Harmony Gold Mining Company (NYSE:HMY) announced it is going to hold off on the development of its R6 billion shaft at its Evander mine in South Africa, citing a shortage of cash to complete the project.
“At the moment we have got no intention of proceeding with the Evander project,” said CEO Graham Briggs.
While the development of the shaft was expected to increase production, other projects are in the midst of being ramped up as well, with those evidently having a priority over R6.
Briggs said he believed it would be hard to gain approval from the board when the other units of the company are in the middle of preparing to increase production.
In the last quarter Harmony gold production increased by 40 percent to 346,714 ounces.
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