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R3bn of value in Harmony Ux dumps - Bernard Swanepoel, CEO, Harmony Gold

Publication: miningmx
Source: interview on ClassicFM @ 18:30

Harmony Gold was well advanced in a process aimed at determining its uranium prospects.

Speaking on SAFM’s week-nightly business show, Harmony CEO, Bernard Swanepoel, said there was a tight discipline on how to go about establishing what is a resource and how to upgrade that into a reserve.

“But what we have gathered on our Randfontein dump, where we’ve done much work, is that there is an estimated 24 million pounds of uranium,” he said.

At the current uranium price of $113/lb, 24 million pounds of uranium have a value of R3.7bn. At the more modest price of $75/lb, it is valued at R1.5bn.

Swanepoel said Harmony would release detailed drilling results in June on its uranium prospects.

Commenting on the sale of its Orkney mine to junior Pamadzi Gold on Classic Business Day, a week-nightly radio programme, Swanepoel said it was logical to sell the mine.

“Last quarter we made R50m from Orkney, and this quarter less than R20m. It is really volatile and in order for a marginal mine to continue to exist it requires ongoing capital,” said Swanepoel.

He added: “With Harmony’s capital allocation it is necessary to spend the next rands where we can create best returns for our shareholders and that next rand is not likely to come from Orkney.”

Harmony is finalizing a deal to sell its Orkney mines to Pamodzi Gold for R350m cash, R200m in Pamodzi shares and another R250m in royalties.

Swanepoel said he was optimistic that Pamodzi would be able to turn Orkney around.

“It is their new toy, their new assets and I hope that they would make it worth more than R550m”.

Swanepoel said gold was in a good shape with a record gold price of R150 000/kg up from R110,000/kg a year ago.

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