Loss of output for Harmony mines - Sunday 11th May 2008
Harmony, the world's fifth-largest gold producer, has said in its quarterly review that production has fallen in its South African mines due to power supply problems.
The company said in its statement for the period ending March 31st that it had been forced to undergo some restructuring, which had resulted in a reduction in gold output.
Investors in gold may be interested to note that this is part of a growing trend of reduction in gold mining yields; on 7th May, Barrick Gold chairman Peter Munk said that the company's production was also down and that worldwide supply in general is "tragic".
"Harmony's operations experienced a loss of production due to this year's lengthy Christmas holiday period. The effects of a five-day power cut were [also] felt," said the review, noting in addition that three operations were closed during the quarter.
It is thought that the reduction in output amounts to some 800 kilograms over the months in question.
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The company said in its statement for the period ending March 31st that it had been forced to undergo some restructuring, which had resulted in a reduction in gold output.
Investors in gold may be interested to note that this is part of a growing trend of reduction in gold mining yields; on 7th May, Barrick Gold chairman Peter Munk said that the company's production was also down and that worldwide supply in general is "tragic".
"Harmony's operations experienced a loss of production due to this year's lengthy Christmas holiday period. The effects of a five-day power cut were [also] felt," said the review, noting in addition that three operations were closed during the quarter.
It is thought that the reduction in output amounts to some 800 kilograms over the months in question.
Want to Buy Gold but unsure how to do it? For dealing spreads of $3 per ounce - plus secure, professional storage in Zurich, Switzerland for just 0.12% per year - click through to BullionVault now…
Goldbug, 11 May '08
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