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Thu 2 Sep 2010
Close: 7587c 
Day's move: 118c (+1.58%)
Volume: 1 346 096
Trades: 1 996
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Harmony to economise on SA gold mine ore reserves
Business Day reported that, Harmony has discovered large gold deposits in Papua New Guinea, but closer to home it has exploration programmes to extend the lives of its South African mines and maintain production at about 2 million ounces or more. The common view, borne out by a dramatic decline in South African gold production in recent years, is that there is little potential left on the local gold fields, with mines having to go ever deeper into a more dangerous and expensive environment. But there is still potential at Harmony's existing mines, CEO Graham Briggs said. Harmony is growing production to 2 million ounces in 2012 from 1.4 million ounces in the last financial year. It has shut six unprofitable mines and a seventh could close if it does not perform. It has a host of projects that will drag costs down and push production higher.
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Harmony -- investor day presentations
Harmony will be hosting analysts, fund managers and investors today at the company's offices in Randfontein. Presentations will be delivered during which Harmony's management team will share insight into the company's planning processes going forward to ensure the sustainability of a safe and profitable company. The presentations in support of investor day will be available on the company's website at www.harmony.co.za at 08:00 am SA time on Wednesday, 25 August 2010.
The presentations will also be broadcasted live via webcast at www.corpcam.com/Harmony25082010. Should you be viewing the webcast and have any questions relating to the presentations, please email your questions to esha@harmony.co.za.
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Harmony calls off plan to list Evander
According to Business Day, Harmony Gold, which has cut its 2012 production target by 200 000oz, has scrapped plans to separately list its Evander assets as it pushes ahead on the Wafi-Golpu project in Papua New Guinea that is likely to be its next new mine from 2016. Harmony has lowered its 2012 output forecast to 2 million ounces after it shut six unprofitable shafts in the past year and has a seventh that will be closed if it does not meet targets. Its Hidden Valley mine in Papua is not yet firing on all cylinders, having started commercial production in May. It is treating weathered rock and has had a lot of silver through the plant, which flooded the carbon used to extract gold.
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