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.
Over 33,000 workers of Harmony Gold Mining (NYSE:HMY), South Africa's third-biggest gold producer, will be owners of direct shares in the company thanks to its employee share ownership plan (ESOP), announced CEO Graham Briggs today.
Two South African gold mines have reported fatalities at their mines on the same day.
South African gold stocks tick higher despite a fall in spot bullion prices after the country's third-largest producer reports a jump in third-quarter earnings.
Harmony Gold Corp. (TSX VENTURE:H) (the "Company") announces that it has terminated the option agreement (the "Agreement") with ECI Exploration and Mining Inc. ("ECI") pursuant to which it had been granted an option to acquire up to a 70% interest in ECI's Purisima Project located in the state of Nayarit, in west-central Mexico.
South African mining firm Harmony Gold Mining Co. Ltd., the worlds fifth largest gold producer, is looking to invest in copper-gold projects in the Philippines.
Harmony Gold Mining Company Limited said that following wage negotiations with the trade unions (National Union of Mineworkers (NUM), Solidarity and UASA) a deadlock was declared yesterday.
By early afternoon on Thursday 7.5% or over $400m had been wiped off the value of Harmony Gold Mining stock in New York, the worst performer in an index of 50 of the largest gold and silver counters. Other South African gold miners were also punished with both Anglogold Ashanti and Gold Fields down over 5%.
Some South African produces are struggling with cash outlays of $1,200/ounce – almost double the global average – thanks to a strong currency, wage disputes, power supply problems and geological issues. As the gold price eases as much as 180,000 oz of quarterly production are being put at risk.
The takeover rumour mill is working overtime as speculation about the size of Harmony Gold’s Wafi-Golpu deposit increases. Harmony has already been forced to share the planet’s potentially third largest gold and copper mine with Australia’s Newcrest Mining, selling 50% of the project for $525m three years ago.
Now, as the value of Wafi-Golpu climbs – Deutsche Bank recently put it at $9.9bn – and predictions of development cost reach $5bn, other suitors may be lining up for the assets. M&A activity in the gold sector is at a 10-year high and top takeover candidates are Harmony’s South African peer Gold Fields, Canada's Barrick Gold, Newmont Mining and partner Newcrest itself.
South Africa's Harmony Gold (HARJ.J),the world's fifth-largest gold miner, sees the price of gold rising to $1,800 an ounce in 2012, its chief executive said on Thursday.
The spot price of gold has been at record peaks, surpassing the $1,500 an ounce mark, and Chief Executive Graham Briggs said it could even go higher.
The cost of developing the huge Wafi-Golpu gold-copper project in PNG could be as much as $4billion according to Harmony CEO, Graham Briggs.
Harmony Gold (HARJ.J: Quote) said on Wednesday that its gold production for the March 2011 quarter would likely be two percent lower than the previous quarter mainly due the impact of the Christmas break.
It did not give figures in a brief guidance to investors but it said cash operating costs remained steady and capital expenditure was contained during the quarter.
Shares in South African gold miner, Harmony Gold, rose just over 5% on the back of a positive investment rating by RBC Shares in Harmony Gold Mining (HARJ.J: Quote) rose by over 5 percent in early trade on Thursday with dealers attributing the rise to an
Gold production was down four percent but operating profit increased 33% at Harmony. The company announced second quarter results on Monday for the period ending Dec. 31, 2010.
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