After losing money for three years to 2015, Harmony is now focused on finding mines able to offset falling production at its South African operations.
Harmony Gold Mining Mining News
Harmony Gold has been looking for new assets to meet its goal of increasing production to 1.5 million ounces over the next three years.
The world’s fifth largest gold producer has told a Perth mining forum today that it plans to lift its total output to 1.5 million ounces a year within three years as it combines its increasing output from African and PNG mines.
A geologist by training, the 62 year old executive has been with the company for 20 years.
The company had warned it planned to restructure several of its mines, producing almost 25% of its gold, when it posted a third consecutive quarterly loss early May.
The employee was fatally injured in an accident while performing maintenance work on Saturday.
The mine, Harmony's single largest gold producer, will likely remain closed for an indefinite period while a probe is held.
Specially trained rescue teams continue their efforts to save the remaining employees, said the company.
The revised plan for their jointly-owned Wafi-Golpu in PNG will require an initial capital spending cost of $2.3 billion.
Newcrest Mining Ltd. (NCM.AU) and Harmony Gold Mining Co. Ltd. (HAR.JO) will carry out a feasibility study for a possible new gold mine in Papua New Guinea that they forecast will cost US$2.3 billion to begin building, and which they say could start producing metal by the end of the decade.
The company has begun a 60-day consultation with unions at Kusasalethu mine, its largest operation.
Harmony Gold, Sibanye Gold Ltd., and AngloGold Ashanti named among the top candidates to consider deals.
Harmony decided against expanding its Phakisa mine and will write down the value of the asset.
Structural steel for walkways, container supports pre-manufactured and delivered ahead of time.
The miner revealed it is reviewing its Kusasalethu mine’s financial and operational status.
Harmony Gold Mining (NYSE:HMY) announced Thursday it has closed its Kusasalethu mine in South Africa a day earlier than planned for the festive holiday season due to violent demonstrations following the suspension of 578 workers.
South African Harmony Gold (NYSE:HMY) said police is investigating a violent incident that left two of its workers another and injured at one of its mines as unrest continues in the industry.
Drilling at Harmony Gold’s Kusasalethu mine, in western Gauteng, was halted on Monday after a worker was killed and another injured in a blasting accident.
Gold Fields Ltd. (NYSE, JSE:GFI) said Tuesday it will dismiss all miners who fail to return to work by Thursday at its KDC West and Beatrix plants, as the company has lost over 65,000 ounces of gold production because of strikes at its South African operations.
Harmony Gold Mining Co. said yesterday that workers barricaded the entrance to its Kusasalethu mine on the West Rand keeping mine operations shuttered.
South Africa's third-largest gold producer after AngloGold and Gold Fields Ltd., Harmony Gold Ltd. (JSE:HAR), said Wednesday that workers at its Kusasalethu mine embarked on a strike.
Release of a pre-feasibility study for Wafi-Golpu in Papua New Guinea is expected any day now and punters hope drilling results that put the deposit into the same league as Freeport-McMoran’s Grasberg mine across the border in West Papua, Indonesia are confirmed.
In trading on Tuesday, shares of Harmony Gold Mining Co. Ltd. (NYSE: HMY) entered into oversold territory, changing hands as low as $8.66 per share.
Harmony Gold Mining Co. (HAR), the third- largest African miner of the metal, may boost output by 150,000 ounces in the fiscal year ending June 2013 as the company starts new projects, Chief Executive Officer Graham Briggs said.
South African gold producers are expected to report lower quarterly earnings with production knocked across the board as output-disrupting safety stoppages continue to sting, a Reuters poll of 7 analysts showed.