Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

    Die Löcher dürfen......................................................................................................................................................................................................................
    Ich schreib nix...für so Dreckszueg zieht Hotte den roten Karton.


    Aber an die Muschi von der Bix lang ich scho.


    cu DL...ich sags wann ich den Mittelfinger versenkte..deep drilling :D :D :D

    JOHANNESBURG, Aug 22, 2007 (Dow Jones Commodities News via Comtex) -- South African gold producer Harmony Gold Mining Co. (HMY) Wednesday said Nomfundo Qangule, who was appointed financial director in July 2004, has resigned her position with immediate effect.
    Frank Abbott has been named interim financial director for a period of six months with immediate effect, the company said.
    Company Web site: http://www.harmony.co.za

    JOHANNESBURG, South Africa -- Harmony Gold Mining Co. said yesterday Nomfundo Qangule has resigned after three years as finance director, the second high-profile departure this month after the chief executive unexpectedly stepped down from the gold producer.


    Ms. Qangule's departure is immediate, and the company ...

    Posted to the web on: 28 August 2007


    Harmony battles sharply rising costs, debt


    Charlotte Mathews
    --------------------------------------------------------------------------------
    Resources Editor


    HARMONY Gold Mining’s financial results for the quarter and year to June released yesterday refuted last week’s rumours that it would show a R2bn “hole” in its accounts.


    But the figures showed sharp increases in costs and debt, which interim management has promised to address.


    Harmony’s stock, which shed about a third of its value after the sudden departures from the group of CEO Bernard Swanepoel and financial director Nomfundo Qangule this month, strengthened 3% to R65,60 yesterday.


    The group made its first headline profit in three years of 43c a share against last year’s loss of 263c a share. But for the June quarter the group returned a headline loss of 133c a share from the March quarter’s 58c profit, mainly because of a substantial increase in cash costs.


    These rose because about R250m of costs incurred in the March quarter were omitted after errors in implementing a new accounting system. They had to be included in the June quarter. There was also a decline in production, which swelled unit costs.


    The group produced 16 396kg (18 010kg) of gold in June at a cash cost of R149 180/kg, 44% higher than March’s R103 608/kg. Revenue was almost flat at R151 522/kg (R151833/kg) in the June quarter. At the end of last week, Harmony’s total debt was R3,4bn after it sold its 2% stake in Gold Fields to repay all its R1,3bn long-term debt to RMB.


    Harmony’s debt includes a R1,0bn guarantee to the ARM Empowerment Trust. Harmony’s acting financial director, Frank Abbott, who has been seconded to the company for six months from Harmony’s major shareholder, African Rainbow Minerals (ARM), said talks were being held with the banks to eliminate this guarantee because of the appreciation in ARM’s share price. The guarantee was provided jointly by Harmony and ARM.


    T-Sec analyst Nick Goodwin said Harmony’s high debt, on which the interest would have to be serviced, remained a concern, as did high head office operating costs. He believed the best option for Harmony would be to list its various developing mines separately.


    In the year to June all the group’s divisions improved working profit, but in the June quarter only the growth projects and surface operations improved profitability. The main problems were lower grades at Tshepong and Target and a halving of tonnage at Bambanani because of an ore-pass blockage. In the group’s Australian assets, a seismic event at Mount Magnet disrupted production, and will incur rehabilitation costs. Harmony acting CEO Graham Briggs said Mount Magnet would be closed and sold.


    In other steps to address Harmony’s funding issues, it had also sold its South Kal mine in Australia for A$55m in cash and shares and had signed draft agreements with Pamodzi Gold for the sale of its Orkney shafts in SA.


    Briggs said Harmony was in early stage talks on selling its Cooke uranium dump at Randfontein, which contained about 39-million pounds of uranium. It had started to assay its underground assets to determine whether the ratio between its gold and uranium deposits made it viable to exploit the uranium.


    In Papua New Guinea, Harmony intended to enter into a joint venture to develop its Wafi/Golpu property, which could cost about $1bn to develop, Briggs said.


    But he said that Harmony had no plans to sell its South African operations.


    To address Harmony’s problems, Briggs had recruited two new members to the executive team, and intended to bring in at least another mining expert and a financial executive. Harmony needed to revive a culture of reviewing and budgeting, and would be looking at the way middle and lower management on the mines were incentivised to increase production. Overhead costs would have to be trimmed, including some nonproduction costs such as sponsorships.


    The group was reviewing its capital expenditure programme on its five developing projects to “cut our cloth according to our wallet size”, but it was too early to give details, he said.


    Briggs said it would take about six months to stabilise the accounting system, and operationally the current quarter “is not looking good”, although it was unlikely to be as poor as the June quarter.


    Bambani’s problems continued throughout July but it was now back in production.

    JOHANNESBURG (Dow Jones)--South Africa's largest coal and gold producers are set to sign formal wage agreements with trade unions this week, the Chamber of Mines said Tuesday.
    The Chamber, which negotiated biennial wage deals on behalf of employers, said separate signing ceremonies for the two industry sectors are set for Thursday in Johannesburg.
    The recently agreed pay agreements will be signed by the Chamber and the National Union of Mineworkers, Solidarity and the United Associate of South Africa.

    Harmony officially signs deal with Pamodzi Gold
    4 September 2007


    Harmony Gold Mining Company Limited (Harmony) announces that it has officially signed formal agreements with Pamodzi Gold Limited (Pamodzi Gold) for the sale to all rights, title and interest of Orkney shafts located near Orkney in the North West province.


    Pamodzi Gold has engaged Harmony in order to take management control of the Orkney operations under a contracting agreement by the 1 October prior to the all conditions precedent being met. Harmony has agreed in principle to this arrangement and both parties envisage signing a formal agreement within the next three weeks.


    The initial purchase consideration payable to Harmony by Pamodzi Gold for the Orkney shafts is equal to R550 million, and a secondary consideration is calculated as follows: –


    3% of the net smelter revenues in respect of the first one million ounces of gold produced by Orkney after the effective date of the transaction; and
    1.75% of the net smelter revenue in respect of all gold produced by the Orkney thereafter subject to an maximum aggregate amount of R450 million.
    The initial Orkney purchase consideration will be settled by Pamodzi Gold through:


    the payment of a cash amount of R350 million; and
    the issue of 9,272,903 ordinary consideration shares to Harmony.
    The number of Pamodzi Gold ordinary shares to be issued to Harmony has been calculated based on the 30 day VWAP of the Pamodzi Gold ordinary share price on the JSE up to the business day immediately preceding the date upon which the detailed cautionary was announced, being 24 April 2007, which VWAP is equal to R21.57.


    The transaction is subject to, amongst others, the following conditions precedent:


    the shareholders of Pamodzi Gold passing all resolutions necessary in order to approve and implement the Orkney transaction;
    Harmony converting its Old Order Mining Right to a New Order Mining Right in terms of Item 7 of Schedule 2 of the MPDRA;
    the Minister of Minerals and Energy consenting to the transfer of the New Order Mining Right to Pamodzi Gold in terms of section 11 of the MPRDA; and
    Pamodzi Gold obtaining funding for payment of the initial Orkney purchase consideration.
    Graham Briggs, acting Chief Executive says, “The official signing of the agreement highlights the willingness of both parties to meet the conditions precedent in order to successfully conclude the transaction by October 2007.”


    Graham Briggs
    Acting Chief Executive
    +27(0)83 265 0274

    JOHANNESBURG, Sep 04, 2007 (Dow Jones Commodities News via Comtex) -- Edited Press Release
    Harmony Gold Mining Co. (HMY) Tuesday said it has signed formal agreements for the sale of its Orkney shafts located near Orkney in South Africa's North West province to Pamodzi Gold Ltd. (PZG.JO) for more than 550 million rand.
    Pamodzi Gold has engaged Harmony in order to take management control of the Orkney operations under a contracting agreement by Oct. 1, prior to all conditions being met. Harmony has agreed in principle to this arrangement and said it envisages signing a formal agreement within the next three weeks.
    The initial purchase consideration payable to Harmony by Pamodzi Gold for the Orkney shafts is equal to ZAR550 million, and a secondary consideration of 3% of the net smelter revenues in respect of the first one million ounces of gold produced by Orkney and 1.75% of the net smelter revenue in respect of all gold produced by the Orkney thereafter subject to a maximum aggregate amount of ZAR450 million.
    The initial Orkney purchase consideration will be settled by Pamodzi Gold through the payment of a cash amounting to ZAR350 million and the issue of 9.27 million ordinary consideration shares to Harmony.

    ...


    Analyst Blog:
    Harmony Gold's (HMY: harmony gold mng ltd sponsored adr) return to profitability in FY07 was attributable to higher gold prices and a weaker South African Rand relative to the U.S. Dollar. The weaker South African rand is increasing the company's realized gold price in local terms. Going forward, Harmony is focused on reducing its overall operating costs through its CONOPS agreement and the shut down of loss-making shafts. Even with an earnings rebound this fiscal year, we have applied a discounted multiple to HMY ADRs to reflect a significant production profile in South Africa. Our target price of $12.75 is based on around 1.00x P/NPV valuation metric. Currently, Harmony is trading at 0.92X P/NPV, based on a NPV of $13.20 per American Depositary Receipt.


    ...


    <http://www.theaustralian.news.…97,22529267-12377,00.html>


    Vatapitta

    Over 3,000 trapped in Harmony Gold mine: reports


    SAN FRANCISCO (MarketWatch) -- More than 3,000 miners have been trapped in a South African gold mine owned by Harmony Gold Mining Ltd. (HMY:
    HMY) , according to media reports Wednesday. The miners were trapped when a roughly 1.4 mile-long shaft became blocked near its bottom, according to a report on the BBC's Web site. Rescuers are trying to use an adjacent shaft to rescue the miners, the report said. The mine is located in an area rich in gold deposits and with some of the deepest mines in the world, according to the report.

    LONDON (MarketWatch) -- Around 1,500 of the 3,200 gold miners trapped in South Africa have been rescued as the slow process of lifting them over a mile to the surface continues, according to media reports early Thursday. No injuries have been reported and paramedics have reached those still waiting to be rescued, news wire reports said. The miners were trapped after a pipe fell down a shaft, severing electrical cables controlling the lifts, according to a BBC report. Shares in Harmony Gold Mining (HMY: harmony gold mng ltd sponsored adr) , which owns the mine, fell 1.7% on the South African market.

    NEW YORK (MarketWatch) -- The last of the 3,200 miners trapped in a South African gold mine have been rescued, some after spending 40 hours underground, according to media reports Thursday. There were no reports of fatalities or serious injuries.
    The Elandsrand mine, which is owned by Harmony Gold Mining Ltd. (HMY:
    harmony gold mng ltd sponsored adr) , is some 50 miles northeast of Johannesburg in an area rich in gold deposits and with some of the deepest mines in the world, according to reports. Harmony has halted production at the mine for up to six weeks to investigate how the accident happened, reports said.
    The miners became trapped when a mishap in the 1.4-mile-deep shaft used to transport workers and equipment snapped a power cable to an elevator. The damage was only noticed late Wednesday, when miners on the day shift tried to reach the surface, according to reports. The miners were rescued through a smaller adjacent shaft.
    "The incident highlights the ongoing difficulties faced by mining operations in South Africa," Jon Nadler, an analyst with Kitco Bullion Dealers in Montreal, wrote in an email.
    "Most of the easy-to-get-to gold has been unearthed long ago. The remaining deposits are very deep underground. However, in the face of declining production, and motivated by very high gold prices, mining companies are doing their utmost to get every valuable gram of gold to the light of day."
    Miners blamed poor maintenance for the accident. While Harmony dismissed allegations of negligence, the company chairman said more safety measures were needed, according to a Reuters report. End of Story
    Simon Kennedy is the City correspondent for MarketWatch in London.
    Michelle Donley is a MarketWatch news editor based in New York.

    By Robb M. Stewart in Johannesburg and Chip Cummins in Dubai
    Word Count: 805 | Companies Featured in This Article: Harmony Gold Mining, AngloGold Ashanti


    A massive operation to bring about 3,200 miners to the surface in a gold mine in South Africa is shaping up to be a crucial test for owner Harmony Gold Mining Co., an international mining concern already struggling with a management shake-up and rising costs amid today's super-heated commodities cycle.


    Harmony said Thursday that the last of the trapped miners emerged at around 9 p.m. local time and that no employees had been injured. Company officials say the main lift at its Elandsrand mine, near Johannesburg, was damaged when a section of pipe broke free and fell into the shaft. ...

    By Robb M. Stewart in Johannesburg, South Africa, and Kris Maher in Pittsburgh
    Word Count: 1,141 | Companies Featured in This Article: Harmony Gold Mining


    A Wednesday accident that trapped 3,200 gold miners in South Africa for a day or more has put a spotlight on safety practices in the mining and minerals industries, which have rushed to meet a four-year surge in global demand for commodities.


    It also raised questions about the turnaround at mine operator Harmony Gold Mining Co., one of the world's largest gold producers, which is trying to rebound from management turmoil and declining production.


    The last of the workers was released yesterday from the Elandsrand mine near Carletonville, southwest of Johannesburg, with no reports of fatalities or serious injuries. Production ...

    JOHANNESBURG, Oct 05, 2007 (Dow Jones Commodities News via Comtex) -- South African President Thabo Mbeki has called for all mines in the country to be audited to determine whether they meet health and safety requirements, his office said in a statement Friday.
    The call for Minister of Mineral and Energy Affairs Buyelwa Sonjica to launch an audit follows the successful rescue Thursday of about 3,200 workers who were trapped underground at Harmony Gold Mining Co.'s (HMY) Elandsrand mine near Carletonville, some for more than 24 hours.
    The statement said Mbeki had expressed his "utmost satisfaction" with the rescue, which he described as "testimony of a true South African spirit."
    The president wished the miners a speedy recovery and said he hoped the mine would reopen soon, after all necessary safety requirements had been satisfied.

    JOHANNESBURG, Oct 31, 2007 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co. (HMY)., the world's fifth-largest gold producer, is looking to partner on all its assets in Papua New Guinea, keeping a 50% equity interest.
    Acting Chief Executive Graham Briggs told analysts during a presentation Wednesday a list has been compiled of companies that have approached Harmony with an interest in partnering on the mining and exploration activities.
    He said it was hoped that a partnership would be established by the first half of 2008.
    Harmony's total gold reserves in Papua New Guinea are 4.2 million troy ounces, with resources of 15.1 million ounces. It also has reserves of copper, silver and molybdenum.
    Company Web site: http://www.harmony.co.za

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