Boston, MA 06/06/2014 (wallstreetpr) – Harmony Gold Mining Company Ltd (JSE:HAR) had published that its underground recovered grade has increased for the third consecutive year at about 17% for the year 2014. Net profit was $3 million for March quarter of 2014 compared to $10 million loss for December 2013 quarter. The net debt of the company decreased by 13% with cash balance of approximately $195 million. The company announced that the bottleneck problems and the supply chain optimization would be the key areas to focus to grow further. The CEO of the company stated that their endeavor would be to increase profits and cash balance so that the company can earn rich dividends in the future.
Largest Movers in Basic Materials
Recently basic material stocks have been showing a downward trend. Looking at the market on last Wednesday the sector is seeing overall decline of 0.1%. However there are some leading gainers too. The top three gainers are Harmony Gold Mining Co. Ltd (HMY) up by 4.9%, Polypore International Inc (PPO) up by 4.1% and Novagold Resources Inc (NG) up by 2.9%
Gold Fields Limited (JSE:GFI) Wins Over Harmony
Gold Fields, South African mining company, won an important legal hurdle over Harmony Gold Mining Company Ltd (JSE:HAR). This means that the Local court ruled that Harmony could acquire shares of Gold Fields but cannot use the same to vote against a merger agreed to Iamgold Corporation (NYSE:IAG) of Canada by Gold Fields. The reverberations of the merger are very crucial to Harmony as it has taken almost all of Gold Field’s shares.
South African Incident
Recently, due to an incident of fire and rock fall in Harmony Gold Mining Company Ltd (JSE:HAR)’s Gold’s Doornkop mine, miners were trapped deep down in smoke and debris. Eight miners were rescued to safety, and nine others are still unaccounted for. South African emergency worker played a key role in rescuing operation. It is time the company puts stringent EOHS (Environmental and Occupational Health Sciences) safety standards in place and follows them with mock drills and repetitive safety training sessions to the workforce.
