In the next few weeks, Shallow Reefs Gold is hoping to be able to announce what it describes as a fairly significant capital raise out of North America after being very active in the capital markets. The target pipeline of the company that is intent on mining shallow deposits of South Africa’s historic Witwatersrand Gold Basin is focused on five initial projects.
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Harmony says the integration of Mponeng mine into its portfolio and a stronger rand-per-kilogram gold price boosted earnings and resulted in strong cash generation.
Harmony took control of Mponeng in October 2020, after it concluded a $300 million deal with AngloGold Ashanti.
The company reported a 360% jump in adjusted earnings year-on-year to R9.4 billion, and operating free cash flow shot up 78% to R5.3 billion.
Harmony Gold has started reaping the rewards of the integration of the Mponeng mine into its assets, as the operation contributed to the improved production in the nine months to end of March.
On Tuesday, Harmony - which took control of Mponeng in October 2020 after a $300 million transaction with AngloGold Ashanti - said gold production from the mine helped shore up production from the South African operations by 15.9% year-on-year to 31 470kg.
The time has come to say goodbye to the FTSE/JSE Gold Mining Index
By Dineo Faku
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JOHANNESBURG - THE JSE TERMINATED the FTSE/JSE Gold Mining Index in line with its move to international standards of classification as South African stocks delivered another quarter of double-digit growth in the first quarter of 2021.
Other sub-sectors to be decommissioned are the FTSE/JSE Coal Mining Index, the FTSE/JSE Diamonds & Gemstones Index, the FTSE/JSE Platinum & Precious Metals and the FTSE/JSE General Mining Index.
“Due to these sub-sectors not forming part of one sector anymore, FTSE/ JSE will decommission the five above mentioned ICB Sub-sector Indices following the implementation of the enhanced ICB structure,” said the JSE.