Harmony Gold CEO Peter Steenkamp is set to retire in December amid the company’s soaring success as the price of gold reaches new heights. With the price of gold hitting a record peak and Harmony Gold’s share price reaching new levels, Steenkamp leaves behind a legacy of strategic acquisitions and operational improvements.
Under Steenkamp’s leadership, Harmony Gold made significant acquisitions, including the purchase of AngloGold’s Moab Khotsong and Mponeng mines, which have helped transform the company. These acquisitions, combined with operational improvements and increased safety measures, have brought Harmony Gold in line with global majors in the mining industry.
Despite the company’s success, the big question remains whether Harmony Gold will reward shareholders with a large dividend payout. Steenkamp has indicated that the company has a clear capital allocation framework and a dividend policy of 20% of net cash, but also highlighted the need for continued capital deployment for future growth.
As Harmony Gold prepares to report its full year numbers in August, investors and stakeholders are eagerly anticipating the company’s next moves under new leadership. With the price of gold at record highs and Harmony Gold’s valuation climbing, the stage is set for an exciting transition as Steenkamp passes the torch to his successor.
