Harmony Gold Mining Company Limited
Harmony Gold Mining Company Limited
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Things are looking good for Anglo Gold Ashanti with Q3 19 gold production up 3% and increased Q4 19 production expected from its Tanzania, Guinea, Australia and Brazilian operations
Thousands of South African gold mining employees or descendants of deceased miners will be in line for payouts of between R70,000 and R500,000 after the High Court in Johannesburg approved a R5B agreed settlement with five major mining companies.
The court’s ruling that the settlement is reasonable, adequate and fair ends a complex class action on behalf of miners who contracted silicosis or tuberculosis during or after working in the nation’s gold mines since 1965.
An investigation is under way into the death of an employee in a fall of ground incident on July 25 at South African miner Harmony Gold Mining’s Tshepong gold mine near Welkom.
Harmony Gold has been boosted by the inclusion of a full year of production from both Moab Khotsong in South Africa and Hidden Valley in PNG to deliver 1.44Moz gold in the June year (FY19), in line with its 1.45Moz guidance and up from 1.23Moz a year earlier.
Underground recovered grade improved for the seventh successive year, reaching 5.59g/t (FY18: 5.48g/t).
Record production and costs performances by the Cadia mine in NSW have helped Australian gold leader Newcrest Mining beat its gold and copper targets at its best recorded unit costs in the year to end June.
An investigation is under way into the death of an employee in a shaft-related incident at its Kusasalethu gold mine near Carletonville, South Africa on Friday evening.
The US and a group of Pacific allies are proposing to finance a power plant to kick-start the Wafi-Golpu Gold-Copper Mine in Papua New Guinea, jointly owned by Newcrest Mining and Harmony Gold, and one of the world’s largest untapped gold resources, Reuters reports.
The project would be the 1st to be funded by a partnership of the US, Australia, New Zealand and Japan that pledged to support electricity projects in PNG during the Asia Pacific Economic Co-operation Summit in Nov 2018.
The US, Australia, NZ and Japan are believed to be discussing plans for a power plant to kick-off Newcrest/Harmony’s big Wafi-Golpu gold/copper mine in PNG.
Harmony Gold’s investment strategy pays off with the inclusion of Moab Khotsong in South Africa and Hidden Valley in PNG boosting its production and cash flow in the first half of 2019.
A 45% jump in production costs has sent South African-based international miner Harmony Gold’s interim profit plunging despite higher production and cash-flow driven by its Moab Khotsong and Hidden Valley operations.
Attributable net profit for the 6 months to Dec 2018 (H1FY19) was ZAR75M, down from ZAR897M a year earlier.