Monday, 25th October 2004 (2860 views)

Harmony Gold Mining has announced its first quarter results today, reporting a cash operating profit of R133 million.

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.

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".

Bernard Swanepoel, chief executive, commented: "Our focus on addressing the working cost structure of our operations is delivering results."

"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.

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.

 

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