| Harmony Gold Gives Q4 & FY15 View, Updates on Doornkop - Analyst Blog | |
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Harmony Gold Mining Company Limited HMY announced that gold production for fiscal fourth quarter (ending Jun 2015) is expected to be 4% to 5% higher than the previous quarter. The company expects gold production for the year ended Jun 30, 2015 to be 1.08 million ounces.
Harmony Gold, on May 19, commenced a 60-day consultation process with organized labor at its Doornkop mine in order to find ways to return the mine to profitability or to place it on care and maintenance. The company along with the unions concluded that a new operational plan will be adopted for Doornkop that will return the mine to profitability. This will also save considerable number of jobs.
The mine’s new plan will affect just 526 employees, most of which will either be transferred somewhere else within the company or re-skilled. Alternatively, the employees will have the option to accept a voluntary severance package.
Harmony Gold is expected to release its results for the fourth quarter and year ended Jun 30, 2015 on Aug 18. The company reported a loss of 5 cents per share in third-quarter fiscal 2015 (ended Mar 31, 2015), that compared unfavorably with earnings of a penny per share recorded in the year-ago quarter. The bottom line was affected by lower gold pricing and high mining costs.
Revenues decreased 17.5% year over year to $292 million in the third quarter from $354 million registered in the year-ago quarter. The decline resulted from lower gold volumes and gold prices in the reported quarter.
Harmony Gold currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the mining space include Sandstorm Gold Ltd. SAND, Vista Gold Corp. VGZ and Primero Mining Corp. PPP. All of these stocks carry a Zacks Rank #2 (Buy).
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Harmony Gold Mining Ltd
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PRODUCER |
CODE : HMY |
ISIN : US4132163001 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Harmony Gold is a gold producing company based in South africa. Harmony Gold develops gold and silver in Papua New Guinea and in South Africa, and holds various exploration projects in South Africa. Its main assets in production are RANDFONTEIN UG, HARMONY 2, KALGOLD, TARGET, ELANDSKRAAL UG OPERATING SHAFT, TSHEPONG, EVANDER - 2, 3 & 5, ELANDSRAND, ELANDSKRAAL, JOEL MINE, WELKOM, EVANDER, EVANDER - MINE ON CARE, EVANDER PROJECTS BELOW INFRASTRUCTURE-EVANDER SOUTH, EVANDER STOCKPILE, BAMBANANI, PHAKISA, FREE GOLD WEST, ST HELENA, JOEL, FREE GOLD SHAFT CARE & MAINTENANCE, FREE GOLD STOCKPILE, RANDFONTEIN SURFACE STOCKPILE, ELANDSKRAAL - DEELKRAAL UG SHAFT ON CARE, ORKNEY UG OPERATING SHAFT, ORKNEY UG SHAFTS ON CARE, MERRIESPRUIT 1, MERRIESPRUIT 3, UNISEL, BRAND 3, MASIMONG, MINES ON CARE-FREE STATE, EVANDER 7, EVANDER 8, EVANDER PROJECT BELOW INFRASTRUCTURE ROLSPRUIT, EVANDER PROJECTS BELOW INFRASTRUCTURE POPLAR, EVANDER OPERATIONS, RANDFONTEIN OPERATIONS, PAMODZI (FREE STATE), DOORNKOP, EVANDER (BELOW INFRASTRUCTURE), NYALA and FREE GOLD in South Africa, HAMATA and WAFI in Papua New Guinea and SOUTH KAL MINES, UNION REEFS, BENDIGO and HIDDEN VALLEY in Australia, its main assets in development are HIDDEN VALLEY & KAVEROI in Papua New Guinea and BLOEMHOEK in South Africa and its main exploration properties are VIRGINIA OPERATIONS, PHOENIX, FREE STATE SURFACE and MIDDELVLEI in South Africa and GOLPU and NAMBONGA in Papua New Guinea. Harmony Gold is listed in France, in Germany, in United Kingdom and in United States of America. Its market capitalisation is US$ 4.1 billions as of today (€ 3.8 billions). Its stock quote reached its highest recent level on July 27, 2012 at US$ 9.99, and its lowest recent point on November 20, 2015 at US$ 0.53. Harmony Gold has 439 960 000 shares outstanding. |