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Thursday, February 04, 2016

[fm]: S.Africa's Harmony Gold swings into quarterly profit

South Africa's Harmony Gold said on Thursday it swung into quarterly profit as production inched up and a weaker rand currency offset declines in the dollar price of bullion.


Headline earnings per share - which strips off certain one-off items - reached 17 cents in the three months to December from a loss of 1.20 rand in the previous quarter.


Production in the period rose for a third consecutive quarter by 2 percent to 287,074 ounces, the company said in a statement.


South African mining companies benefit from mostly cheaper costs because they are paid in the rand and earn higher income from sales of their commodities in dollars.

By: Reuters. 

Review: Emerging Market Formulations & Research Unit, Flagship Records. 
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