Motsepe was vague when pushed by analysts for details on the growth in copper and practically avoided answering the question from a Macquarie analyst whether ARM would join Harmony Gold in which it owns a 15% stake at the Wafi-Golpu copper and gold deposit in Papua New Guinea.
Harmony CEO Peter Steenkamp has spoken of exploring options around the Wafi-Golpu project at which it faces spending of hundreds of millions of dollars in a partnership with Australian gold miner Newcrest Mining.
The options are to either share its stake in the undeveloped project with another company - prompting speculation that copper hungry ARM could be that partner - sell its Wafi-Golpu stake outright or keep it and develop it, particularly if the Papua New Guinea government exercises its option to take a 30% stake in the project, reducing the capital needed from Harmony and Newcrest.
After a brief history lesson on the link between the two companies, Motsepe said: "There are ongoing discussions between ARM and Harmony on a number of issues.
"We are looking at several opportunities in different parts of the world and of course Harmony and ARM have their own ongoing discussions in terms of how their partnership can work for the benefit of both parties."
ARM has just burnt its fingers in the Lubambe copper mine it shared with Brazil's Vale in Zambia, selling out of the operation.
A senior figure in ARM has said the company would be unlikely to pursue Wafi-Golpu, which is an undeveloped mine that will take millions of dollars to build over a number of years. There would also be the cost of buying part or all of Harmony's 50% stake. Given the non-answer from Motsepe, it is difficult to judge what the chairman of both companies thinks of the tie up.
Tim Clark, an analyst with Standard Bank, asked about the sustainability of the R2.50 maiden interim dividend ARM declared and whether it was cannibalising the year-end dividend to make the payment.
"The relevant issue now is we've declared an interim dividend and that is the plan going forward. Those companies that have declared dividends once and refrained from declaring dividends [again] were slaughtered. We don't want to find ourselves in that position," Motsepe said.
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