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Harmony shares continue to fall

August 20 2012 at 05:22pm
By Reuters

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GRAHAM_BRIGGS

Independent Newspapers

CEO of Harmony Gold Graham Briggs.

Johannesburg-listed shares of Harmony Gold Mining fall over 5 percent after a sell-off of the stock in New York on Friday.

“The markets have been disappointed in them not achieving their targets and the likelihood of high project costs related to Wafi Golpu,” says SBG Securities gold analyst David Davis, referring to a major copper-gold prospect in Papua New Guinea that Harmony is developing along with Australia's Newcrest Mining.

Harmony reported a surprise fourth-quarter loss of 20 cents on Thursday and withheld production forecasts for the coming year, choosing instead to reveal those at the end of August, creating uncertainty. - Reuters


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