Unisel impairment casts slight shadow over Harmony’s interims
An impairment of the Unisel mine contributed to the slight shadowing of a sound interim operational performance at Harmony Gold, which reiterated it was on track for full-year production of 1.1-million ounces of gold. Harmony, which has the bulk of its mines in SA and is ramping up its wholly owned Hidden Valley gold and silver mine in Papua New Guinea, noted gold output for the six months to end-December was 1% higher at 560,003oz compared with the same period a year ago, with SA’s contribution rising by 6% due to improved grades and an increase in milled tonnes across most mines. Eight people were killed at Harmony’s mines during the period. On flat revenue of R9.8bn, Harmony recorded operating profit of R1.2bn compared with profit of R1.17bn a year earlier, with the latest interims weighed by a R116m impairment against the underperforming Unisel operation.
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