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Harmony to unveil plans for uranium assets in January

Publication: Mining Weekly
Journalist: Matthew Hill

The world's fifth–biggest gold producer Harmony Gold has reviewed its uranium strategy and will announce its decision on what it plans to do with its nuclear fuel assets in January, acting CEO Graham Briggs said on Monday.

He said that the company had received “several interesting offers” from uranium–miners.

“There has been considerable interest,” Briggs told Mining Weekly Online in a telephone interview, adding that more than ten companies had approached Harmony.

The firm now had to decide whether it would exploit its uranium assets by itself, partner with another company, or sell them off – either as a package or alone, he noted.

The fact that Harmony had significant capital requirements for its Papua New Guinea projects likely meant that it would not want to have to pump cash into developing its uranium dumps, which it would have to do if it decided to go it alone.

That meant that it was more probable that it would opt to partner with another company or sell the resources.

Briggs said that the company would have time to mull its decision over the December break, and would make an announcement in January.

Harmony owned uranium-bearing surface resources in the Randfontein area, west of Johannesburg, as well as shafts that had uranium potential.

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