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Johannesburg - Harmony Gold Mining Company [JSE:HAR], South
Africa’s third-largest gold producer, slid to a surprise fourth-quarter loss on
Thursday despite a 14% increase in production.
A headline loss per share of 20 cents was reported for the
three months to end-June, down from a profit of 234 cents the previous quarter.
The shock decline is significantly lower than the average
110.4 cents profit forecast in a Reuters poll of 5 analysts.
Gold production, including discontinued operations, climbed
to 320,351 ounces on higher tonnage and improved grade but cash operating costs
rose 5% to nearly R280 000 per kilogramme, mainly due to an increase in
electricity tariffs.
A final dividend of 50 cents a share was declared, bringing
the total full year dividend to 90 cents.
Chief executive Graham Briggs told a media conference call
that with R1.7bn in cash on its books, the company had no need to raise any
capital.
The gold producer has the bulk of its operations in South
Africa but has set its sights on developing the massive Wafi-Golpu copper-gold
prospect in Papua New Guinea.
Built in partnership with Australian gold company Newcrest Mining, the mine is expected to cost around $4bn.
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