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    David Leffel

    Research Analyst at Deutsche Bank

    David Leffel is a Research Analyst at Deutsche Bank with a specialization in the metals and mining sector, focusing on companies such as Gold Fields and other global mining firms. He is recognized for his detailed financial analysis and keen insights on asset disposition, operational cost trends, and production guidance for listed mining companies. Leffel has been with Deutsche Bank since at least 2009 and has established a reputation for incisive industry questioning and providing critical data for investment decision-making, with a history of participation in quarterly results calls for major sector players. His professional credentials include advanced financial analysis expertise, although specific registrations or securities licenses are not publicly listed.

    David Leffel's questions to HARMONY GOLD MINING CO (HMY) leadership

    David Leffel's questions to HARMONY GOLD MINING CO (HMY) leadership • Q4 2016

    Question

    David Leffel of Deutsche Bank inquired about the status of asset disposals, their potential impact on production guidance, and the operational future of the Hidden Valley and Kusasalethu mines, including costs and production volumes. He also questioned Harmony's core competencies for pursuing international acquisitions outside of its current footprint.

    Answer

    CEO Peter Steenkamp clarified that only Hidden Valley was for sale but was withdrawn after receiving no suitable offers; a study on the costs for its cutbacks is underway. He corrected that Masimong and Unisel are being harvested to completion, not sold. For Kusasalethu, he outlined a five-year plan to mine its high-grade area, guiding for 140,000 ounces in the next year at an all-in sustaining cost of approximately $1,170 per ounce. Steenkamp justified the M&A strategy as necessary to build the financial strength required to develop the major Golpu project.

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