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Harmony Gold Reports Steep Quarterly Losses on Hidden Valley Writedown
Aug. 14, 2013 06:46AM PST
Gold InvestingBloomberg 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.
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.