Harmony Gold Mining Company Limited
Harmony Gold Mining Company Limited
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South African miners Harmony Gold, African Rainbow, Anglo American SA, AngloGold Ashanti, Gold Fields and Sibanye-Stillwater have agreed to pay up to ZAR500,000 in compensation for former mine workers suffering the lung diseases silicosis and turberculosis.
The companies have previously estimated their combined costs of the settlement will be about ZAR5B.
The settlement comes after 3 years of negotiations with lawyers representing the claimants in a class action.
South African-based gold miner Harmony posted March qtr (Q3FY18) production of 256,660oz, compared to 258,330oz pcp.
Cash operating costs rose to $US1,215/oz (Q3FY17: $1,043/oz).
YTD production was 816,663oz (812,192oz). FY18 guidance has been raised to 1.18Moz from 1.1Moz.
Harmony Gold expects contributions from its newly acquired Moab Khotsong mine in South Africa and the ramp-up of Hidden Valley in PNG to boost it to its higher full year gold production target of 1.8Moz.
Newcrest MD-CEO Sandeep Biswas says an updated FS for its Wafi-Golpu copper-gold project JV with Harmony Gold in PNG provides a clear pathway for a world-class, multi-decade project.
The study lowers total project capital cost to $A5.4B, $1B lower than previous studies.
Forecast annual production increases to 161,000t copper and 266,000oz gold over 28 years.
Newcrest Mining will proceed with mining lease and environmental processes on its 50-50 Wafi-Golpu copper-gold JV with Harmony Gold after completing an updated feasibility study that improves its costs and production profile.
South African miner Harmony Gold says it’s on track to achieve gold guidance of 1.1Moz in the June 2018 year after producing an increased 560,000oz in the Dec 2017 half (H1 18), but with its net profit nearly halved to R897M ($US65M) from R1.5B ($111M) in H1 17.
However, headline earnings per share, the main profit measure in South Africa that strips out some one-off items, rose to R2.24ps ($0.19cps) from R1.50ps ($0.13cps).
An investigation is under way into the death of an employee at Harmony Gold Mining's Tshepong operations near Welkom in the Free State Province of South Africa.
Harmony says the worker was fatally injured in a mining equipment related incident on Wednesday.
South African-based miner Harmony has recommenced ore processing at its Hidden Valley project in PNG's Morobe province after completing the 4-month shutdown for its processing infrastructure upgrade 2 weeks ahead of schedule.
Harmony says the project is ahead of schedule and on budget. More than 65% of the planned initial capital investment in the stage 5 and 6 openpit cutback has been incurred.
CEO Peter Steenkamp says Hidden Valley is well on track to deliver steady state gold production of 180,000ozpa at AISC under $US950/oz in FY19.
Employees at Harmony's Kusasalethu gold mine near Carletonville have returned to work after mine management stuck to its guns over the disciplinary dismissal of 6 union leaders.
Harmony says the workers reported for the Monday night and Tuesday morning shifts, ending a 2-day illegal strike over the action against Association of Mineworkers and Construction Union branch officials.
“For Kusasalethu to be profitable, discipline has to be restored and focus needs to remain on safety and productivity," CEO Peter Steenkamp says.
South African miner Harmony is seeking legal orders for employees at its Kusasalethu mine near Carletonville to return to work from an illegal strike over management action against their union leaders.
The dispute with Association of Mineworkers and Construction Union members has escalated with several illegal stoppages since early 2017, leading to dismissal of the AMCU branch leadership.
Harmony says employees failed to report for work on Sunday night, ignoring its ultimatum issued over illegal stay-aways on Friday night.