Harmony Gold Mining Company Limited Reaches Three Year Wage Agreement with National Union of Mineworkers
Oct 3 15
Harmony Gold Mining Company Limited announced that it has reached a three year wage agreement with the National Union of Mineworkers, UASA and Solidarity, effective from 1 July 2015. Increases range from 6% for miners, artisans and officials to 10.4% for category 4 employees. The new increase will ensure that all category 4 to 8 employees and B-lower officials will immediately receive an increase of ZAR 600 per month, to be back-dated to 1 July 2015, as well as a ZAR 100 per month increase in the living-out allowance in year 1 to be back-dated to 1 September 2015. In addition, category 4 to 8 employees and B-lower officials will receive an annual increase of ZAR 625 per month as from 1 July 2016, and another ZAR 650 as from 1 July 2017.
Harmony Gold Mining Takes Steps To Address Continued Listing Standard Notice Received From NYSE
Sep 11 15
Harmony Gold Mining Company Limited announced that the Company was notified by the New York Stock Exchange ("NYSE") on the 8th of September 2015 that the trading price of the Harmony American Depositary Receipt ("ADR" or "Harmony ADR") has fallen below the NYSE's continued listing standard. The NYSE requires that a Harmony ADR's minimum average closing price should not be less than $1.00 per ADR over a period of 30 consecutive trading days. The NYSE notification does not affect the Company's Securities and Exchange Commission reporting requirements and has no impact on the Harmony's business operations. Under the NYSE's rules, the Company has a period of six months from the date of receipt of the NYSE notice to regain compliance with the minimum share price requirement. During this period, the Harmony ADR will continue to be traded on the NYSE, subject to the Company's compliance with other NYSE listing requirements. Harmony intends to consider available alternatives - such as changing
the ratio between the ADRs and the underlying ordinary shares (also referred to as a 'reverse stock split') - to cure the share price deficiency and return to compliance with the NYSE's continued listing standard. Any action taken to ensure compliance is not expected to affect Harmony's market capitalization.
Harmony Gold Mining Company Limited Reports Unaudited Consolidated Earnings and Operating Results for Fourth Quarter and Full Year Ended June 30, 2015; Reports Impairment for the Fourth Quarter of 2015
Aug 18 15
Harmony Gold Mining Company Limited reported unaudited consolidated earnings and operating results for fourth quarter and full year ended June 30, 2015. For the quarter, the company’s revenue was ZAR 3,860 million against ZAR 3,763 million a year ago. Operating loss was ZAR 3,674 million against ZAR 1,442 million a year ago. Loss before taxation was ZAR 3,714 million against ZAR 1,561 million a year ago. Loss attributable to owners of the parent was ZAR 3,152 million against ZAR 1,223 million a year ago. Basic and diluted loss per share was 725 cents against 282 cents a year ago. Cash generated by operating activities was ZAR 540 million against ZAR 489 million a year ago. Net additions to property, plant and equipment were ZAR 718 million against ZAR 699 million a year ago. Headline earnings per share increased from loss of 60 cents to profit of 44 cents.
For the full year, the company’s revenue was ZAR 15,435 million against ZAR 15,682 million a year ago. Operating loss was ZAR 5,193 million against ZAR 1,560 million a year ago. Loss before taxation was ZAR 5,240 million against ZAR 1,549 million a year ago. Loss attributable to owners of the parent was ZAR 4,536 million against ZAR 1,270 million a year ago. Basic and diluted loss per share was 1,044 cents against 293 cents a year ago. Cash generated by operating activities was ZAR 2,006 million against ZAR 2,268 million a year ago. Net additions to property, plant and equipment were ZAR 2,827 million against ZAR 2,661 million a year ago. Headline loss per share of 189 cents against profit of 26 cents a year ago. Operational capital expenditure reduced by 2% from ZAR 2.52 billion to ZAR 2.47 billion a year ago. The company gets increase in net debt of ZAR 94 million at the end of June 2015.
For the quarter, the company’s gold production increased by 4% to 7,977 kilograms against 7,642 kg reported in third quarter of 2015 with significant improvements from Tshepong and Target 1.
Gold production for fiscal year 2015 decreased by 8% to 33,513 kilograms, compared to 36,453 kilograms in fiscal year 2014.
For the fourth quarter, the company reported impairment of assets of ZAR 3,471 million against ZAR 1,410 million a year ago.