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    Bruce Williamson

    Mining Analyst and Fund Manager at Integral Asset Management

    Bruce Williamson is a Mining Analyst and Fund Manager at Integral Asset Management, bringing expertise in South African mining and resources investment. He covers prominent companies such as Tongaat and has provided key market commentary, notably identifying critical risks for investors, while managing dedicated mining-focused portfolios. Williamson began his career as a Portfolio Manager at Imara Asset Management before joining Integral Asset Management in 2015, where he continues to guide clients with in-depth sector analysis. He is based in Johannesburg and recognized for his operational and international experience, though specific securities licenses and performance rankings are not publicly listed.

    Bruce Williamson's questions to HARMONY GOLD MINING CO (HMY) leadership

    Bruce Williamson's questions to HARMONY GOLD MINING CO (HMY) leadership • Q4 2025

    Question

    Bruce Williamson of Integral Asset Management (Pty) Ltd questioned if Harmony Gold was 'high grading' at its Mponeng mine given the high gold price, asking how long the grade would remain above 11 g/t and if the eventual decline would be sudden or gradual.

    Answer

    CEO & Executive Director Beyers Nel refuted the high-grading accusation, explaining that the rigid, safety-focused sequential grid mining method at Mponeng prevents chasing high grades. He clarified that while they are seeing positive outperformance, the mine should be evaluated based on its stated reserve grade. Nel also noted that the company does not lower its cutoff grades in high-price environments to ensure long-term mine plan stability.

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    Bruce Williamson's questions to DRDGOLD (DRD) leadership

    Bruce Williamson's questions to DRDGOLD (DRD) leadership • FY 2025

    Question

    Bruce Williamson of Integral Asset Management requested an update on the tax ring fences and unredeemed capital balances for the operations, especially with the new solar plant, and asked about the current cost inflation trends for key inputs like labor, power, and chemicals.

    Answer

    Outgoing CFO Rian van der Merwe explained that Ergo and Far West are treated as separate, integrated ring fences for tax purposes and confirmed the 125% tax incentive claim for the solar system. A member of the finance team stated the unredeemed CapEx balance was approximately R600 million for each operation. CFO Designate Henriette Hoyer detailed cost trends, noting stable labor at Ergo with lower contractor costs, a future full-year benefit from solar, and inflationary increases plus growth-related staffing at Far West.

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    Bruce Williamson's questions to DRDGOLD (DRD) leadership • FY 2025

    Question

    Bruce Williamson from Integral Asset Management questioned the tax structure, specifically the ring-fencing of operations and unredeemed capital balances post-solar farm commissioning. He also asked about current cost inflation trends for key inputs like labor, power, and chemicals.

    Answer

    Outgoing CFO Rian van der Merwe explained that Ergo and Far West are treated as separate, integrated ring-fences for tax purposes, with the solar project qualifying for a 125% capital incentive. The finance team confirmed an unredeemed CapEx balance of approximately ZAR 600 million for each operation. CFO Designate Henriette Hoyer detailed cost inputs, noting stable labor at Ergo with lower contractor costs, while Far West will see planned labor increases for its expansion, with other costs facing general inflation.

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    Bruce Williamson's questions to DRDGOLD (DRD) leadership • FY 2025

    Question

    Bruce Williamson from Integral Asset Management asked for an update on the tax ring-fences for the operations, including the new solar plant, and their unredeemed balances. He also inquired about current cost inflation trends for key inputs like labor, power, and chemicals.

    Answer

    CFO Rian van der Merwe explained that Ergo and Far West are treated as separate, integrated ring-fences for tax purposes, with the solar plant included in this system. A colleague from the finance team added that the unredeemed CapEx balance was approximately R600 million for both operations. CFO Designate Henriette Hoyer addressed cost inputs, noting that Ergo's costs are stable with decreases in reclamation contractors, while Far West will see planned labor increases for its expansion, with other costs facing general inflation.

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