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Harmony Gold Mining Company Limited

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Harmony Gold swung to a profit on an adjusted basis in second-quarter fiscal 2016, helped by lower costs and improved production. Revenues fell year over year but rose on a sequential comparison basis on higher gold sales. Harmony has a diverse portfolio of gold development projects spread across South Africa and PNG. The company is making a good progress with its Wafi-Golpu project. The company is also progressing well with its cost reduction program in a weak gold price environment. It also remains focused on improving gold grades.  However, Harmony is highly exposed to gold price volatility. The company remains the highest cost South African major producer and is struggling to make money, which may lead to further restructuring.

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