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Monday, 25th October 2004 (4419 views)

Harmony Gold Mining has announced its first quarter results today, reporting a cash operating profit of R133 million.<BR/><BR/>Also throughout the period, the firm has begun an offer to shareholders of Gold Fields, has successfully completed its planned re-structuring programme and made key progress with CONOPS.<BR/><BR/>After difficulties last period, the company has now re-established an overall cash operating margin of 6.2 per cent and 57 per cent of its production "can be described as very profitable".<BR/><BR/>Bernard Swanepoel, chief executive, commented: "Our focus on addressing the working cost structure of our operations is delivering results."<BR/><BR/>"A large component of our success to date has been our ability to acquire under-performing mining assets, mainly in South Africa, and transforming these assets into cost-effective production units, in a relatively short period of time," he added.<BR/><BR/>Operational highlights in the quarter included improved costs at Target Mine, overall improvement at Bambanani, grade improvements at Evander and positive restructuring progress at Elandsrand.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3705683"/>

 

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