Harmony Gold CEO Peter Steenkamp: no debt by end 2016

According to Peter Steenkamp (pictured), CEO of Harmony Gold, the company intends to do away with its debt by the end of this year. Steenkamp was appointed CEO effective 1 January 2016, following Graham Briggs' retirement.

Steenkamp said:

"The target date that we have set for ourselves at current prices is that by the end of this calendar year we would like to repay our debt."

Harmony Gold cut jobs and costs to cope with plunging bullion prices, moves that allowed it to pay down some of its debt. At the end of the second quarter, which ended in December 2016, net debt stood at R2.52 billion, after the company paid down R1.1 billion. The company returned to profit in the quarter as headline earnings per share reached 17 cents from a loss of R1.20 in the previous quarter.

Furthermore, shares in Harmony Gold are up almost 350% since November. Steenkamp said he did not foresee any further job cuts in the company as the firm is now more profitable

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