Harmony to save 3 100 jobs with new mine plan | Fin24
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Harmony to save 3 100 jobs with new mine plan

Jul 15 2015 17:11


Company Data


Last traded 59
Change 2
% Change 4
Cumulative volume 2870200
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Harmony Gold Mining [JSE:HAR], South Africa’s third-largest producer of the metal, will keep its Doornkop mine open after agreeing on a new business plan with unions.

The proposal preserves 3 100 jobs, with changed roles for 526 employees, who will mostly be transferred to other operations, Harmony said on Wednesday in a statement.

The company had considered closing the mine after it lost money in the past two years.

News of the agreement comes as South African gold producers and unions hold talks over a new wage accord.

Harmony’s Doornkop, 30km west of Johannesburg, produced 83 687 ounces of gold last year, about 7% of the company’s total. All-in sustaining costs of about $42 330 a kilogram were 22% higher than the average gold price.

The Doornkop plan is “a sustainable solution to ensure the viability of the mine and at the same time securing the majority of jobs,” chief executive officer Graham Briggs said in the statement.

Harmony advanced 0.9% to R14.44 on the JSE by 12:19, compared with a 0.5% gain in the FTSE/JSE Africa Gold Mining Index.

harmony  |  job cuts  |  mining


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