Injecting New Life into the World’s Deepest Mine

Harmony Gold Mining Co. plans to invest 7.9 billion rand ($410 million) to significantly extend the life of the Mponeng mine, the world’s deepest mine, from seven to 20 years. This decision contrasts with the broader trend of decline in South Africa’s gold industry, which has seen production drop to less than a fifth of its peak due to increasing costs and geological challenges. This investment marks a positive development for South Africa’s dwindling gold sector, as many companies have shifted their focus to more favorable mining environments in other regions. Despite this, Mponeng remains a key asset for Harmony, contributing significantly to its output and even generating additional payments to AngloGold due to surpassing production expectations in 2023.