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Monday, 12th January 2009 (1146 views)

The chief executive of Harmony Gold Mining has stated that the firm's capital expenditure will not suffer as a result of the credit crunch.

According to Graham Briggs, Harmony's 2009 capex programme remains intact and the firm still expects that it will be debt-free by June this year.

In an interview with Reuters, he revealed plans to make further acquisitions after the company has achieved a net debt-free position.

"Our capital expenditure is still intact, we don't have any plan to stop anything as our capital projects are nearing completion and are the mines of the future," the Harmony boss declared.

Speaking to the news agency, Mr Briggs, who took the helm of the group in 2007, said he had no plans to cut jobs as a result of the global economic slowdown.

South African company Harmony Gold Mining produced 1.55 million ounces of gold during 2008 from its operations in the Witwatersrand Basin of South Africa and Papua New Guinea.

 

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