[miningmx.com] – SHARES in Harmony Gold fell as much as 4.8% on news the South African gold producer would produce 15% less gold in its third quarter than in the previous quarter.
The shares declined as much as 4.8%, the most since April 4, and were 3% lower at R54.50 by 3:33 p.m. in Johannesburg, said Bloomberg News.
Safety concerns relating to weeks of strikes and violence led Harmony to suspend output at Kusasalethu, its biggest mine, said Bloomberg News citing an announcement by Harmony Gold to the JSE.
“More than half of the employees at Kusasalethu have returned to the mine to date and Kusasalethu is expected to return to normal production levels after June 2013,’ the company said.
“Kusasalethu’s and Phakisa’s performance may further impact Harmony’s June 2013 production quarter.’
Gold output dropped 9% in the December quarter from the previous three months because of work stoppages and violence at Kusasalethu in Carletonville, west of Johannesburg, Bloomberg News said.
