S. African mining firm eyes copper-gold projects in Phl

MANILA, Philippines - South African mining firm Harmony Gold Mining Co. Ltd., the world’s fifth largest gold producer, is looking to invest in copper-gold projects in the Philippines.

Greg Job, Harmony Gold Southeast Asia executive for growth and resource development, said the 60-year-old company has been looking for opportunities in the country over the last two years.

Harmony’s potential initial investment for a project, Jobs said, could be “in excess of hundreds of millions of dollars,” depending on the viability and the size of the ore body.

He hinted that Harmony may, in fact, sign a deal for a possible partnership within the next 12 months.

 “We don’t have a presence in the Philippines at the moment. We’re talking to everybody that is here. It’s a fishing expedition, but we’re here to get a substantial investment so it won’t be just little exploration of bits and pieces,” Job said in an interview on the sidelines of the just concluded Mining Philippines 2011 Conference.

Job said that Harmony is interested in developing a copper-gold mine, but is open to invest in copper projects.

“We would consider some exploration tenements so we’re fairly open to what will lead to the right opportunity. But we definitely need a good local partner.”

In 2010, Harmony produced over 1.43 million ounces of gold, making it one of the world’s largest gold mining companies.

Its operations are located primarily in the Witwatersrand Basin in South Africa, encompassing 10 underground operations, an open-pit mine and surface operations that encompass four provinces – Gauteng, North West Province, Mpumalanga and the Free State.

The company also operates an open-pit mine in Papua New Guinea.

Harmony is the second South African mining firm that has expressed interest in the Philippines, after the Gold Fields Group said it is also on the verge of investing in the Philippines through a still pending deal to acquire up to 60 percent of Lepanto Consolidated’s interest in the Far Southeast Gold Resources project.