S. African firm eyes gold, copper projects in Philippines

MANILA, Philippines—Harmony Gold Mining Co. Ltd., a gold mining company based in Randfontein, South Africa, is looking for copper-gold projects in the Philippines, according to a regional executive.

“We’re talking to everybody who is here. It’s a fishing expedition,” said Greg Job, executive for growth and resource development for Harmony Gold Southeast Asia.

Job said Harmony was looking for copper-gold ore bodies, which the Philippines has in abundance, and was ready to invest “hundreds of millions of dollars.”

The executive said Harmony was not in firm talks with any company at the moment and was “fairly open” to opportunities ranging from mine exploration to operation.

“We know that we don’t know enough (about the Philippines) so we’re definitely looking for a local partner,” Job said.

While there are challenges such as local opposition or ordinances against mining in certain municipalities, Job said, the company is still interested in finding significant ore bodies in the Philippines.

Job said Harmony would prefer to firm up a deal “within 12 months.”

According to a report posted on Harmony’s official website, in fiscal year 2010, the company produced 1.43 million ounces of gold, making it one of the world’s 10 largest gold mining companies.

The Harmony group operates in the Witwatersrand Basin in South Africa and in Papua New Guinea.