Steenkamp: Cultural transformation bearing fruits at Harmony Gold

Harmony Gold, one of the world's largest gold producers, has been making significant strides in the mining industry, as highlighted by CEO Peter Steenkamp in an exclusive interview with CNBC Africa's Fifi Peters at the Mining Indaba in Cape Town. Steenkamp emphasized the focus on building projects, potential growth, and engaging with investors and banks amid a closed period. The company's full-year production guidance remains on track, buoyed by a favorable gold price environment in rent kilogram terms, strong performance at mines, and promising grade improvements across assets. Steenkamp delved into the theme of disruption within the mining sector, citing advancements in technological integration, ESG commitments, and initiatives like gender diversity and new energy solutions. Harmony Gold has made significant progress in integrating these aspects, with notable improvements in safety performance attributed to cultural transformation efforts. The company has seen a significant increase in the number of millionaires at its mines, a sign of positive outcomes from transformative strategies. Discussions at the Mining Indaba also touched on policy environments, with Steenkamp expressing satisfaction with stability and support from South Africa's mining sector. He praised the role of policymakers and the cooperative approach towards mining operations, highlighting positive interactions with ministers and regulatory bodies. Additionally, the CEO highlighted ongoing projects like the licensing of Wafi Golpu in Papua New Guinea, underlining the company's strategic partnerships and progress in key international markets. Regarding operational challenges, Steenkamp addressed issues related to power supply and logistics in South Africa. While energy constraints have posed challenges, particularly with load curtailments, Harmony Gold has implemented effective strategies to manage operations and mitigate disruptions. With a focus on continuous improvement and operational resilience, the company has navigated through energy crises without significant production interruptions. Looking ahead, Steenkamp discussed the future outlook for the mining industry, both in the South African and global contexts. While acknowledging evolving demand trends and diversification in metal and mineral extraction, he underscored the potential for growth in non-gold sectors and identified opportunities for expansion and development in existing mining projects. The CEO highlighted ongoing exploration activities at projects like Moab Katsong and Target North, signaling potential avenues for sustainable growth and investment. In conclusion, Harmony Gold's CEO remains optimistic about the industry's trajectory, emphasizing a balanced approach to industry challenges, transformative initiatives, and strategic growth opportunities. As the mining sector continues to evolve, companies like Harmony Gold are poised to adapt, innovate, and contribute to the sustainable development of the global mining landscape.