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Tuesday, 9th August 2005 (3836 views)

Harmony Group has announced disappointing June quarter and FY05 results but remains optimistic about the future.<br/><br/>The company produced 2,97 million ounces of gold at an average operating cost of US$412 per ounce.<br/><br/>Although this shows an 11 per cent decline in production for the year, Harmony chief executive, Bernard Swanepoel was upbeat. <br/><br/>"Following a number of delays our re-structuring process is approaching completion. This has seen the transformation of our balance sheet through the sale of non-strategic assets and the completion of the re-structuring should see us restore operating health to our South African mines," he said.<br/><br/>Harmony is now operating at a profit; the figures have already risen up from an operating loss of R55 in March to a profit of R45 in June.<br/><br/>In the future, Harmony plans to invest in both existing and new projects with surface infrastructure upgrades and systems replacement aiming to increase production.<br/><br/>Harmony has been hard hit by the low rand gold price in South Africa as the majority of its operations are there.<br/><br/><br/><img alt="track" src='http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15019275'/>© Adfero Ltd

 

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