Harmony Gold Mining Company Limited
Harmony Gold Mining Company Limited
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Rescue efforts are continuing at Harmony's Kusasalethu mine in Carletonville, South Africa after a seismic event at 10.30 Friday. Five employees are reported missing.
Harmony says management team and Mineral Resources have been working since the incident in an effort to rescue the missing miners.
CEO Peter Steenkamp has credited Harmony Gold's the secure cash-flow margins from gold hedging for its ability to reduce net debt by 18% to R887M and investment in expansion of the now-wholly owned Hidden Valley mine in PNG.
Harmony posted steady gold production of 33,836kg for the year to end-June 2017, compared to 33,655kg in FY16, although AISC rose 10% to R516,687/kg (FY16: R467,611/kg). Average gold price received rose 5% to R570,164/kg (R544,984/kg).
Headline earnings improved 35% to R1.306B (R964M).
Invesitgations have begun into the fatal injury of an employee during maintenance work at the underground refrigeration plant at Harmony's Target gold mine at Welkom, South Africa.
The strong performance of its mining fundamentals has South African major Harmony well on track for its 1.05Moz guidance for the year to June 2017 after posting 812,000oz at cash operating cost of R439.669/kg for the 9 months to end Mar.
After South Africa's customary slow start-up from the holiday season, CEO Peter Steenkamp expects higher production in the June qtr to drive down unit costs.
Workers at Harmony Gold's Kusasalethu gold mine W of Johannesburg, S Africa, have returned to work, ending an illegal strike that started more than 2-weeks ago, Reuters reports.
Kusasalethu employs about 4,500 workers, who downed tools on Mar 23 after the Association of Mineworkers and Construction Union encouraged the strike in response to disciplinary procedures against 40 employees following an illegal sit-in at Kusasalethu in Jan.
South Africa's Harmony Gold says a labour court has declared the ongoing wildcat strike at its Kusasalethu mine W of Johannesburg "unprotected" and required employees, who downed tools 2-weeks ago, to return to work, Reuters reports.
Harmony says the strike from Mar 23 has cost Harmony about 7-10 days of gold production at a rate of 15kgs a day.
Workers at Harmony's Kusasalethu mine in South Africa have returned to work after talks between mine management and senior leadership of the Association of Mineworkers and Construction Union agreed to end the day-old illegal strike.
The strike was triggered by disciplinary action against 40 employees over a previous industrial dispute. CEO Peter Steenkamp praised the union's willingness to put differences aside in the best interests of employees and their families.
South African gold giant Harmony has appealed to Association of Mineworkers and Construction Union leaders to engage with management and condemn intimidation over an illegal strike at its Kusasalethu mine.
Harmony says no workers reported for today's day shift to protest disciplinary proceedings against 40 employees arising from a previous protest in Jan. The company, which says the action undermines the viability of the mine, warns it could result in further disciplinary action.
A winch driver has been killed in a fall of ground incident at Harmony Gold Mining’s Bambanani mine in Welkom in South Africa's Free State.
An investigation is underway.
South African miner Harmony has halted all scraper-related operations until further notice after an experienced employee was fatally injured in a scraper-related incident at its Masimong mine in Welkom in the Free State.
Harmony has also declared a safety shift while an investigation continues into the incident.