South Africa's top gold miner names Nel new CEO amid copper pivot (updated)
14/11/2024 12:48
(Updates throughout)
JOHANNESBURG, Nov 14 (Reuters) - Harmony Gold HARJ.J ,
South Africa's biggest gold producer by volume, said on Thursday
it had appointed Beyers Nel as chief executive officer to take
over from Peter Steenkamp, who is retiring.
Nel, a mining engineer who has been with the
Johannesburg-based gold producer since 2003, will start in his
new role from Jan. 1 2025. Nel has been Harmony chief operating
officer since Jan. 2023.
He takes over as Harmony is planning to advance new copper
projects in Australia and Papua New Guinea. Harmony is among the
few remaining South African gold producers squeezing profits
from ageing, costly and some of the world's deepest gold mines.
The company said Nel will be deputized by Floyd Masemula,
adding both will lead the miner in its "next exciting growth
phase", Patrice Motsepe, the Harmony chairman said.
Harmony is seeking to advance its Walfi Golpu gold-copper
joint venture in Papua New Guinea, which it owns with Newmont
Corp, as well its Eva copper project in Australia.
The producer is among South African miners including Gold
Fields and AngloGold that have shifted focus away from their
home country amid declining mineral reserves in South Africa and
as profits are squeezed by the high cost of producing bullion.
(Reporting by Nelson Banya and Felix Njini
Editing by Tomasz Janowski, Alexandra Hudson)
((Nelson.Banya@thomsonreuters.com;))