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Harmony CEO says gold sector consolidation is 'inevitable'

Section: Daily Dispatches

By Nelson Banya
Wednesday, March 1, 2023

Gold mining sector mergers and acquisitions are inevitable due to the need to replace depleting mineral reserves, Harmony Gold Chief Executive Peter Steenkamp said today.

U.S-based Newmont Corp., the world's top gold producer, last month tabled a $16.9 billion bid for Australia's Newcrest Mining, igniting speculation of a new wave of M&A activity in the gold industry.

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Although other gold majors Barrick, Gold Fields, and Sibanye Stillwater have sought to cool down talk of imminent big M&A activity, Harmony's Steenkamp said there was more to come.

"I think it's going to be inevitable that there will be some sort of consolidation because exploration has been lacking for such a long time, and for people to replace assets, they will have to look at what their neighbours have and what the opportunities will be," Steenkamp told Reuters in an interview. ...

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