Posted in | News | Gold | Earnings

Harmony Gold Posts Strong Quarter Results

Harmony Gold Mining Company Limited, the third largest gold producing company in Africa, has announced a 33% second fiscal quarter operating profit thanks to the rising price of gold bullion.

Operating profits in the three months through December 31 were 867 million Rand, a jump from the 652 million Rand recorded in the previous quarter.

The 12% hike in gold prices in the quarter also helped decrease operating costs by 1%. The Chief Executive Officer of Harmony Gold Mining, Graham Briggs said that the company has turned the corner. He added that unprofitable operations were closed and their longer-life lower cost operations were profitable and sustainable.

The gold miner has been trying to increase its gold output as the metal has risen by 30% in efforts to keep the economic crisis effects minimized. Gold has been used as a hedge against inflation and weak currencies in global markets.

Mr Briggs said that Harmony Gold will produce between 1.45 million ounces and 1.5 million ounces in the full fiscal year. He added that the company was looking for new opportunities for mining projects in Papua New Guinea, Indonesia and Philippines. It already has a joint venture with Newcrest Mining in its Hidden Valley mine in Papua New Guinea and is looking for more options.


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