Harmony expects profits boost

HARMONY Gold Mining expects second-quarter output to fall compared with the first, but sees an 11 percent rise in the rand gold price boosting profits.

HARMONY Gold Mining expects second-quarter output to fall compared with the first, but sees an 11 percent rise in the rand gold price boosting profits.

Chief executive Graham Briggs said yesterday the company thinks the dollar price of gold would remain at current levels for the next 12 months

Briggs said after closing four marginal shafts, Harmony is reviewing smaller operations and any shafts not making a profit would be closed.

Harmony was still on track to reach its target of 2,2million ounces a year by 2012, up from 1,5million ounces to the end of June this year. - Reuters

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