Patrice Motsepe announces Harmony Gold's "huge investment"

"There's a huge investment that we are currently looking at in Papua New Guinea," Motsepe said at the Bloomberg Africa Business Summit 2025 in Johannesburg.

"We've got a partnership there with Newmont that might require as much as four or five billion dollars to be invested down the line."

Motsepe states that his company's financial position is sufficiently robust for such a project.

The company has R13bn in cash plus facilities for a further R7bn, he said.

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A lot of that money is going to be used in Australia and Papua New Guinea, which are primarily copper regions, he said, adding that shareholders would expect the company to look at those.

The Papua New Guinea investment is viewed as a long-term strategy aligned with global decarbonisation trends and rising demand for critical minerals, Motsepe said.

African Rainbow Minerals, a company founded by Motsepe and which is an investor in Harmony, will also continue investments in gold, platinum group metals, iron ore and manganese in South Africa, alongside a copper stake in Canada, Motsepe added.