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Reuters reports that Harmony Gold CEO Peter Steenkamp plans to retire at the end of next year as SA’s biggest gold producer by volume seeks new growth opportunities mining copper.
Steenkamp, who turns 64 in November, has been at the helm at Harmony since returning in 2016. In 2022, the company extended the veteran gold mining executive’s tenure by two years. Steenkamp will leave around December 2024 and the company has “strong internal candidates to continue what we have built since 2016,” spokesperson Jared Coetzer indicated. “There are various internal candidates who would have to go through the nomination process and ultimately it would be a board decision,” Coetzer said. He added that Steenkamp’s pending exit would not change the strategy to shift to developing copper assets and looking for deals to grow the company. Harmony is among SA’s few remaining gold miners squeezing profits from some of the world’s most costly, ageing and deepest gold mines. It could be “difficult to find outsiders with deep-level gold mining experience” to run the company, analysts at RMB Morgan Stanley pointed out in a note.
- Read the full original of the report in the above regard by Felix Njini at Moneyweb
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