Mining: Harmony Gold reports net loss

HARMONY Gold recorded a net loss of R1.27 billion for the year to June 30, it said in results released yesterday. The mining company said the audited financial statements contained no modifications to the results published on August 14, apart from the inclusion of three reclassifications. This was between the operating and investing activities categories on the cash flow statements. The net loss was mainly due to the R1.38bn impairment of the Phakisa mine, but it was an improvement on last year’s net loss of R2.3bn. Gold production rose by 3 percent to 36 453kg compared with the previous year. Harmony’s share price fell 3.95 percent to R20.65. – Sapa