View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
August 17, 2009

Harmony Issues Dividend as Profit Increases

South Africa’s Harmony Gold has reported a net profit of R2.9bn for the year ended 30 June and issued its first dividend in five years. The latest year’s profit compares to a net loss of R245m in 2008. Although output rose 1% in the quarter earnings fell 13% because of the st

By cms admin

South Africa’s Harmony Gold has reported a net profit of R2.9bn for the year ended 30 June and issued its first dividend in five years.

The latest year’s profit compares to a net loss of R245m in 2008.

Although output rose 1% in the quarter earnings fell 13% because of the stronger rand, Reuters report.

Each of Harmony’s operations, with the exception of Tshepong, Virginia, Kalgold and Evander, recorded production improvements.

But the company said throughput and grade were disappointing in the last year and will be addressed in the company’s financial planning for the financial year for 2010, the company said.

In addition, Harmony said its Doornkop and Elandstrand operations have not met their targets and will not reach full production to 2013.

Production costs increased by R683m from 2008 levels because of the increase in salaries and electricity tariffs, Harmony said.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology