[miningmx.com] – AFRICAN Rainbow Minerals (ARM) executive chairman, Patrice Motsepe, said he would retain the group’s 14.6% stake in Harmony Gold as he thought the future for gold was bright, said Bloomberg News.
“I am very confident about the future of gold,’ Motsepe told the newswire service. “We will continue looking after our interests in Harmony and I have no doubt in the medium- to long-term, I think gold will do well.’
Harmony lost 83% of its market value in the past four years and was currently trading at 17-year lows, said Bloomberg News. African Rainbow is down 19% this year after a plunge in prices of iron ore, the biggest contributor to sales.
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