The lifespan of the world’s deepest gold mine will be almost tripled from seven to 20 years through a planned investment of ZAR7.9 billion.

Moneyweb reports that Harmony, which acquired the Mponeng mine in Gauteng from AngloGold Ashanti four years ago, will begin the extension project next year.

The mine’s 30% increase in gold production in 2023 buoyed the miner’s gold output, which saw a half-year boost of 14% over 2022, helping it to triple profits to almost ZAR6 billion in the second half of 2023, according to Mining.com.

The company plans to produce about 1.5 million ounces this year.

5 March 2024
Image: Harmony