The World’s Deepest Gold Mine Lives On
South Africa-based Harmony Gold Mining Company plans to extend the life of the world’s deepest gold mine by investing $410 million into the Mponeng mine, just east of Johannesburg.
The mine, already 2.4 miles deep, has been a star performer for Harmony which purchased Mponeng from AngloGold Ahshanti Ltd. in 2020. Thanks to the Mponeng mine, Harmony’s gold production increased 14 percent during the final six months of 2023, compared to the year-ago period, driving a tripling of profit to more than $300 million. Harmony is South Africa’s biggest gold producer by volume.
Harmony’s work to deepen the mine will begin in 2025 and is expected to extend the life of the mine by 7 to 20 years.
"My personal belief is it will be a mine that's got a very long life, it's a very high grade ore and it's certainly something that's worth pursuing," said Harmony CEO PeterSteenkamp.
Mponeng’s rich output is one of the few bright spots in South African mining. Once the world’s foremost source of gold, South Africa has seen its gold output shrink to less than one-fifth of its peak as mines are increasingly exhausted of the precious metal. Many South African gold mining companies have diversified into other markets in Africa, Australasia, and North and South America. South African gold miners also face rising crime and rolling electricity outages.Real Time Precious Metals Data Below
