Ich sagte bereits damals als alle noch von Harmony Kurszielen von 2-3 Euro sprachen und Harmony bei 4,7 Euro stand, dass Harmony vor einem 40% Anstieg steht !! Mittlerweile stehen wir schon bei 7,30 Euro und Harmony wird auf mind. 10 Euro weiter steigen !!!!
gruss
steph
Ein Interview mit Freddy D. Er kommt hierbei zu dem bahnbrechenden Schluss, dass die GFI Anteile die Harmony noch hält im Moment nicht verkauft werden sollen da man derzeit keinen vernünftigen Preis dafür erzielen kann....hört hört....das war bei den 30 Mio Shares die Sie vor ein paar Monaten rausgenüppelt haben scheinbar nicht der Fall, bzw. muss Harmony da das Wasser bis zum Hals gestanden haben.
Darüber hinaus noch ein Hinweis auf die Provitabilität....derzeit wird mit einem Rand/Goldpreis Verhältnis von R90.000/kg gearbeitet....um profitabel zu sein benötigt Harmony nach Aussage von Freddy D. aber R110.000/kg....d.h. weiterhin Verlust 
Zur Originalmeldung:
Goldfields haben sich in den letzten Tagen ganz schön entwickelt. hat jemand ein Preisziel für die nächsten 90 Tage, in denen Harmony den noch verbleibenden Goldfieldsanteil nicht verkaufen will - erst bei vernünftigen Preisen allenfalls, so konnte man kürzlich lesen.
Das Q1 wird übrigens am 26. Oktober präsentiert.
Gruss
aus MiningMX vom 21.09.05
u. a.mit Ausführungen zu Papua- u. Austra--Aktivitäten
No regrets for Harmony's Swanepoel - Part II
===================================
Posted: Wed, 21 Sep 2005
[miningmx.com] -- Earlier this week, Miningmx published part one of a post-bid interview with Harmony Gold CEO Bernard Swanepoel. Here is the second and final part of the interview:
David McKay: I understand that you’ve had to restructure management as well?
Bernard Swanepoel: Well, the focus that we have tried to put into Harmony is that the different types of assets clearly have got different management needs. You know it’s very difficult to be schizophrenic such that you go from the future to the present to the past all in one day. It’s very difficult to be with the design team of the mine that you want to build and then you go back to a shaft in harvest mode where the focus is on cost reduction.
As a result, we’ve split or grouped our assets under the watch of senior managers such that the so-called ‘growth shafts’ are grouped under Bob Atkinson; the Australian operations are grouped under Graham Briggs; and the ‘quality assets’ or higher margin, longer life assets fall under Philip Kotze. Peter Steenkamp looks after Harmony’s marginal assets.
What we expect of our executives now is a consistent focus on a type of orebody as opposed to the schizophrenic behaviour where I’m cost obsessed in the morning and excited about the future at night. However, we do employ a few schizophrenic guys!
David McKay: How do you respond to criticisms that the company, focused on South Africa’s mature gold mining industry, is ex-growth?
Bernard Swanepoel: There are two components to this answer. The first is that of fast decreasing South African gold output. The other is that in such a business environment, the pressures to conduct consolidation will eventually outstrip the ego issues between the management of gold companies. In other words, the environment that has made it tough for us in South Africa is the environment that will force further consolidation.
At the moment, the co-operation between companies is in areas such as health services, but it may be in the area of procurement in the future. Ultimately, there comes a time when ‘your toys and my toys’ are no longer viable separately; but together, they can be viable.
If you have no South African baggage; if you have no anti-South African sentiments, and you don’t have geographic diversification as your main corporate strategy, then you’re likely to be a catalyst in South Africa’s gold mining consolidation. Harmony has played that role unashamedly for 10 years.
Having said that, we aren’t so patriotic that we refuse to do business outside South Africa. We’ve established a very profitable production base in Australia making R140 million in the year under review. Our Australian base has also helped us launch real exponential growth potential in Papua New Guinea in the form of the Hidden Valley mine and Wafi mine gold projects.
David McKay: By most reports, the topography and political climate of PNG make it very difficult to mine there. Comments?
Bernard Swanepoel: On the issue of topography in the PNG, we use the word ‘rugged’. Certainly, the PNG’s rugged topography contributes to infrastructure costs. But some of the world’s best mines are so high in the mountains that you and I would have difficulty operating with so little oxygen.
Harmony’s projects in the PNG are not at high altitude but they are in underdeveloped mountainous territory. But since we’ve got long-term plans for the region we have deemed it necessary to build a good road upfront. Once you’ve built the road, then topography loses a lot of its relevance.
I respect the outside world’s view of PNG’s politics. But our experience with PNG has been very positive. It is a country doing its damndest to re-invent itself and to play by democratic rules. The country has upgraded its legislation in terms of mining rights, environmental issues, and community participation. In fact, it’s interesting how its legal and political environment is similar to South Africa’s.
David McKay: Returning to long-term strategy, can you share some views on whether your company will seek another big bang merger?
Bernard Swanepoel: The bid for Gold Fields was completely opportunistic. As much as Gold Fields’ mines sat comfortably on our radar screens, the entity as a whole was put in play through an ill-considered bid for Iamgold. But our preferred means of growth is through acquisitions where you take control of the asset and establish good knowledge of the asset and its costs through a proper due diligence.
David McKay: Here’s one from left field: have you given thought to diversifying along commodity lines?
Bernard Swanepoel: We’ve had good board discussions on this and certainly as long as there’s the gold premium phenomenon, it’s a very touchy subject.
If, for instance, we were to take over a platinum mine that makes as much money or generates as much revenue as Harmony as a whole, it’s quite possible you would still destroy value even if you were to buy that asset at fair value. That’s because it would no longer attract a so-called gold premium. Hence the overall value of one plus one makes less than two.
However, there’s enough studies – some of them commissioned by Harmony – to show that a gold company can tolerate a certain level of diversification before this gold premium gets threatened. One view is that gold companies that have 20% to 30% of non-gold revenues can still be seen as a gold company.
Harmony’s non-gold revenue is zero. However, the PNG project, Hidden Valley, will derive 20% of total revenue from silver. Harmony will therefore become a silver producer of significance two years from now. And if we were to proceed with the Wafi project in the PNG, then copper would become a significant product of Harmony’s.
David McKay: Some fund managers benchmark the importance of gold companies on size of market capitalisation, or gold production, two criteria on which Harmony has slipped recently. Thoughts?
Bernard Swanepoel: Size and market cap does correlate to overall value. There certainly was a time when there was a very strong correlation between size and value, bigger companies’ ounces were valued higher than smaller companies. The bigger you are the more you can spread your overheads, and the bigger stake an investor can take within his own mandate as well.
At a market cap of US$3.5 billion, Harmony is 50 times bigger than what it was 10 years ago in dollar terms. Nonetheless, we’ve always supplemented our lack of size with high liquidity in our shares. Harmony is regularly the most liquid gold stock in the world with a 250% to 400% turnover per year. The point is a US$3.5 billion company with 400% turnover looks as big to the investor as a $14 billion company with 100% liquidity.
David McKay: Just as a point of record what is sustainable gold production for the new financial year?
Bernard Swanepoel: Our plans add up to just over 2.9 million ounces which includes 270 000 ounces from Australia.
David McKay: On the black economic empowerment front in South Africa, have you had your new order licences approved; if not, what’s still outstanding?
Bernard Swanepoel: Harmony was the first mining company to get licences approved. In October 2004, Harmony submitted the remaining licence applications with the exception of our Free State licence which is now in the process of being submitted.We are really just now in a queue which I am told is a few hundred applications long. Given that Harmony’s first few licences were approved, I can’t see that we will run into problems. I believe the licensing process is practically done from our perspective.
David McKay: What’s your assessment of our position in the gold market cycle. Do you see the gold price reaching $750 per ounce as suggested by some?
Bernard Swanepoel: By definition, I’m a gold bull, like most of my shareholders. That’s great, as I need to convince them that they should make investments on which we will make returns in five, 10, 15 years. That’s how you build a new generation of mines.
But I can’t allow the same level of optimism in operational planning, however. There are potential negative factors for the dollar gold price. And as a South African company we’ve got our own dynamics. The factors that would make the dollar gold price go up could be the same factors that would make the rand strengthen. So I want my managers to operate mines that can break even in a more conservative set of assumptions.
David McKay: In three to five years’ time what kind of company do you expect Harmony to be?
Bernard Swanepoel: Harmony will be busy building its second very successful mine in PNG. Hidden Valley will be a world class mine. On the back of Hidden Valley, we will have the confidence and the capital to embark on the Wafi gold/copper mine.
Harmony will have played a major role in the further consolidation of South Africa’s gold industry. But even in the absence of consolidation, Harmony’s South African production will be over 3 million ounces per year. Our cash costs will be continuously dropping from the R75 000/kg that we see in the foreseeable future.
We certainly would have topped up our organic growth with a decent amount of further acquisitions both in South Africa and outside the country.
Certainly, Harmony will be closer to 5 million ounces per year than to 3 million ounces – a world class company that will continue to be unhedged. We will unashamedly be proudly South African, but not exclusively so.
Philip Kotze and Peter Steenkamp looks after Harmony’s marginal assets. 
ISIN No.: ZAE000015228
HARMONY DISPOSES OF ITS 50% STAKE IN THE BURNSIDE JV
Johannesburg, 23 September 2005 - Harmony Gold Mining Company Limited (NYSE: HMY
JSE: HAR) today announced that they had reached agreement with Northern Gold NL
on the divestment of its 50% stake in the Burnside Joint Venture for a
consideration of A$24 million or R117 million.
In terms of the agreement Northern Gold will purchase Harmony"s sole purpose
subsidiary which holds Harmony"s interest in the Burnside JV and the management
entity thereof.
The purchase consideration of A$24 million (plus replacement of a A$1 million
performance bond) is payable in tranches comprising:
* A non-refundable deposit of A$0.25 million.
* A cash payment of A$4.0 million and an issue of A$5.0 million of shares (20
million Northern Gold shares) on completion (within six months) and the
replacement of a A$1.0 million performance bond.
* A cash payment of A$5.0 million and the issue of A$4.4 million shares (at an
issue price equal to the higher of A$0.25/share and the prevailing 30 day volume
weighted average market price) six months after completion, and
* A cash payment of A$5.35 million payable 18 months after the completion date.
The transaction is subject to normal regulatory approvals that accompany such
transactions.
Harmony Chief Executive Bernard Swanepoel commented: "Having a single company
controlling leveraged deposits such as those within the JV would have been
difficult to manage by two companies with contrasting strategies. Harmony will
however still get exposure to the assets through its shareholding in the
controlling company. "
ENDS
" HAR gehört zum besten, was es an GM gibt,
ein paar Postings höher "Predicted" bis 30.09.05 sehen wir 15 €"
Tambok´s Vorhersage wird trotz des Sprunges im September von 6 auf 8,85Euro nicht eintreffen. Harmony verbrennt weiterhin Cash, sowohl im laufenden Septemberquartal als auch im nächsten Quartal. An sich wollte HAR schon im Septemberquartal Cash Flow positiv sein.
Nachdem Brenton Saunders nach seinem kurzen Zwischenspiel als "head of IR" wieder die Fliege gemacht hat, ist anscheinend wieder Ferdi Dippenaar für IR zuständig.
Harmony cash burn to continue
David McKay
Posted: Wed, 28 Sep 2005
[miningmx.com] -- HARMONY Gold, the South African gold producer, would continue to burn cash after capital expenditure until next year when it expected to be cash flow positive, said commercial director Ferdi Dippenaar.
“We will be burning cash in this [September] quarter and in the next [December] quarter, but we will be cash flow positive in the March quarter,” he said. Dippenaar was speaking at the Denver Gold Forum.
Earlier this year, Harmony had forecast this year it would be cash flow positive by September, a target predicated on meeting total cash costs of R75,000/kg. Cash costs were now estimated to be R79,000/kg for the remainder of the year, Dippenaar said. “It’s a conservative estimate because if we fail the market is going to kill us.”
In an interview with miningmx, Dippenaar said that “theoretically” the company would not be required to sell the rest of its R2bn worth of shares in Gold Fields. Capital expenditure for 2006 is estimated to be R1.56bn: “It’s going to be a capital-hungry year,” he said.
Total project capital expenditure was estimated to be R1.1bn of which about a third would be spent on starting development of the group’s Hidden Valley mine in Papua New Guinea. Against this, the company has about R1.8bn on its balance sheet having removed most of its short-term debt and a convertible loan. Interest from these debts cost the company about R400m last year.
“Without that interest we’ll be in a much better position to take advantage of the improved rand gold price,” Dippenaar said.
Commenting on the failure to meet the targeted cash positive date, Dippenaar said the restructuring had taken much longer than expected. There was also a revenue loss on a four day strike. Closure of a hedge book in December, which had cost R60m/quarter, would also take pressure off the company.
About R900m of project capital expenditure was on the group’s South African mines, but there was fresh evidence Harmony was seeking offshore ounces after opening an office in Peru. “It’s early but focused, active exploration,” he said.
“The South African gold mining environment is declining regardless of what the gold price is. And we don’t expect that to be reversed,” Dippenaar said.
During the crash of the rand from 2001 to 2002, a period that delivered bumper profits for the South African gold sector, the industry grew only 0.1%.
http://www.miningmx.com/dgc/494313.htm
Gold Fields hat es ordentlich erwischt 
Quelle : M2 press release :
Gold Fields Limited (NYSE: GFI) today issued revised production guidance for the quarter ended 30 September 2005. Gold production has declined by approximately 8% to 993,000 ounces for the quarter
Quelle :
http://www.moneyweb.co.za/educ…tment_insights/496621.htm
Johannesburg-based Gold Fields, one of the big five gold miners listed on the New York Stock Exchange, has reduced its gold reserves by 18%,
.
Ist ja kein Wunder bei den Negern und starken Rand.
Es macht fast keinen Sinn mehr und die meisten Firmen wollen raus aus den Umstand. Ich habe die Fliege schon am Freitag gemacht, ein Vogel hat mir diese Zahlen schon vorher gepfiffen.
Afrika ist eben ein Fass ohne Boden.
Die Suedaffen kann man erst wieder anschauen wenn der Rand faellt, aber macht er das ???
Gruss
XAX
heute Rand/$ 6,65
=================
Aus Business Report vom 13.10.05
Harmony starts work on lowest-cost mine
================================
Johannesburg - Harmony Gold Mining has begun work on its Hidden Valley gold mine in Papua New Guinea, which, when completed in two years' time, will be its lowest-cost pit.
Harmony last month began building a $13 million (R85 million), 40km road to the deposit. It would take four months to complete, after which Harmony would start digging the A$278 million (R1.4 billion) mine, said marketing director Ferdi Dippenaar.
The mine would produce about 300 000 ounces of gold a year, allowing Harmony to more than double its gold production outside the country.
The company, South Africa's third-biggest gold producer, produces all but 10 percent of its gold inside the country and is more exposed than its local rivals to any gains in the rand.
The currency's 83 percent rise against the dollar since the beginning of 2002 has slashed profits for local mining houses, which pay most costs in rands and sell the metal in dollars.
"We see this as only the first phase of Hidden Valley," Dippenaar said. "It will definitely be our lowest-cost mine."
The company produced 2.96 million ounces of gold from all its mines in the 12 months to June at an average cash cost, which excludes capital expenditure and amortisation, of $412 an ounce, according to its 2005 annual report.
Total production would rise from about 3 million ounces in fiscal 2006 to 3.2 million ounces in 2007 and 3.5 million ounces in 2008, said Dippenaar.
By 2010, when Hidden Valley was producing at full capacity and expansion projects at its South African operations were complete, Harmony's mines would be producing gold at less than $300 an ounce, he said.
Hidden Valley, which would also yield silver "equivalent to about 60 000 ounces of gold a year", would produce its bullion at about $216 an ounce.
Revenue from the sale of silver, which is mined as a by-product, would help lower costs.
Harmony would fund A$177 million of the development costs from its own cash reserves, with the balance funded from Hidden Valley's cash flow once production starts.
Dippenaar said the company chose not to borrow to develop the mine after banks insisted on the forward sale of gold at set prices as security for the loan.
He said Harmony had appointed a team of geologists, engineers and bankers to study the viability of digging a second mine 80km away at Wafi.
They would report by the end of next year. Harmony shares added 89c to R73.54 yesterday, while the gold mining sector ended 0.39 percent firmer
@all
Im zweiten Quartal fiel die Goldproduktion um 5,9% auf rund
640.000 Unzen Gold. Das entspricht einer Jahresrate von 2,6
Mio. Unzen Gold. Gleichzeitig stiegen die Nettoproduktionskosten
auf 424 US$ je Unze. Stellt man dieser Quote den
Verkaufserlös von 435 US$ pro Unze gegenüber, wird ersichtlich,
dass sich damit keine Gewinne erzielen lassen. Denn die
Integration von ARM Gold sowie die gescheiterte Übernahme
von Gold Fields und auch die hohen Entlassungskosten
belasten das Ergebnis weiterhin. Zudem hat Harmony den Status
eines Hochkostenproduzenten erreicht.
Eine nachhaltige Trendwende ist dann zu erwarten, wenn der
Goldpreis spürbar nach oben zieht. Auf dieses „Pferd“ setze
ich eher als auf einen weiteren Rückgang des südafrikanischen
Rand, was nur bei einer Änderung der konjunkturschädlichen
Politik der südafrikanischen Notenbank zu erwarten ist. Steigende
Goldpreise würden zudem einen gigantischen Kurshebel
entfachen. Bei der aktuellen Jahresproduktion belaufen
sich nämlich die Reserven auf eine Produktionsdauer von 20,8
Jahren, die der Ressourcen gar auf rund 200 Jahre. Das sind
in der internationalen Goldminenszene einmalige Quoten.
Gelingt der Turnaround im kommenden Jahr angesichts eines
deutlich höheren Goldpreises, würde sich dies in überdurchschnittlichen
Kursgewinnen der Aktie ausdrücken.
Grüsse
Posted to the web on: 17 October 2005
Harmony takes a break from buying
Stewart Bailey
Bloomberg
HARMONY Gold, the South African gold producer that has bought more than 20 mines over the past decade, will wait for its share price to gain a third before it buys any more.
“Our shares are not at the right level to do deals in the short term,” Ferdi Dippenaar, Harmony’s marketing director, said in an interview in Johannesburg.
“When the share gets to more than R100, we will look at more acquisitions.”
Dippenaar and CE Bernard Swanepoel have made 26 acquisitions over the past decade.This boosted Harmony’s output six-fold and transformed it from a one-mine stock, to the world’s sixth-largest gold producer.
It has used its own shares and some cash to buy unprofitable and struggling mines, then slashed costs by cutting jobs, closing offices and changing mining methods.
The company’s shares traded at R69,40 last week, taking their gain for the year to 35%.
They are still 17% below R83,50, the level they were trading at in October last year, when Harmony made its failed hostile bid for control of Gold Fields, a rival valued at nearly twice its size. That bid cost Harmony R183m in legal and consulting fees.
It was left with about 11,5% of Gold Fields and sold about half of that in June , for R10,50 a share. It is keeping the rest of the stake in anticipation of bullion reaching $500/oz by the end of the year, causing a surge in gold stocks.
Harmony, like its South African mining peers, including Gold Fields and AngloGold Ashanti, the world’s second-biggest gold producer, has struggled as the rand’s 83% advance against the dollar since the end of 2001 crimped profit.
The currency’s strength has been one factor causing the company to report six consecutive quarterly losses. “It’s prudent for them to focus on restructuring,” said Stephen Roelofse, at Sanlam Investment Managers in Cape Town. “When you’ve got your back to the wall, people don’t rate your paper.”
The run of quarterly losses prompted Harmony to announce in July that it would cut as many as 5000 jobs and close some shafts. The company hopes the changes will help it cut costs to R75000/kg by December, 14% below the level in the June quarter.
Harmony is developing five new projects in SA and another in Papua New Guinea. The new mines are aimed at boosting production from the 3-million ounces expected this year, at a cost of $412/oz, to 3,5-million ounces in 2009, at less that $300/oz, Dippenaar said.
@ valueman
Danke für den Beitrag. Ich teile deine Ansicht voll und ganz.
Trotz chaotischem Management um CEO Swanepoel, der letztlich den Absturz verursachte, bleiben die Fakten, dass Harmony die größten Reserven/Ressourcen aufweist. Deshalb ist Harmony eher für Mittel- und Langfristanleger und nicht für Daytrader geeignet, denn auf längere Sicht wird Harmony wieder zu früherer Bewertung finden.
Sicher hat das zögerliche Verhalten der Reservebank verhindert, dass der Rand nicht schon im letzten Jahr schwächer wurde, jetzt kann man sich Leitzinssenkungen nicht mehr erlauben, um die Inflation im Griff zu behalten. Dennoch darf nicht übersehen werden, dass der Rand gegenüber dem USD rund 20 % verloren hat, wenn man den Höchstkurs des letzten Jahres nimmt.
Eine Randabschwächung wurde schon des öfteren prognostiziert und wird auch kommen. Nur wann - das weiß natürlich niemand. Wäre ja auch zu einfach, wenn man das konkret voraussagen könnte. Ich würde darauf auch keine Wette machen, denn das Vertrauen ausländischer Anleger in die südafrikanische Wirtschaft ist besser als manche Beiträge hier im Forum es beschreiben (Wirtschaftswachstum 5-6 %, Leistungsbilanzdefizit unter 4 % des BIP, Moody's Rating Baa).
Hoffen wir auf einen weiter steigenden Goldpreis und auf einen Turnaround aus eigenen Kräften von Harmony, dann freuen wir uns alle, die in Harmony investiert sind.
Kuddel
Nichts dagegen einzuwenden, aber so schnell das Geld hier reinkam kann es wieder raus gehen.
Tut mir Leid, alles was Afrikaaner Namen oder Neger Namen im Management hat, von dem halte ich mich fern in der Zukunft.
Ich habe diese zur genuege kennengelernt zu was die eigentlich faehig sind.
Mit Ferdi Dippenaar hatte ich oefters Kontakt,.. Mr.Promise and Lie,mehr sage ich nicht.
Da ist Ian Cockerill von GFI ein Mann mit wahrer Integritaet dagegen.
Rein meine persoenliche Meinung, entscheidet ihr mal selber und macht Eure Erfahrung..
Zitat von Dir:
Ich würde darauf auch keine Wette machen, denn das Vertrauen ausländischer Anleger in die südafrikanische Wirtschaft ist besser als manche Beiträge hier im Forum es beschreiben (Wirtschaftswachstum 5-6 %, Leistungsbilanzdefizit unter 4 % des BIP, Moody's Rating Baa).
...dann schau mal den Bericht an in SA thread "" SA mobilises against job shocks "", da kannst du die Realitaet sehen.
Mfg
XAX
@ Aladin
Mir ist mehr an Fakten als an Gerüchten gelegen.
Die Fakten liegen auf dem Tisch und die sind nicht schlecht.
Können sich ändern - oder auch nicht. Wer weiß das schon ?
Kuddel
Naja, wenn der Bericht von oben ein Geruecht ist, ebenso was ich hier erlebe,sehe und schreibe, dann sage ich nur eines:
Truth or Illusion, Kuddel 
Die ""Fakten"" die du am Tisch hast sind genauso.
Suche dir eine aus, die Zukunft wird es zeigen was es wirklich war. "
""das Vertrauen ausländischer Anleger in die südafrikanische Wirtschaft ist besser als manche Beiträge hier im Forum es beschreiben (Wirtschaftswachstum 5-6 %, Leistungsbilanzdefizit unter 4 % des BIP, Moody's Rating Baa). ""
Was glaubst du was man heute alles faelschen kann.
Ist so wie die Inflationszahl die sie Dir erzaehlen in Deutschland.
Kommt immer darauf an wie man rechnet.
Mfg
XAX
@ Aladin
Sorry, aber ich vertraue mehr den Fakten als politisch eingefärbten Statements von Gewerkschaftsfunktionären.
Kuddel
(Titel eines Leserbriefs)
Harmony spent nearly half its available cash in Q3
Gareth Tredway
'31-OCT-05 06:00'
JOHANNESBURG (Mineweb.com) -- Harmony Gold, South Africa’s third largest gold producer, spent R859 million in cash over the three months to end-September according to its latest quarterly report released on Monday.
The company now has R971 million in cash, the remnant of the sale of half of its 11.5% stake in Gold Fields for R2.2 billion in May. The cash from the sale made the company cash-flow positive again after it had been burning cash for a number of quarters.
But in September, the outcome was not positive and the company’s mines burnt R179 million in cash.
The company has pursued its policy of spending capital for future ounces, with another R350 million spent in the three months to September on additions to property, plant and equipment. The company says that R226 million was spent on operational capex with R140 million going towards new projects. Forecasted figures for December are similar.
Harmony is restructuring to at least match its operational cash flows with its capital expenditure, but to date has still not been able to achieve this.
On the financing side, the company repaid a portion of its long-term loans for R295 million.
A repetition of this quarter in the three months to end-December, would almost surely force the company to sell the other half of its Gold Fields shares, as the cash position would be sitting at around R112 million.
There were, of course, a couple of once-offs this quarter, including the partial repayment of the loan. Managements main task is to get costs down to what chief executive Bernard Swanepoel calls a ‘ballsy’ target of R75,000/kg. Although the company’s decision to change its accounting policy and capitalise development costs, takes out around R7,000/kg from these costs, putting management’s new internal cost target at about R68,000/kg. This figure was questioned by analysts at Monday’s presentation, who pointed out that these targets were not reached in the September month as management had hoped they would be. According to the presentation, gold was produced at R77,734/kg in the September month, almost R10,000 more than the normalised target. “The consensus among analysts is that this is a pie-in-the-sky target,” said Swanepoel, “It would give me no greater joy than to prove you wrong.” Swanepoel insists that if the grades are maintained while volumes are increased through conops (Sunday working) then the cost reductions could be significant. “The better volumes will go a long way to reducing the costs,” said Swanepoel. Other analysts say that the company has most probably bottomed out in terms of high costs, and these will probably
decrease over the coming quarters, with Harmony probably generating cash from its operations (If the local gold price stays where it is for the next two months). “Hopefully we can show people how the fifteen months of restructuring was worth the effort,” says Swanepoel.
Leserkommentar:
markus
Subject: Is this the result of all those remarkable turnarounds Bernie/Ferdie? 
Hab heute ein paar HAR verkauft, die mal 5,5 EURO gekostet hatten.
Man muß ja nicht übertreiben wollen.
Ist aber immer noch ein feines Stöffchen.
