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

JOHANNESBURG, Jan 31, 2008 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI), Africa's second-largest gold producer, Thursday said it has been informed that South Africa's state electricity generator won't increase power levels to 90% of demand as planned.
Underground mining operations across the country were suspended last Friday after utility Eskom Holdings Ltd. said it couldn't ensure the supply of electricity. The supply of power has been ramped up in recent days, allowing most mining companies to resume operations.
Gold Fields said Eskom informed the company that the order to increase to a 90% power load was withdrawn in order to "protect further frequency decay and system instability."
The Johannesburg-based company said it has pulled back production levels at its operations to an 80% power level in order to comply with Eskom's instruction and in the interest of safety.
Company Web site: http://www.goldfields.co.za

JOHANNESBURG, Feb 01, 2008 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI) Friday said South African power supplier Eskom Holdings Ltd. has reinstated plans allowing mines to increase power usage to 90% of normal from 80%, authorization it withdrew Thursday due to problems meeting demand for power across the country.
The Johannesburg-based company said it was "cautiously remobilizing" toward the 90% usage level.
"While we welcome the reinstatement of the 90% power levels, we urgently need a guarantee of a sustainable level of supply. We need to have a consistent guaranteed supply to reestablish our operations safely at these levels," Terence Goodlace, head of Gold Fields' South African operations, said.
Gold, platinum, diamond, coal and other mining operations were suspended Jan. 25 for five days after Eskom warned it was unable to ensure electricity supplies. Mines have since been ramping up operations in anticipation of an only 10% reduction in usual power demand.
Company Web site: http://www.goldfields.co.za

JOHANNESBURG, Jan 30, 2008 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co. (HMY), Africa's third-largest gold producer, Wednesday said it has varying staff complements in each of its mines in South Africa after the country's power generator increased the supply of electricity.
It said higher ore grade mines Elandsrand, Randfontein, Tshepong, Evander and the some of the Virginia operations are fully staffed, while Target, Masimong and Phakisa have a 60% complement. It said the rest of its mines are focused on care and maintenance of operations.
"We have stopped most of the support infrastructure and some of the metallurgical mills from operating during the country's peak consumption periods. In some cases hoisting of ore is done between midnight and five in the morning when the country's consumption is at a low peak," the Johannesburg-based company said.

LONDON, Jan 29, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
Harmony Gold Mining Company Limited said Tuesday it is investigating the feasibility of re-mining some of its old tailings dams at its operations in the Welkom area.
The company said the objectives of the project are to re-mine old tailings dams, re-process the tailings to extract gold and consolidate the residue tailings from the processing plant onto three tailings facilities.
Nine historic tailings dams in the Welkom area are being considered as part of this project. The proposed operations in Welkom will process about 240Mt of tailings from these existing tailings dams.
The project consists broadly of the following components:
* Re-mining the nine existing tailings facilities
* Pipelines to supply water to the re-mining areas, and to transport the slurry to the processing plant
* Gold to be removed from the slurry at the existing St Helena processing plant.
* Pipelines to supply water to the processing plant and to transport tailings residue from the processing plant to three tailings deposition facilities.
Graham Briggs, Chief Executive said: "The re-mining of tailings presents an ideal opportunity to consolidate tailings facilities spread across the region into three tailings facilities. This will allow for better management of the facilities and the implementation of stricter control on environmental management, which earlier facilities may not have taken into account during design."
The reprocessing of tailings is focused on gold extraction. The potential extraction of uranium is still being assessed.
Gold may be reclaimed from the slurry at the existing St Helena processing plant, situated south-west of Welkom. The plant was mothballed almost three years ago and could be brought into production again. It amy be expanded to allow for the treatment of the required volumes of slurry.
Several regulatory processes are being conducted, including an Environmental Impact assessment. The purpose of the EIA is to evaluate potential negative and positive environmental and social impacts.
The company added: "Should the Harmony re-mining project be approved by the authorities, it is expected that construction at these operations will commence towards the end of 2008.
"It is anticipated that about 130 temporary job opportunities will be created during the construction phase. Furthermore, about 150 permanent jobs are expected to be created by the project over a 20- year period. This is subject to the outcome of the engineering studies.
"Three significant benefits that will flow from the proposed project include addressing environmental concerns related to the existing nine tailings dams; consolidating tailings using current best practice and significantly reducing current environmental impacts; and the economic benefit of gold recovery.
"Harmony's successful and profitable tailings project near Virginia, the R41 million Phoenix project, was upgraded to process 500 000 tonnes per month. It is anticipated that the St Helena plant would be a profitable business; capital and working cost estimates are yet to be finalised."
Harmony said it welcomes stakeholders participation in the EIA process to identify issues of concern and suggestions for enhanced benefits.

JOHANNESBURG, Jan 28, 2008 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co. (HMY), Africa's third-largest gold producer, is considering mining and processing waste in tailings dams at its operations in Welkom, South Africa.
The Johannesburg-based company has nine historic tailings dams in the Welkom area, and it Monday said proposed operations would process about 240 metric tons of tailings to extract gold.
"The re-mining of tailings presents an ideal opportunity to consolidate tailings facilities spread across the region into three tailings facilities," Chief Executive Graham Briggs said in a statement.
The process would be focused on gold, although Harmony said the extraction of uranium is being addressed.
Gold may be reclaimed from the slurry at Harmony's existing St. Helena processing plant, situated southwest of Welkom. The plant was mothballed almost three years ago and could be brought into production again.
The company said the plant may be expanded to allow for the treatment of the required volumes of slurry.
It said several regulatory processes are being conducted, including an environmental impact assessment to evaluate potential environmental and social impacts.
Should the Harmony project be approved by the authorities, it is expected that construction at operations would begin toward the end of 2008, Harmony said. It said it anticipates that about 130 temporary job opportunities would be created during the construction phase, and about 150 permanent jobs created by the project over a 20-year period.

JOHANNESBURG, Jan 28, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
Harmony Gold Mining Co. (HMY) has agreed to power rationing in South Africa and it to be supplied with 75% of its normal average consumption in order to make safe its mines until Wednesday, when a meeting with state power company Eskom Holdings Ltd. will be held.
The Johannesburg-based company said mining industry was notified that Eskom could only supply sufficient power to put the mines in "safemaking" mode. In addition, Eskom committed to giving the industry four hours prior notice of any impending blackouts, an improvement on the situation that existed in past days where no persons have been underground except those on essential services.
Harmony in a statement Sunday said the talks with Eskom will look at the possibility of increasing power supply to 90% from 75%.
Harmony is presently strategizing on how best to optimize plants and operations with the amount of power it will be supplied. Harmony's nightshift was to have gone underground Sunday and Monday to commence with making areas safe to resume production as soon as we are supplied with 90% energy.
Elandsrand Gold Mine, which is currently Harmony's biggest safety risk mine, sent workers underground Sunday morning to begin with cleaning and safemaking.

Under a directive issued by the Department of Water Affairs and Forestry, Simmers in conjunction with AngloGold Ashanti Ltd. (AU) and Harmony Gold Mining Co. (HMY) are responsible for the operation of the Margaret shaft at the dormant Stilfontein mine. Margaret Shaft is operated as a pumping facility for all mines in the region.

JOHANNESBURG, SOUTH AFRICA, Feb 04, 2008 (MARKET WIRE via COMTEX) -- Researched by Industrial Info Resources (Sugar Land, Texas) -- If South African miner Gold Fields (GFI: gold fields ltd new sponsored adr) is only permitted 90% of its normal power usage, under the new allotments being managed by power utility Eskom to contain the country's power deficit, six of its 21 operating shafts will be at risk of closure. Last week Eskom cut the supply of power to all mines to 50% of normal supply, which only allowed for miners to perform minimum shaft maintenance and pumping. Mining operations were curtailed for safety and operational reasons.
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Hallo Leute,

trotz der aktuell negativen Situation bei den Südafrikanern denke ich, dass die aktuellen Kurse, vor allem wenn man bedenkt, dass der Goldpreis über 900 $ steht, klare Kaufkurse sein dürften.

Eine Gold Fields verschwindet nicht so einfach in der Versenkung.
Ich kaufe nach.

Gruß Matthias

Good luck, ich machte es vorher, fiel aber trotzdem..

Die Minen in RSA sind sehr tief....

Aus "Business Report" vom 15.2.2008:

Harmony output dulled by power cuts
February 15, 2008

Johannesburg - The world's fifth-largest gold miner, Harmony Gold, said on Friday that its production for the March 2008 quarter would decrease.

"In the light of Eskom's electricity supply disruptions and with mines operating only at 90 percent of Harmony's previous power supply, the company's production for the March 2008 quarter will decrease," it said in a statement.

However, chief executive officer Graham Briggs said the company "is devising new strategies on optimising operations to produce at 90 percent of electricity supply to ensure that we deliver returns on our shareholders' investments".

On January 25, Eskom notified South African mines that electricity supply could not be guaranteed. Most South Africa mines were closed for five days amid rolling electricity blackouts.

The mines then resumed operations but are presently operating with only 90 percent of their usual power supply.

Earlier this week, Bloomberg quoted Eskom as saying it would not be able to supply mines with more than 90 percent power until 2012.

Harmony on Friday released its financial review for the second quarter ended December 31 2007.

The gold miner saw a headline loss per share of 43 cents for the second quarter to end-December against 30 cents in the previous quarter -- as result of a decrease in output.

Harmony's total production for its underground continuing operations decreased by 1.3 percent to 4 445 000 tonnes resulting in an 8.3 percent decrease in kilograms produced to 12 403 Kg and a 3.9 percent drop in grade to 4.87g/t.

Cash operating costs remained almost unchanged at R133 234 per kilogram. Gold price received at R169 502 per kilogram was 8.5 percent higher than the September quarter, however, the rand to US dollar exchange rate was 4.7 percent stronger at 677 cents.

Harmony's operating profit from continuing operations improved 43 percent to R449.8 million. Capital expenditure increased during the quarter under review to R808 million. This was mainly as a result of the ramp up in expenditure at Harmony's Hidden Valley mine in Papua New Guinea.

The company's operational results for the second quarter 2008 were negatively affected by the 44 days of stoppage time at Elandsrand after a shaft incident, in order to carry out the investigation into the mine incident of 3 October 2007.

Elandsrand accounted for 67.1 percent or 1 177 kilograms loss of production in the December quarter. A one-day national strike called by the National Union of Mineworkers in support of safety also impacted on production.

"However, both the Elandsrand accident and the one day strike has resulted in increased safety focus and we are hopeful that this will result in positive safety behaviour and a renewed safety effort from all Harmony employees," the company said.

Harmony has projects in South Africa, Australia and Papua New Guinea and operates 21 individual mines. - Sapa

JOHANNESBURG, Feb 15, 2008 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co.'s (HMY) production in the third quarter of its financial year will be reduced by power shortages in South Africa, although its Elandsrand mine will at the same time return to full output, Chief Executive Graham Briggs said Friday.
Briggs said a four-day halt to operations across South Africa in late January after the country's state-owned power company couldn't ensure electricity supplies probably resulted in the loss of about 800 kilograms of gold output.
Johannesburg-based Harmony produced 12,403 kilograms in the three months to Dec. 31, down from13,523 kilograms in the first quarter. Its Elandsrand mine suspended operations for 44 days after an accident in early October in which the main shaft was damaged and about 3,200 workers were temporally trapped deep underground.
Power company Eskom Holdings Ltd. has since the start of February restricted mines and other large power consumers to 90% of the usual electricity requirements, and Harmony said that while the effect of the interruption and the decreased power supply hasn't been quantified it "will impact on the gold production."
Company Web Site: http://www.harmony.co.za

LONDON, Feb 26, 2008 (Dow Jones Commodities News via Comtex) -- Johannesburg-based Harmony Gold Mining Co. (HMY) said Tuesday that the night shift at its Bambanani Mine in the Free State would operate following a seismic event at lunchtime that killed two workers and critically injured another.
The company said the localized seismic event, which measured 2.1 magnitude, occurred on 63 level 73 stope, causing the panel to collapse. A total of 16 employees were working in the area at the time.
The stope where the deaths occurred was closed and the daytime shift pulled from the mine, but the night shift is expected to operate, said one of the company's chief operating officers, Tom Smith.
The company will meet with the Department of Minerals and Energy Wednesday morning for an inspection following the accident and it hopes to be able to continue operating, Smith said.

LONDON, Feb 26, 2008 (Dow Jones Commodities News via Comtex) -- (Adds output details, background.)
Johannesburg-based Harmony Gold Mining Co. (HMY) said Tuesday that the night shift at its Bambanani Mine in the Free State would operate following a seismic event at lunchtime that killed two workers and critically injured another.
The company said the localized seismic event, which measured 2.1 magnitude, occurred on 63 level 73 stope, causing the panel to collapse. A total of 16 employees were working in the area at the time.
The stope where the deaths occurred was closed and the daytime shift pulled from the mine, but the night shift is expected to operate, said one of the company's chief operating officers, Tom Smith.
Smith said the closure will affect output at the mine, which on average produces 390 kilograms a month, but that it is only one out of 40 stopes.
The company will meet with the Department of Minerals and Energy Wednesday morning for an inspection following the accident and it hopes to be able to continue operating, Smith said.
"Production will continue, depending on what the DME says tomorrow," Smith said.

JOHANNESBURG, Feb 27, 2008 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co. (HMY) has stopped work at its Elandsrand mine after two workers were killed following a localized seismic event that caused a fall of ground.
The Johannesburg-based company, Africa's third-largest gold producer, said the two workers died from injuries despite having been rescued by fellow workers within 20 minutes of being trapped by fallen ground.
The seismic event at the mine near Carletronville, South Africa, took place at 0830 GMT and measured 0.9 on the Richter scale. Harmony said the damage to the mine was confined to the top portion of the 78/5 stope panel, and no other workers were seriously injured.
"The workplace has been stopped until further investigations are done," the company said.
Company Web site: http://www.harmony.co.za

JOHANNESBURG, Feb 27, 2008 (Dow Jones Commodities News via Comtex) -- (Adds background.)
Harmony Gold Mining Co. (HMY) has stopped work at its Elandsrand mine after two workers were killed following a localized seismic event that caused a fall of ground.
The Johannesburg-based company, Africa's third-largest gold producer, said the two workers died from injuries despite having been rescued by fellow workers within 20 minutes of being trapped by fallen ground.
The seismic event at the mine near Carletronville, South Africa, took place at 0830 GMT and measured 0.9 on the Richter scale. Harmony said the damage to the mine was confined to the top portion of the 78/5 stope panel, and no other workers were seriously injured.
"The workplace has been stopped until further investigations are done," the company said.
A seismic shock at Harmony's Bambanani mine in South Africa's Free State province on Tuesday resulted in the deaths of two workers. The stope where the deaths occurred was closed and the daytime shift at the mine suspended.
Trade union Solidarity has described Harmony's Free State operations as among the safest in the country.
Elandsrand, meanwhile, halted operations for 44 days last year after an accident in the main shaft in October left about 3,200 workers trapped deep underground for more than 24 hours.
The workers were evacuated without serious injury, but together with a rise in mining fatalities last year prompted the government to launch a safety audit of mines in the country and to crack down and push for temporary suspension of activities while deaths were investigated.
Harmony produced 12,403 kilograms of gold in the three months to the end of December, down 8.3% on the previous quarter.
At 1106 GMT, shares in Harmony were trading up 4.71 rand, or 1.9%, at ZAR93.76, rising along with the gold mining sector.
Company Web site: http://www.harmony.co.za

JOHANNESBURG, Feb 27, 2008 (Dow Jones Commodities News via Comtex) -- (Adds union saying third worker dies in hospital.)
Harmony Gold Mining Co. (HMY) has stopped work at its Elandsrand mine after two workers were killed following a localized seismic event that caused a fall of ground.
The Johannesburg-based company, Africa's third-largest gold producer, said the two workers died from injuries despite having been rescued by fellow workers within 20 minutes of being trapped by fallen rock.
The tremor at the mine near Carletronville, South Africa, took place at 0830 GMT and measured 0.9 on the Richter scale. Harmony said the damage to the mine was confined to the top portion of the 78/5 stope panel, and no other workers were seriously injured.
"The workplace has been stopped until further investigations are done," the company said.
A seismic shock at Harmony's Bambanani mine in South Africa's Free State province on Tuesday resulted in the deaths of two workers. A third worker died later in hospital, trade union Solidarity said.
The stope where the deaths occurred was closed and the daytime shift at the mine suspended.
Solidarity has described Harmony's Free State operations as among the safest in the country.
Elandsrand, meanwhile, halted operations for 44 days last year after an accident in the main shaft in October left about 3,200 workers trapped deep underground for more than 24 hours.
The workers were evacuated without serious injury, but together with a rise in mining fatalities last year prompted the government to launch a safety audit of mines in the country and to crack down and push for temporary suspension of activities while deaths were investigated.
"Five deaths in two days puts pressure on Harmony to tighten safety in the workplace," union spokesman Reint Dykema said. "Gold is trading at record levels at the moment and mines must not yield to the temptation to put production before safety."
Harmony produced 12,403 kilograms of gold in the three months to the end of December, down 8.3% on the previous quarter.
At 1339 GMT, shares in Harmony were trading up 1.95 rand, or 2.1%, at ZAR94, rising along with the gold mining sector.
Company Web site: http://www.harmony.co.za

The miner cut its gold output forecast due to electricity shortages

NEW YORK (MarketWatch) -- Shares of Gold Fields Ltd. fell over 4% Monday after the company said that South Africa's severe power shortages may force it to slash as many as 6,900 jobs at local mines and will likely result in a substantial decline in its gold production.
In New York trading, shares of Gold Fields (GFI: gold fields ltd new sponsored adr) (ZA:GFI) , one of the world's largest unhedged producers of gold, tumbled 4.2% to $14.27.
Gold Fields said Monday that its gold production for the current quarter is forecast to decline by between 20% and 25% compared with the December quarter, as a result of the total suspension of production for one full week due to power shortages and continued power rationing.
Together with other major mining companies, Gold Fields suspended mining operations in late January for nearly a week at the request of the state-run utility Eskom, which is struggling to generate enough power to meet the country's rising needs. Read more.
Subsequently, operations were restarted, but Eskom has reduced Gold Fields' electricity supply by 10% from average historic consumption levels.
Given that Gold Fields will be operating at only 90% of its average historic electricity consumption at least for the next five years, the miner said it expects production from its South African mines to decline by between 15% and 20% from the June quarter onwards.
Gold Fields also said that it may have to lay off as many as 6,900 employees and contractors because of the closure and mothballing of some of its mining operations.
"It's quite paradoxical that we're in a downscaling mode," said Terence Goodlace, head of South African operations for Gold Fields, in a conference call with reporters and analysts Monday.
"It's quite paradoxical that we're in a downscaling mode."
— Terence Goodlace, head of South African operations at Gold Fields
The inability of Eskom to supply the mines their full power requirements, and to commit to additional electricity demand for new mining projects currently in development, has caused a significant crisis in the South African mining industry, Goodlace said.
Gold Fields executives emphasized that no employees have been laid off yet and that layoffs will be a last resort. The mining company has already informed the National Union of Mineworkers of the possibility of job cuts.
To achieve the 10% reduction in electricity consumption imposed by Eskom, Gold Fields will mothball, close or scale back three shafts at its Driefontein Gold Mine and two shafts at its Kloof Gold Mine, which might potentially result in 4,900 job losses.
The company will also restructure its South Deep Gold Mine, potentially resulting in 2,000 job losses which are compounded by the power rationing.
Production at the Beatrix Gold Mine is unlikely to be affected by the reduction in power supply, because it is a shallower mine and isn't as energy-intensive, Gold Fields said.
By the end of this calendar year, Gold Fields plans to spend some 200 million rand on additional emergency power to safeguard employees in the case of a total blackout.
Worries over declining output from South Africa have helped push gold and platinum futures to record highs in recent weeks. South Africa is the world's second-largest gold producer and the biggest platinum producer. See Metals Stocks.
"The trend in the gold price is likely to continue upward," said Ian Cockerill, CEO of Gold Fields, in the conference call. "We are disappointed that we are not able to take full advantage of this gold price."
While "it's a tough going in South Africa, the international side of our business will benefit from this higher price," Cockerill said.

LONDON, Feb 25, 2008 (Dow Jones Commodities News via Comtex) -- Amid record high gold prices, Johannesburg-based gold mining company Gold Fields Ltd. (GFI) said Monday that it will be forced to scale back or close parts of its operations in order to achieve the 10% power reduction imposed by South African power supplier Eskom Holdings Ltd., which will further affect gold output.
It will also likely result in job losses, the company added.
The company reiterated that as a result of the power cut, sustainable production at Gold Fields' South African operations is likely to decline by between 15% and 20% from the June quarter of 2008 onwards.
"It is paradoxical that we have to consider downscaling in the current record-high gold price environment," said Terence Goodlace, Head of South African Operations for Gold Fields Limited.
The company said already as a result of the total suspension of production for one full week due to power constraints in January, continued power rationing, and the seasonal impact of the Christmas break, gold production for the current quarter, third quarter of fiscal year 2008, is forecast to decline by between 20% and 25% against the December quarter.
The total number of employees and contractors potentially affected at all of its South African mines will be 6,900 out of a total of 53,000 employees.
Eskom has said that the current quota of 90% of average historic electricity use being provided to miners will remain in force for at least five years, through 2012. Gold Fields is currently using 540 megawatts of power, down from the historical average of 601 megawatts, the company said.
To reduce its energy consumption and meet the 90% figure Gold Fields said it proposes closing or reducing some of its operations.
"To ensure sustainability of production and the security of the associated jobs, albeit at reduced levels, all available electrical power will have to be directed to higher margin, revenue generating shafts, at the expense of lower margin shafts and the Driefontein 9 shaft development project," Goodlace said.
Some of its energy saving options include mothballing, scaling back or closing the number 6 and 7 shafts as well as the 9 shaft Depth Extension Project at Driefontein, and the Number 3 and 8 shafts at Kloof Gold Mine. That could affect roughly 4,900 employees at these two mines, the company said.
Also being considered, is restructuring South Deep Gold Mine as a result of the depletion of the Ventersdorp Contact Reef horizon above the 95-level. A new strategy will be implemented which focuses primarily on the completion of the twin shaft infrastructure and development capital programs. This too is compounded by the power rationing, the company said, adding the total number of South Deep employees potentially affected is around 2,000.
It said production at Beatrix Gold Mine is unlikely to be affected by the reduction in power supply.
The company said it is in talks with all relevant stakeholders, including unions and associations, to ameliorate the impact on affected employees. The company said it is waiting for the completion of a series of meetings between the Government and the Chamber of Mines, scheduled for Feb. 26, 27 and 29, before further action.

The economic fallout from South Africa’s electricity crisis continued to reverberate as Gold Fields, the second largest gold producer, announced that it might cut up to 6,900 jobs, 13 percent of its work force, because of a 10 percent power reduction by the state utility, Eskom. It said its production would decline by 20 to 25 percent this quarter because of the power cuts. The National Union of Mineworkers, which represents 320,000 workers, said its members would “take to the streets” if there were major job cuts.