Harmony Gold Reports Steep Quarterly Losses on Hidden Valley Writedown

Bloomberg reported that Harmony Gold Mining (NYSE:HMY) reported a deep quarterly loss in the second quarter of 804 million rand ($80 million), building on a 202 million rand loss in the previous quarter, due in part to their Hidden Valley Mine write down.

As quoted in the Bloomberg report:

Harmony wrote down the value of its 50 percent stake in the Hidden Valley mine in Papua New Guinea by $268 million because of declining prices for silver and gold, as well as the mine’s poor production performance.

To view the whole Bloomberg report, click here.