets, including AngloGold Ashanti Ltd.’s last underground operation in South Africa, as it seeks to replace depleting reserves.

While gold output rose 17% in the year through to June, Harmony needs new capacity as its South African mines run out of viable ore and a project in Papua New Guinea stalls amid regulatory challenges, said Chief Executive Officer Peter Steenkamp. The Mponeng mine being sold by AngloGold is one “opportunity,” but the company is also looking for deals across Africa, Australia and Southeast Asia, he said.