Harmony Gold Hires Sasol's Steenkamp as CEO to Fight Costs, Debtby
Former Harmony COO replaces Briggs, who's held post since 2008
Steenkamp most recently senior vice president of Sasol Mining
Harmony Gold Mining Co. hired its former chief operating officer and most recently vice president at Sasol Ltd.’s mining division, Peter Steenkamp, to replace Chief Executive Officer Graham Briggs as the miner battles to cut costs and debt.
Steenkamp, 55, who worked at the company previously for four years, will start on Jan. 1, the Randfontein, South Africa-based company said in a statement Monday. He also worked at African Rainbow Minerals Ltd. and Pamodzi Gold Ltd. between his stints at Harmony.
“Returning to the gold sector and to Harmony is like coming home," Steenkamp said in the statement. “The company has demonstrated its resilience during recent challenging times and has been positioned for profitability by the management team.”
South Africa’s third-largest gold company, which operates mainly aging mines, has lost 53 percent of its market value this year, the biggest drop of 15 major producers tracked by Bloomberg Intelligence as it battles high costs and low ore grades. While Harmony saw a headline loss of 523 million rand ($37 million) in the quarter ended Sept. 30, output and costs fell, preparing it to repay its debt in the next two years, Briggs said on Nov. 5.