Harmony Gold to set up its first 10 MW solar power project

The company plans to generate its own electricity by harnessing the benefits of solar power

South African gold mining company, Harmony Gold is nearing its plans of adding 30 MW of self-generated solar power into its existing electricity mix, with commencement of initial phase of the project involving 10 MW renewable energy generation capacity.

Peter Steenkamp, Harmony Gold CEO, said that the company believes in generating its own electricity by harnessing the benefits of solar power. They have initiated its first 10 MW project and are looking forward to pursuing an additional 20 MW, reaching a total of 30 MW capacity.

Mr. Steenkamp added that Harmony has been quite successful in cutting its electricity bill over the years by ways of adopting cost effective ways of electricity consumption. The company has some new projects in line that are currently in progress and till date have shown some promising results.

As per Mr. Steenkamp, Harmony started as a marginal miner through acquisition and now has come up as an emerging market mining specialist. It is operating in emerging markets of Papua New Guinea and South Africa and is well positioned in terms of its stakeholder relationships.

Commenting on their business, Harmony FD Boipelo Lekubo said that their on dividends were announced after the firm’s net profit spiked by 336%, reaching R5.6 billion in the past 6 months to late December 2020.

Conditioned to its dividend policy, the company would now be giving 20% of obtained free cash flow to investors, said Lekubo adding that the strong generated cash flows had enabled Harmony to cut debt quite significantly, which the company is pleased about. The company does not expect to be in a net cash positive position by the end of Q3 2021, she added.

Source Credit: https://www.miningweekly.com/article/harmony-starts-on-first-10-mw-of-own-solar-keen-to-pursue-next-20-mw-2021-02-23/rep_id:3650