South African Gold Firm to Extend Life of World’s Deepest Mine
- Harmony Gold acquired Mponeng mine from AngloGold in 2020
- Project to increase life will cost more than $400 million
A miner works in the Mponeng mine near Carltonville, South Africa.
Photographer: Eva-Lotta Jansson/BloombergThis article is for subscribers only.
Harmony Gold Mining Co. said it will spend 7.9 billion rand ($410 million) to extend the life of the world’s deepest mine, bucking the trend in South Africa’s dwindling gold industry.
The company acquired the Mponeng mine – east of Johannesburg – when AngloGold Ashanti Ltd. sold its last remaining assets in South Africa four years ago. The project has become the star performer in Harmony’s portfolio, helping the miner triple its profit in the six months through December.