Harmony Gold cuts its losses

Harmony Gold Mining sold its remaining Gold Fields shares at a R450million loss last week because it needed the cash, said acting chief executive Graham Briggs. Harmony managed to raise R1,35billion by selling the 2percent of Gold Fields it still held. Under former chief executive Bernard Swanepoel, Harmony built up a stake in Gold Fields during a failed hostile takeover bid two years ago. - I-Net Bridge

Harmony Gold Mining sold its remaining Gold Fields shares at a R450million loss last week because it needed the cash, said acting chief executive Graham Briggs. Harmony managed to raise R1,35billion by selling the 2percent of Gold Fields it still held. Under former chief executive Bernard Swanepoel, Harmony built up a stake in Gold Fields during a failed hostile takeover bid two years ago. - I-Net Bridge

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