Nel is appointed as the new CEO of South Africa's largest gold miner amid a copper pivot

Harmony Gold, South Africa’s largest gold producer in terms of volume, announced on Thursday that Beyers Nel had been appointed chief executive officer, to replace Peter Steenkamp who is retiring.

Nel is a mining engineer with Johannesburg's gold producer. He has worked there since 2003. His new role will begin on January 1, 2025. Nel is Harmony's chief operating officer. He has held this position since January 2023.

Harmony plans to move forward with new copper projects in Australia, Papua New Guinea and elsewhere. Harmony is one of the few South African gold producers still squeezing profit from some of the deepest and oldest gold mines in the world.

Harmony Chairman Patrice Motsepe said that Nel would be replaced by Floyd Masemula. Both will lead the miner into its "next exciting phase of growth".

Harmony wants to develop its Walfi Golpu joint venture, a gold-copper project that it has with Newmont Corp., in Papua New Guinea as well as its Eva copper projects in Australia.

The South African miner is one of many, including Gold Fields and AngloGold, who have moved their focus away from South Africa due to declining mineral reserves and the high costs associated with producing bullion. Reporting by Nelson Banya, Felix Njini and Alexandra Hudson. Editing by Tomasz Januaryowski.

(source: Reuters)