* Harmony Q2 headline EPS 242 cents vs 95 cents in Q1
* Earnings beat consensus estimate of 159 cents
* Interim dividend of 0.4 rand
By Sherilee Lakmidas
JOHANNESBURG, Feb 6 (Reuters) – Harmony Gold,
South Africa’s third-largest bullion miner, cut its full-year
production target by 13 percent on Monday, as safety stoppages
threatened to crimp a surge in profit from record gold prices.
Harmony, which more than doubled its second quarter earnings
compared with the first quarter as it reaped the benefits of a
weak rand and a sky-high gold price, said shutdowns because of
fatalities could take some lustre off its future output.
South Africa’s government has been clamping down on miners
to cut their accident rates, leading to lower output. Mines are
usually shut down for several days at a time following a
fatality.
Shares of Harmony surged more than 4 percent as investors
focused on its better-than-expected results.
After seven fatalities at its operations during the
October-December quarter, Harmony has cut its production target
to 1.35 million ounces, from the previous target of 1.55 million
ounces.
Continued…
