Beiträge von Ulfur

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

    Zitat

    Schafft Harmony es auch nur einen GFI-Großaktionär zu bekommen, ist die Sache geregelt....
    wenn dann noch ein paar kleinere hinzukommen.....


    Akt. Wahrscheinlichkeit 60% dass die Übernahme gelingt 40% nicht !!


    Harmony-Aktionäre werden profitieren !!


    Natürlich würden Harmony-Aktionäre profitieren. Sie bekämen eine Weltklassefirma, während Harmony am Absaufen ist.


    Für Gold Fields Aktionäre wäre es ein übler Deal.


    Warum sollten Aktionäre jetzt umtauschen? Das Verhältnis GFI/HAR steht bei 1,55 und nicht bei 1,275. Wer seine Aktien umtauscht, verliert 18% seines Kapitals!
    Sollte jemand seine Gold Fields Aktien aufgeben und Harmony erwerben wollen, so würde er GFI an der Börse verkaufen und HAR kaufen. Das Harmony-Tauschangebot annehmen, wäre was für Schwachsinnige.


    In wenigen Tagen werden wir wissen, daß Swanepoel den Mund zu voll genommen hat.

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

    Defeat in Defeat as Harmony - Gold Fields War Wanes


    By Tim Wood
    10 May 2005 at 09:30 PM EDT


    NEW YORK (ResourceInvestor.com) -- South Africa’s Competition Tribunal has issued its inconsequential assent for Harmony [HMY] to proceed with its hostile two stage offer for compatriot Gold Fields [GFI]. It was an odd ruling that restricts the number of people Harmony may fire if it succeeds with its bid – it may compete, but just not too forcefully please.


    With nine days to go before Norilsk Nickel’s [NILSY] irrevocable undertaking to Harmony expires, and with the bid submarining, the Tribunal ruling is of little relevance beyond its minor success for Gold Fields as a costly frustrating action.


    Since making the bid Harmony’s price has halved to $6.14 per share with only DRDGold managing to do worse among the national peer group. Gold Fields has suffered a one-third decline over the same period – in line with AngloGold Ashanti [AU] – and the differential means that Harmony’s offer has swung from a premium of over 7% to a discount of 20%.


    That devastating valuation raid against Harmony leaves investors with no good reason to surrender their Gold Fields scrip which closed at $9.80 in New York on Tuesday. Harmony is offering $1.92 per share less than the going price for Gold Fields, or $7.83.


    Harmony has reconfirmed that it has no intention of raising its all stock offer of 1.275 of its units for every Gold Fields share.


    Today’s ruling coincided with the nadir of the combined market value lost by the companies – about $4.8 billion including fees and costs.


    The consequences and lessons of this folly can be summarized as follows: a) hostile offers involving a predator smaller than the prey can be relied upon to rapidly destroy value, b) politics trumps all in SA and wrapping yourself in the biggest, brightest flag will help, c) shrewd investors averaged down to own a whole lot more of Harmony, d) shareholder funds amounting to at least $40 million have been blown on legal and consulting fees that add no value to the enterprise, e) companies that ruthlessly undress each other in public perform a valuable service to shareholders; pity that it’s only the negatives that will be recollected, f) don’t promise things beyond your control, and, g) NorNickel has emerged as a kingpin though not without cost to its original investment in Gold Fields.


    Gold Fields is left apparently paralysed. It must draw in its horns, lick its wounds, and make nice with South Africa’s politicians who feel aggrieved at the several attempts to export the company.


    Perhaps there is good prospect in an arrangement with NorNickel, but the abiding expectation is that one year from now Gold Fields will barely resemble the company it is now. In that sense Harmony has been successful; a competitor has been hobbled in two ways – it was prevented from realizing value through an offshore transaction, and it has been kept in check whilst Harmony goes through a brutal restructuring that may yet culminate in a SA producer with the best assets from both companies.


    Harmony certainly did its reputation no good with the fiasco over its competent persons report (CPR) reserves. Gold Fields is making absolutely certain that investors swerve off any nuances and simply see contradictions and empty promises.


    In March 2004 Harmony’s reserves were reported as 39 million ounces, then in June of that year at 62 million ounces, and now this May it’s up to investors to gamble on a rand currency outlook to decide whether a high scenario of 52.2 million ounces is better than an intermediate figure of 42.3 million ounces, which is better than the low case of 33.7 million ounces.


    Sophisticated investors won’t be too fussed since few analysts include all of Gold Fields’s reserves in their models either. As with all companies, they assign a level of probability to whether or not ounces can be extracted profitably in a reasonable timeframe.


    Nevertheless, Harmony now has a spotlight trained on it. Which number will it report to the US Securities & Exchange Commission which has no room for sliding scales? Similarly, the repeated missed deadlines for the release of the CPR have taken chunks out of Harmony’s credibility, as has the lack of reconciliation with the mid-November 2004 reserve reconciliations.


    Betwixt all this bad news lie betting men.


    As someone noted to me today, the rand is two standard deviations stronger than its purchasing power parity allows. With the Barclays takeover of Absa Bank now confirmed, a good deal of uncertainty affecting the rand is also removed and with it any near-term prospects of more such rand purchases keeping the currency strong. The Reserve Bank is also narrowing the yield spread between SA and US securities which will cause hot dollars to repatriate.


    For what it’s worth, the MSCI-South Africa Index has also been stalled since January which seems to suggest that a rand cost base and dollar earnings may be a handy thing going forward.


    Furthermore, the corporate news from Gold Fields and Harmony could hardly get any worse, and once the bid is over arbitrageurs will move on. Also, both companies have lost a huge amount of value since the dollar gold price peaked in mid-March yet the rand gold price is actually trading up – so much so that a previously strong correlation between the deal value and the rand gold price has been wrecked.


    Even if you take Harmony’s lowest reserve number it trades at a modest premium to its implied reserve value. Gold Fields is hovering around par on the same measure.


    There are no guarantees, but with Harmony approaching old support lines and Gold Fields now through three-year support levels, they may not be the worst punts out there. And an even cheaper way into Gold Fields may be through Bolivar Gold [BGC.TO] which looks increasingly likely to be acquired.


    [Blockierte Grafik: http://www.resourceinvestor.co…s/GoldSilver/hmy_gfi2.png]


    http://www.resourceinvestor.com/pebble.asp?relid=9659

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

    > Gold FIelds hält die 33,7 Mio Unzen für Harmony´s Gold-Reserve, wenn der südafrikanische SAMREC-Code korrekt angewandt wird.


    Nicht richtig seien die 62,26 MIo Unzen, die Harmony beim Übernahmeangebot genannt hat (20.10.04), auch nicht die 55,65 Mio UZ, die HAR noch am 10.05.05 angegeben hat.


    Gold Fields greift sogar die "Competent Person" - SRK an, die ja auch GFI´s Reserven prüfen: "In einer ungewöhnlichen Abweichung von der Konvention, haben SRK drei weite Optionen, jede mit fünf Unteroptionen, präsentiert, von denen sich die Aktionäre eine Zahl heraussuchen sollen. Bezeichnenderweise sind alle Zahlen... niedriger als die 62,26 Mio Uz..."


    Option A mit 52,2 Mio UZ enthält Projekte mit negativem Barwert, die bei Harmonys Reservenpreis von 92.000 Rd/kg nicht ökonomisch abbaubar sind und somit nicht dem SAMREC Definition entsprechen.


    Option B mit ca 42 Mio Uz. entspricht Option A, allerdings sind Rolspruit and Poplar ausgeschlossen, die einen Preis von R179.792/kg und R98.426/kg benötigen. Dennoch enthält Option B noch 8,6 Mio Uz aus anderen Projekten, die bei 92.000 R/kg nicht wirtschaftlich abbaubar sind.


    Da Option A und B Projekte mit negativem Barwert enthalten, schließt Gold Fields, das dies nicht dem SAMREC Code entspricht. Von den angebotenen 15 Unteroptionen hält Gold Fields nur zwei in Übereinstimmung mit den südafrikanischen Vorschriften. <


    Gold Fields Believes That Harmony's Mineral Reserves are 33.7 Million Ounces if SAMREC Guidelines are Correctly Applied
    http://biz.yahoo.com/prnews/050511/ukw012.html?.v=10


    Nachdem Gold Fields nun die unabhängigen Prüfer direkt angeschossen hat, müßten diese ihren merkwürdigen Bericht mit 15 Unteroptionen erklären.

  • Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

    >Welt-Goldproduktion 2004 um 5% gefallen.
    Größter Fall in Indonesien, sowie Südafrika, Australien, USA und Kanada. Bescheidene neue Kapazitäten in Surinam und Uzbekistan.


    Gewichtete durchschnittliche Cashkosten um 13% auf 253 USD/Uz gestiegen. Netto-Staatsverkäufe um 23% gesunken.
    Altgold stark auf 828 Tonnen gefallen, 3-Jahrestief.
    Industrieverbrauch auf 3164t gestiegen. Elektronikverbrauch um 11% gestiegen. Schmuckindustrie um 5% gestiegen.


    Produzenten Dehedging auf Rekordständen mit ca 440 t.


    "Wenn jemand vor einem Jahr gesagt hätte, die indische Schmuckindustrie würde um 16% wachsen, trotz eines 9%igen Preisanstiegs in Rupien, hätten dies die meisten Leute als hoffnungslos optimistisch abgetan. Dennoch, genau das ist geschehen", Klapwjik von GFMS.<


    GLOBAL GOLD PRODUCTION DOWN 5% IN 2004


    May 11, 2005


    According to the 37th edition of the authoritative annual Gold Survey 2005, produced independent precious metals research consultancy GFMS Limited, global mine production fell by a noteworthy 5 percent in 2004, taking output to an eight year low of 2,464 tons. The largest drop was seen in Indonesia, whilst much of the remaining losses were concentrated in South Africa, Australia, the United States and Canada. There was in contrast a modest contribution from new capacity in such countries as Suriname and Uzbekistan.


    Weighted average cash costs increased by 13 percent in US dollar terms to US$253/oz, chiefly through currency effects. Despite a marked pick up in the fourth quarter, net official sector sales last year dropped by 23 percent to a five year low. The decline was chiefly the result of lower sales within the Central Bank Gold Agreement and a modest increase in purchases from outside the Agreement. Official sector lending also fell sharply, largely due to leasing rates reaching historically low levels.


    Scrap supply fell heavily to 828 tons, a three year low, despite the strong rise in the dollar price. Much of the decline was centred on the Middle East (in particular Egypt and Saudi Arabia), India and south-east Asia (chiefly Thailand and Indonesia).


    As for demand, total fabrication rose to a three year high of 3,164 tons, with all sectors posting gains. Electronics demand, for example, rose by a buoyant 11 percent, whilst other industrial and decorative offtake rose a modest 3 percent. Jewellery fabrication saw the absolute gain in 2004 at 129 tons, representing a gain of just over 5 percent. The increase in terms of fabrication excluding scrap, however, was yet greater at 10 percent. The largest gains were seen for India, Turkey and China, whilst Italy and the United States accounted for much of any losses.


    Producer de-hedging rose to record levels of just over 440 tons last year.


    “Fabrication may not have actively driven the market higher but it was certainly no drag on prices, as it had been in the past. There’s also the issue of sentiment to consider. If someone had forecast a year back that the all important Indian jewellery industry would see its offtake grow by 16 percent in the face of a 9 percent rise in the rupee price, most people would have dismissed that as hopelessly optimistic. Yet that’s what came to pass,” explains Philip Klapwijk, Chairman of GFMS.
    http://www.tacyltd.com/Research_Materials_Full.asp?id=55070

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

    Zitat

    Haben die Gold Fields noch eine Chance?


    Die Frage ist eher, ob Harmony noch eine Chance hat :D


    Die Entscheidung des Tribunals war erwartet worden, vielleicht hätte sich Gold Fields noch mehr Auflagen erwartet. Da Harmony das Angebot von 1,2.. Har/GFI nicht erhöhen will, anderseits der Kurs von GFI etwa bei 1,6 HAR/GFI liegt, ist die Übernahme gescheitert: Nur Dummköpfe würden umtauschen.


    Am 20. Mai wird der Harmony-Übernahmeplan beerdigt. Dann ist interessant, ob und auf was sich Norilsk und Gold Fields verständigt haben. Cockerill hat angedeutet, daß er auch in Rußland expandieren wolle, ev. werden Norilsk und GFI ein paar Goldgruben zusammenschmeißen.

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

    Ein Artikel von David McKay nimmt Harmony mit seltsamen Argumenten in Schutz.


    Consulting engineer SRK’s assessment of the reserves simply states that Harmony’s mineable gold, depending on economic conditions, is between 52m and 32m oz. These revelations don’t differ much from Harmony’s own guidance when it spoke to analysts and media during the last quarter


    Zwischen 32 Mio Unzen und 52 Mio Unzen ist eine gewaltige Differenz. Ist es tatsächlich in Südafrika völlig beliebig, wie die Reserven berechnet werden? Mit Erstaunen durfte man ja schon zur Kenntnis nehmen, daß in dem Minenland Südafrika nicht geregelt ist, wer die Wasserpumpkosten trägt, wenn eine Mine stillgelegt wird.
    Ferner hat Harmony natürlich nicht auf die 32 Mio Unzen abgehoben, sondern auf die Schätzung mit über 50 Mio Uz.


    Der Artikel führt weiter aus, daß Reserven bei dem geplanten Iamgold/ GFI Deal auch keine Rolle gespielt hätten.
    Allerdings gings dort um eine freundliche Fusion, nicht um eine feindliche Übernahme, bei der die eine Firma immer betont hat, daß die Übernahmeofferte zu gering ist. Es ist auch nicht bekannt, daß dort mit falschen Zahlen operiert wurde.


    Gold Fields has disputed the feasibility of these deposits as they only become economically mineable at R140,000/kg, nearly double the current price. But there’s a thriving market for such optimism in North America, one from which Gold Fields has also benefited.
    Es ist doch völlig lächerlich, Ressourcen, die erst bei 140.000 Rand/kg ökonomisch abbaubar sind, zu den Reserven zu rechnen.


    Ein großes, fettes Ablenkungsmanöver?
    A big, fat, red herring?
    http://www.miningmx.com/commentary/438817.htm

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

    “The bid is not an issue anymore. The game is over,” said Georges Lequime, an analyst at RBC Capital Markets, who recently upgraded Harmony to “outperform”.


    Heather Douglas, an analyst at BMO Nesbitt Burns. “It [the bid] will probably go away.” Douglas recently upgraded Harmony to “market perform” from “underperform” – representing qualified anticipation that better days lie ahead for Harmony. “I expect they should start to show some good results from about 2006,” she said.


    Christian Siebert, an analyst at Citigroup Smith Barney, said Harmony is currently “on the way to becoming a 1,5m oz/year producer” – a massive climb-down from ambitions that have seen the company grow from about 500 000oz/year in 1995 to 3,5m oz/year in 2004.


    If Siebert were right, that would be nearly 50% of Harmony’s output and confirm that the company’s much-vaunted “Harmony Way” only suits a weak rand economy. Only 39% of Harmony’s output in the March quarter, normally the worst of the year, “was produced at cash operating costs below the received gold price,” Siebert said.


    Following a R1,5bn asset impairment, Siebert said he expected more write-downs and even shortfalls in servicing of company debt.
    Aus:
    What next for Harmony, Gold Fields?
    http://www.miningmx.com/gold_silver/438255.htm

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

    Schlechte Nachrichten für Harmony nehmen kein Ende.


    Bei der Ankündigung der Gold Fields Offerte behauptete Harmony, es hätte 62 Mio Uz Reserven. Da Gold Fields auf die Unstimmigkeit der Zahlen hinwies, wurde eine neue Sachverständigenschätzung notwendig. Jetzt endlich, nach etlichen Verschiebungen, wird der Bericht veröffentlicht.


    Merkwürdigerweise werden drei Szenarien abgegeben. Nach dem günstigsten hat Harmony Reserven von 52 Mio Unzen. Leider sind davon jedoch nicht alle ökonomisch abbaubar, was eigentlich zur Definition von Reserven gehört.


    Im dritten Szenario, bei dem alle Vorkommen ausgeschlossen werden, die derzeit nicht ökonomisch abbaubar sind, hat Harmony nur noch rd die Hälfte der im letzten Jahr behaupteten Reserven. Die anderen Ressourcen können ohne Verlust nicht abgebaut werden.


    Ein gefundenes Fressen für Gold Fields, die darauf hinweisen, daß die 33,7 Mio Uz verglichen werden müßten mit GFI´s 75 Mio Uz.


    Ferdi von Harmony meint, GFI habe gar keine Basis für die 75 Mio Uz. Aber dies beruht auf den geprüften SRK -Report vom letzten Juni. Es war nicht Gold Fields, die sich in Widersprüche mit den Reserven verwickelt haben, und daher besteht auch kein Bedürfnis nach einem außerplanmäßigen CPR.


    Harmony hatte noch zuletzt behauptet, der CPR würde ihre Reservenangaben bestätigen, das wirft wiederum ein miserables Licht auf das Harmony Management.


    Just how much gold can Harmony expect to mine?
    http://www.mineweb.net/sections/mining_finance/438563.htm

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

    Goodwin´s Zielzone von 30-35 Rand immer noch nicht erreicht, trotz Vierjahrestief in SA. Goldpreis am Donnerstag 82408 R/kg, alleine die Cashkosten sind bei Harmony schon 85863 R/kg (Märzquartal) 8o


    Bei den Entlassungen von 5000 Arbeitern sind HAR auch dumme Schnitzer unterlaufen, so daß die Entlassungen erst mal rückgängig zu machen sind: könnte weitere 25 Mio Rand + zusätzliche Rechtskosten ausmachen.


    Harmony bestätigt, daß weitere 2600 Leute entlassen werden könnten, obwohl HAR´s Rechtsverdreher vor dem Wettbewerbstribunal behauptet hatte, der Schrumpfungsprozeß sei abgeschlossen.


    Sieht nicht gut aus für Harmony; zum Glück gibts auch noch in SA grundsolide, profitable Minengesellschaften,
    wie etwa DRD :D



    Harmony Gold falls to four-year low
    Justin Brown
    Posted Fri, 06 May 2005


    Shares in the country's third largest gold miner Harmony Gold on Friday fell to a four-year low on the lower gold price in dollar terms, brokers said.


    At 4.15pm, Harmony shares on the JSE Securities Exchange were quoted at 36.50 rand, down 1.4 percent or 50 cents from its previous close. Earlier, Harmony fell to 36.40 rand a share, the lowest level for the stock since April 25, 2001.


    The dollar gold price was last quoted at $424.80 a troy ounce, down $5.40/oz from its previous close. In rand terms, gold was last at R82 408 a kilogram from Thursday's close of R82 346 a kilogram.


    During the March quarter, Harmony's cash cost was R85 863 a kilogram and it reported its seventh consecutive quarterly loss.


    "Harmony is down as gold right now is a bad sector, with gold over $5/oz lower today. If the gold price continues to fall, Harmony will fall too," a Johannesburg broker said.


    Another blow to Harmony


    In another blow for Harmony, the Labour Court on Friday ruled that Harmony's retrenchment of 5000 mineworkers at its Free State mines was illegal.


    The court ruled that all the workers should be reinstated with immediate effect.


    "The court has agreed that Harmony did not follow the correct process as provided for by the law. What is most pleasing to us is that these mineworkers have retained their jobs. We can now begin a proper process of engaging with Harmony," said Free State Chairperson Tanki Malefane.


    Harmony spokesperson Ferdi Dippenaar told I-Net Bridge that the company was extremely disappointed by the outcome of the court case — especially the fact that the court said Harmony had tried to rush the retrenchments
    http://business.iafrica.com/news/438376.htm

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

    > Das Raubtier kann kaputtgehen, sagt Zeuge


    Dem Wettbewerbstribunal wurde gestern erzählt, daß Harmony´s finanzielle Position so prekär ist, daß, wenn es Cash so schnell wie in der Vergangenheit verbraucht, nicht länger als 6 Monate bestehen könnte.


    Nick Goodwin, ein Goldanalyst von T-Sec Securities, war Gold Fields Expertenzeuge am dritten Tag der Tribunalanhörungen wegen Harmony´s vorgeschlagener Fusion mit Gold Fields.


    Goodwin sagt, Harmony´s kürzlicher Verkauf des Anteils an African Rainbow Minerals für 830 Mio Rand sieht aus, als ob es „begonnen hätte, das Tafelsilber zu verkaufen“


    Er sagte, die Veräußerung brachte Harmony weitere 18 Monate, aber er schloß die Möglichkeit nicht aus, daß Harmony vorher pleite gehen könnte.


    Goodwin war beauftragt, die Performance von Gold Fields und Harmony der letzten 5 Jahre zu vergleichen. Seine Analyse hielt sich nicht zurück.


    „Über die letzten 5 Jahre hat Harmony eine Reihe von Akquisitionen verfolgt. Es erhöhte das Aktienkapital um 232% und hatte Nettoschulden von fünf Milliarden Rand“, begann Goodwin´s Bericht.


    Gold Gewinne von Minenaktivitäten wurden geschluckt von Nicht-Minen Kosten wie Zinszahlungen sowie Betriebsschrumpfungskosten, die ein Merkmal von Harmony in den letzten 5 Jahren waren. „Es sieht so aus, als ob die Firmenzentrale diese Gruben killt.“


    Mehr als einmal erschien David Unterhalter, Harmonys Rechtsvertretung, außer Geduld mit Goodwin, der während des Kreuzverhörs relaxt war.


    Unterhalter sagte Goodwin, „alle ihre Belege sind irrelevant“ aber drängte ihn nichtsdestoweniger mit der Beantwortung seiner Fragen fortzusetzen, da ein wenig mehr Irrelevanz vor dem Tribunal nicht viel Unterschied macht.


    Unterhalter tat sein Äußerstes, um Goodwins Glaubhaftigkeit als Analyst und Zeuge zu zerstören und ging so weit Goodwin´s Vergangenheit als Direktor von DRDgold auszugraben sowie seine Verbindungen zu den Rechtsstreitigkeiten zwischen der Kebblefamilie und MWW.
    ….<



    Predator may go bust, says witness
    May 6, 2005


    By Nicky Smith


    The competition tribunal was told yesterday that Harmony's financial position was so precarious that if it continued to use cash as fast as it had in the past it might not last longer than six months.


    Nick Goodwin, a gold analyst for T-Sec Securities, was Gold Fields' expert witness on the third day of the tribunal hearings into Harmony's proposed merger with Gold Fields.


    Goodwin said Harmony's recent disposal of its stake in African Rainbow Minerals for R830 million looked like it had "started to sell the kitchen silver".


    He said the disposal had bought Harmony another 18 months but he did not discount the possibility that Harmony could be bust before then.


    Goodwin was commissioned to compare the performances of Gold Fields and Harmony over the past five years. His analysis pulled no punches.


    "Over the past five years Harmony has embarked on a number of acquisitions. It increased its issued share capital by 232 percent and as at the end of December 2004 it had net debt of R4 billion," Goodwin's report stated.


    Gold profits, derived from the mining activities, had been swallowed up by non-mining costs such as interest payments as well as retrenchment costs, which had been a feature of Harmony's accounts for the past five years. "It looks like head office is killing these mines," he commented.


    More than once David Unterhalter, Harmony's lawyer, appeared out of patience with Goodwin, who was relaxed during cross-examination.


    Unterhalter told Goodwin "all your evidence is irrelevant" but urged him nonetheless to continue to answer his questions since a little more irrelevance was not going to make much difference to the tribunal.


    Unterhalter did his utmost to rubbish Goodwin's credibility as an analyst and as a witness, going as far as dredging up Goodwin's past as a director of DRDGold and his connections to the spawning of the legal wrangling which is legion between the Kebble family and DRDGold's chief executive, Mark Wellesley-Wood.


    Unterhalter made it clear to Goodwin that his evaluation methods were regarded as "eccentric" by his peers and pointedly referred to the fact that Goodwin had not "been rated for a very long time".


    Harmony is rebutting his testimony by using a report compiled by Brenton Saunders, a former analyst who was appointed as Harmony's investor relations executive earlier this year. Saunders is expected to give evidence today.


    Unterhalter insisted Goodwin could not look at Harmony's future as having ongoing restructuring costs, because the restructuring had been completed.


    But yesterday Bloomberg reported chief executive Bernard Swanepoel as having said Harmony might need to retrench 2 600 workers if full calendar operations were not implemented soon.
    http://www.busrep.co.za/index.…fSectionId=604&fSetId=304



    Ausführlicherer Bericht dazu auch:
    A luta continua
    http://www.mineweb.net/sections/mining_finance/438079.htm

  • Das neue Südafrika

    @Eldo,


    was steht denn eigentlich drin in dem Aufsatz von der Silberinfo-Konkurrenz?


    Ich habe nach dem Lesen eines Drittels aufgegeben und nur noch den Schluß gelesen. Dort scheint mir zu stehen, der Rand kann entweder hoch oder runter gehen. Hast Du mehr entnommen?