Harmony Gold Wipes Out Debts

27 May 2009 (Last Updated May 27th, 2009 18:30)

South Africa's Harmony Gold Mining Company has wiped its debt after repaying a R1.7bn convertible bond. The company said it will look to acquire companies affected by the global downturn. Harmony Gold CEO Graham Briggs attributed the debt-free status to the measures taken in th

South Africa's Harmony Gold Mining Company has wiped its debt after repaying a R1.7bn convertible bond.

The company said it will look to acquire companies affected by the global downturn.

Harmony Gold CEO Graham Briggs attributed the debt-free status to the measures taken in the past 18 months.

“With both our Nedbank loan and convertible bond now paid off, Harmony’s balance sheet is in excellent health. With cash in the bank, we are in an exciting and advantageous position,” Briggs said.

By staff writer