Harmony gains ground

Harmony Gold Mining yesterday narrowed its headline loss in the three months to the end of September to 21c a share from 72c a share loss in the three months to the end of June.

Harmony Gold Mining yesterday narrowed its headline loss in the three months to the end of September to 21c a share from 72c a share loss in the three months to the end of June.

The gold producer reported a 12,8percent quarter-on-quarter increase in production to 531,095ounces and, after a dismal June quarter, said it had managed to reduce its cash costs by 12,5percent.

Improved production pushed revenue up 16,4percent from R2,1billion in the June quarter to R2,5billion in the September quarter.

After an executive exodus before the reporting of its June quarter, Harmony has strengthened its management and adopted a back-to-basics strategy in an attempt to return to profitability.

Looking ahead, Harmony said it was now ready to focus on growing its offshore production through partnering rather than self-funding projects. It said it would be looking to southeast Asia to build on its existing assets. - I-Net Bridge

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