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Harmony turn-around in tune

The turn around at Harmony Gold is continuing, the world's fifth largest gold producer says

It was releasing its results for the second quarter and six months ended December 31, 2009.

"The turnaround at Harmony continues with an increase in profitability on the back of favourable market conditions and restructuring for more quality ounces," CEO Graham Briggs said.

For the quarter, Harmony saw headline earnings per share of 49 cents as opposed to a loss of 12 cents in the previous quarter.

The company reported a 45 percent increase in cash operating profit to R800 million while total operating costs decreased by one percent.

During the quarter, the gold price increased by 11 percent to R264,774 per kilogram.

Gold production for the quarter was down 1.2 percent to 11,569 kilograms as expected, mainly due to the restructuring at the company.

Briggs said that costs had been "well-controlled" and a higher rand/gold price received "helped us towards significantly improved profit levels".

He said work had continued on the commissioning of Harmony Gold's growth projects and on production planning for the Pamodzi Gold Free State assets.

"In addition, we reported some very exciting exploration results out of Papua New Guinea"

He, however, warned that as part of Harmony's restructuring for sustained profitability, cutbacks from marginal loss-making mining operations could be expected.

Annual report

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Integrated annual report 2016

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Harmony Investor brief

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