History and Outlook: Harmony Gold Mining Company

Gold Investment - 30 May 2011

South Africa boasts the 12th largest gold mining company in the world thanks to Harmony Gold Mining Company. Coincidental, it is the 3rd largest mining company in South Africa. Although it is the 12th largest in the world, it is however ranked #5 in the world in terms of producing gold worldwide.

Invest in precious metals today! Contact us for details.

Invest in precious metals today! Contact us for details.

Harmony Gold Mining Company is represented in various parts of the country and has Avgold Mining Company as a subsidiary. Avgold produces this precious metal along several marginal mines in Durban Deep, Roodepoort Deep, Western Wits, West Witwatersrand and Harties (Hartebeesfontein).

Much if not most of exploratory activity for gold has been done along the Witwatersrand Basin. This area is arguably the most significant region in terms of gold production worldwide. While there are still huge reserves here, economics have hampered the development and accessing of ore bodies here. This is in particular at depths that exceed 3km. Today, it is very expensive to excavate gold in the deeper mines.

Invest in precious metals today! Contact us for details.

Invest in precious metals today! Contact us for details.

Aveng (Africa) is an engineering and construction group that deals with energy, mining and infrastructure possibilities within Africa. Harmony is proud to announce a profit of 33% in the second fiscal quarter. Harmony can thank the increasing price of gold bullion for this. Harmony boast operating profits of R867 million by 31 December. This is a significant increase from R652 million in the preceding quarter. Gold increasing by 12 % was instrumental in reducing the operating costs by a full percent. Harmony, CEO Graham Briggs is buoyant because he believes that Harmony have now turned the corner. It was also announced that operations that were not realizing profit have been shut down due to them being unsustainable.

<< Previous    [1]  2    Next >>