Restructuring pays off for Harmony | Fin24
  • New Notes

    Long queues have formed in Harare after Zimbabwe released new bank notes and coins.

  • Open Book

    Former President Jacob Zuma says the public protector can access his tax records.

  • SAA Strike Proposal

    The flag carrier's acting CFO says a strike could destroy the struggling airline and all its jobs.


Restructuring pays off for Harmony

May 08 2015 08:18

(File, Shutterstock)

Company Data


Last traded 48
Change 2
% Change 5
Cumulative volume 573528
Market cap 0

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

Related Articles

Harmony finds copper-gold deposits in PNG project

Heroic rescue team were brave lions - minister

Harmony Gold haunted by Kusasalethu curse

Amplats, Harmony say power cuts threaten output

Harmony focuses on long term value

Harmony second-quarter output down 10%


Cape Town - Harmony Gold has posted a 4% increase in quarterly production profit, mainly due to cost cutting and a higher gold price.

Harmony [JSE:HAR] said in a statement on Friday its production profit increased to R643m in the March 2015 quarter compared to R618m in the previous quarter, owing to a 10% decrease in operating costs supported by a 6% increase in the average gold price received.

Harmony, the third largest gold mining company in South Africa, said gold production for the quarter to 31 March was impacted by slow start-ups after the December 2014 holidays, as well as safety stoppages.

As a result, gold production was 10% lower at 7 642 kg in the quarter under review compared with the December 2014 quarter.

Harmony reduced its headline loss per share to 60c from 114 cents in the previous quarter.

Harmony CEO Graham Briggs said the company has responded to a lower gold price – "first by rationalising our assets and then restructuring our portfolio – cutting costs, reducing labour numbers and focusing on mining only safe, profitable ounces".

He said during the next couple of months, Harmony will continue to improve the performance of its assets and restructure Masimong, Doornkop and Hidden Valley for profitability.

"We are assessing ways of funding Golpu and unlocking the true value of each of our assets, which will ensure shareholder returns in the long term,” said Briggs.

harmony  |  gold  |  mining  |  earnings reports


Read Fin24’s Comments Policy 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
Comments have been closed for this article.

Company Snapshot

Money Clinic

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

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote