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Harmony Hostile Bid Created Hostile Imafe For SA

Pienaar said there had also been "reputational value destruction" with much mud-slinging by both sides

South African mining concern Mvelaphanda Resources? CE Pine Pienaar said yesterday, that SA?s reputation as a mining investment destination had ?suffered a lot of damage? because of the hostile bid of domestic mining firm Harmony for its rival Gold Fields, where Mvelaphanda owns 15% of stake.

Pienaar said this was the message he had received on a recent overseas investment roadshow, and a big effort was needed to restore the country?s attractiveness among offshore investors.

?All the investors we spoke to in the US, Britain and Europe were very concerned about SA as an investment destination, in the mining sector. This is because of the value destroyed through the Harmony-Gold Fields bid, in terms of the share price, and the costs that have been incurred,? he said.
Pienaar said there had also been ?reputational value destruction? with much mud-slinging by both sides.

?Investors had believed in the Harmony story, and that Gold Fields had high-quality mines,? said Pienaar.