• Harmony Gold, a 50% partner in the Wafi-Golpu copper project in Papua New Guinea, has an expected investment value of up to $5 billion.
• ARM holds a 10.9% stake in Harmony and maintains some liquidity needed to support the project's future funding.
• Patrice Motsepe views copper as vital for the green economy and is actively expanding ARM's assets in the sector.

The Wafi-Golpu copper and gold mining project in Papua New Guinea, which has South African firm Harmony Gold as a 50% partner, has a total development investment of up to $5 billion. This detail was disclosed on November 18, 2025, by Patrice Motsepe, Chairman of the Board, during an interview at an Africa business event organized by Bloomberg.

According to data available on Harmony Gold’s website, the Wafi-Golpu project—co-owned with the American firm Newmont Corporation—has been under development for several years. However, no final investment decision from the promoters has been publicly released to date.

African Rainbow Minerals (ARM) has positioned itself to support further development, reporting available cash reserves of $1.16 billion ( 13 billion South African rands, supplemented by an additional 7 billion rands in accessible bank credit facilities. Motsepe emphasized that a portion of these resources would be allocated to copper projects in Australia and Papua New Guinea.

ARM’s involvement in this project stems from its 10.9% shareholding in Harmony Gold, based on Johannesburg Stock Exchange data from November 18, 2025. Other significant shareholders include the Public Investment Corporation (16.1%), which manages South African civil service pension funds, and investment firm Van Eck Associates Corporation (12.7%). Given these institutional investors' generally passive strategies, it is anticipated that ARM would be the likely source of liquidity should Harmony require a capital injection.

The Motsepe-led ARM group remains convinced of the strategic importance of investing in Papua New Guinea operations, particularly within the copper sector. Speaking at the Bloomberg Africa Business Summit, the South African billionaire outlined the critical stakes involved.

Motsepe noted that when observing the energy transition and the green economy, it is evident that climate change remains a permanent challenge. He stated that copper, along with other minerals the company exploits in South Africa, plays an essential role in advancing the green economy and the broader energy transition.

This renewed focus on copper continues to gain momentum at African Rainbow Minerals. In 2017, the company divested its stake in a joint venture with Vale, which held an 80% stake in the Lubambe copper project in Zambia, citing a strategy to dispose of non-core assets. Since that divestment, the market value of the red metal has appreciated by between 55% and 58%. In 2024, ARM solidified this interest by increasing its stake in Surge Copper, a Canadian company developing a project in British Columbia. Beyond short-term profitability, Motsepe views this as an opportunity for long-term yield for the company.

Idriss Linge