miningmx
TODAY In Gold & Silver ›
Graham Briggs, CEO of Harmony Gold
Share Price
HARMONY GOLD MINING COMPANY LIMITED (HAR)
Last Trade : R 74.00
Change(%) :-1.06
Cumulative Volume :303288
Market Cap :R31.92bn
» More company data...

Related Stories

» Harmony scraps Evander listing
» Harmony sanguine on PNG politicking
» Harmony bullish despite Q4 headline loss

Harmony halts plans for R6bn shaft

Reuters | Wed, 25 Aug 2010 13:23

Print this page Send this article to a friend
Share
[miningmx.com] -- HARMONY Gold Mining, Africa's third-largest gold miner, said on Wednesday it would delay development of a R6bn shaft at its Evander mine in South Africa due to cash constraints.

CEO Graham Briggs said it would be difficult to obtain board approval for the project when other units of the gold producer were in the process of ramping up production.

The group previously said the new shaft would help increase output.

Harmony earlier this month said its total gold production for the year to end-June rose 4 percent from the previous quarter to 346 714 ounces, with total cash costs up to $831 per ounce from $829 per ounce the previous three months.

"We have got, at the moment, no intention of proceeding with the project," Briggs told Reuters.

Harmony said in a document on its website that it was positioned to generate sufficient cash to fund growth and dividends, but it gave no further details.

Harmony Gold shares were down 0.22 percent at R73.84 at 09:07 GMT compared with a 0.65 weaker Top-40 All-Share index.

special reports
News Alert! Subscribe to our Free News Alert
Most Read
Commented
Ed's Choice
  1. »Miners ponder capital spend as distress mounts
    by David McKay | 16 May 2012 15:13
  2. »Great Basin's Burnstone starts road to recovery
    by David McKay | 15 May 2012 16:37
  3. »Gold One embarks on share liquidity drive
    by André Janse van Vuuren | 16 May 2012 11:22
  4. »AngloGold exec's exercise share options
    by Miningmx | 15 May 2012 09:50
  5. »Anooraq/Atlatsa: new name, same problems
    by André Janse van Vuuren | 14 May 2012 18:03
  1. » Transnet unveils concept for own coal terminal
    by David McKay | 11 May 2012 11:05
  2. » Tata Power moots SA 'stranded coal' plan
    by David McKay | 10 May 2012 16:20
  3. » Eskom, Anglo negotiate 'cost plus' Kusile deal
    by David McKay | 08 May 2012 11:39
  4. » First Uranium outlines stark choices
    by André Janse van Vuuren | 08 May 2012 22:15
  5. » More creditors knock on LontohCoal’s door
    by Mpho Sibanyoni | 30 Apr 2012 09:01
More news from Gold & Silver
  • › The golden doldrums
  • › Great Basin in R80m BEE tiff with Gold Fields
  • › Investec sees gold at $1,850
  • › Gold One secures financing for deals
  • › Central Rand Gold seeks image makeover
  • › Mining policies inconsistent - Cutifani
  • › Randgold's Malian assets operational
  • › No quiet exit for First Uranium
  • › Gold Fields 'committed' to Mali - report
  • › Aurora ‘virtually a Ponzi scheme’
    • podcastsPodcasts
    Big opinions by big guys.     RSSRSS Feeds
    News delivered really simply.
    jobsJobs
    Current listings.     eventsEvents
    Current listings.
    jseJSE Listed stocks
    15 Minute Delay
    special reportsFREE News Alert!
    Subscribe to our News Alert