• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

See More

Harmony earnings weather strike storm

Feb 04 2013 08:04 Reuters

(Picture: Supplied)

Company Data


Last traded 23
Change -1
% Change -2
Cumulative volume 842928
Market cap 0

Last Updated: 24-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Hope for 6 200 Kusasalethu workers

Harmony Gold meets unions over job cuts

Harmony Gold warns of retrenchments

Controversy over closure of Harmony mine

Harmony may shutdown troubled mine

Court reserves ruling on Harmony hostels


Johannesburg - Harmony Gold Mining Company [JSE:HAR], South Africa's third largest gold producer, said its second quarter earnings were higher despite a 9% fall in output after post-strike violence at one of its biggest South African mines forced it to halt the operation.

Headline earnings were 28% higher at 158 cents per share for the three months October to December, which beat the Reuters consensus of 102 cents.

An interim dividend of 50 cents per share has been declared.

Production in the second quarter was 291,734 ounces after it lost 25,000 ounces to an illegal strike at its Kusasalethu operations near Carletonville.

Despite relying on South Africa for more than 95% of its output, the impact on Harmony from violent wildcat strikes that crippled operations at other South African gold and platinum producers was limited to one operation.

A burst of post-strike violence and intimidation spurred by inter-union rivalry at Kusasalethu prompted the company to say it would mothball the mine, which could lead to the sacking of 6 000 employees.

After discussions with trade unions and the government earlier this month, Harmony said it was one step closer to re-opening the mine.

"I am positive about the re-opening of Kusasalethu. In six weeks we could start to produce some ore with full production closer to the end of the quarter," said chief executive Graham Briggs.

The unions and Harmony have until March 7 to decide on the future of the mine, which has historically contributed about 14% to the company's annual output of roughly 1.3 million ounces.

Harmony's shares have lost 38% of their value in the last year, compared with a 27% drop in the JSE's Gold Mining [JSE:J150] Index. 

Shares in Harmony Gold jumped 5.4% to R60.50 at the open of trade on Monday.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

harmony gold mining company  |  mining


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

10 most expensive cars In the world

This is car porn at its best!


Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote