Key Developments: Harmony Gold Mining Company Ltd (HMY)
3.80USD
23 May 2013
$0.02 (+0.62%)
$3.78
$3.85
$3.87
$3.80
793,489
2,998,975
$10.73
$3.63
Latest Key Developments (Source: Significant Developments)
Pan African Resources plc's Subsidiary Acquisition Of Evander Gold Mines Limited From Harmony Gold Mining Company Ltd Further Details
Pan African Resources announced that Harmony Gold Mining Company Limited's last remaining condition precedent to the acquisition of Evander Gold Mines Limited From Harmony Gold Mining Company Ltd has been fulfilled following receipt of the consent required in accordance with section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002. Accordingly, the Transaction is now unconditional. Pan African Resources's subsidiary shall assume effective control over Evander Gold Mines on 28 February 2013. Full Article
Harmony Gold Mining Company Ltd Announces Re-opening of Kusasalethu Mine
Harmony Gold Mining Company Ltd announced that its Kusasalethu mine, closed since December 20, 2012, will re-open in a phased process following The conclusion of an agreement with the various trade unions representing the majority of all employees at the mine. The Company temporarily closed the mine in the interest of employees' safety. Full Article
Harmony Gold Mining Company Ltd Approves and Declares Interim Dividend for Six Months Ended December 31, 2012
Harmony Gold Mining Company Ltd announced that the Board has approved and declared an interim dividend of ZAR 0.50 per ordinary share (gross) in respect of the six months ended December 31, 2012. The dividend is referred to as Dividend No. 85. The dividend has been declared payable on March 11, 2013 to those shareholders recorded in the books of the Company at the close of business on March 8, 2013. Full Article
Harmony Gold Mining Company Ltd Conducts Talks with Labor Unions
Harmony Gold Mining Company Ltd announced that the Company has held the second meeting in terms of section 189 of the Labour Relations Act, 66 of 1995 (LRA) with its Kusasalethu employees represented by the National Union of Mineworkers (NUM), Association of Mineworkers and Construction Union (AMCU), Solidarity and UASA (collectively referred to as the Unions). The Unions have accepted the Company's rationale for issuing the section 189 in terms of the LRA, which may lead to the possible closure of the mine and the possible retrenchment of all employees. Although the temporary closure of Kusasalethu due to safety and security reasons remains in place, the conditions under which the mine could be re-opened were discussed. Harmony Gold Mining Company Ltd also announced that the mine remains closed until an agreement has been reached and all the conditions of re-opening it have been agreed upon and committed to by all the unions and other stakeholders involved and that The next meeting has been scheduled for February 6, 2013, while Bilateral discussions between the parties will continue in the interim. Full Article
Harmony Gold Mining Company Ltd's Kusasalethu To Remain Close Until Such Time As It Is Viable To Mine It Safely And Profitably Again
Harmony Gold Mining Company Ltd announced that following the review of both the financial and operational impact of lawlessness, violence and non-compliance to the Mine Health and Safety Act, 29 of 1996 (MHSA) experienced at Kusasalethu mine near Carletonville during the December 2012 quarter, it has decided to keep the mine closed until such time as it is safe enough for employees to commence mining activities. In seeking a lasting solution that will resolve the risk to the operation, the Company has commenced with a process in terms of section 189 of the Labour Relations Act, 66 of 1995 (LRA), which may result in the closure of the mine and placement thereof on care and maintenance and possible retrenchments. A process of discussion and consultation with labour will be run parallel to the process in terms of section 189. The aim of the discussion/consultation will be to seek a lasting and sustainable solution in order to avoid the closure of the mine and the conclusion of the section 189 process, which will imply retrenchments. During the December 2012 quarter Kusasalethu experienced an unprotected strike, numerous other incidents of illegal industrial action, violence, sit-ins, vandalism of mine property and other labour disruptions. Full Article
Harmony Gold Mining Company Ltd's Underground Mineworkers At Kusasalethu Mine Refuse To Return To Surface
Harmony Gold Mining Company Ltd announced that about 1700 mineworkers, representing December 20, 2012 day shift at Kusasalethu mine, remain underground and they are refusing to return to surface. Demands from the underground mineworkers, led by AMCU union representatives, include the withdrawal of the suspension of the 578 employees including contractors which were suspended on December 19, 2012. Talks with the employees and AMCU representatives are ongoing in order to resolve the situation. Full Article
Harmony Gold Mining Company Ltd Closes Kusasalethu Mine One Day Earlier Than Planned For Festive Season Due To Labour Unrest
Harmony Gold Mining Company Ltd announced that it is closing Kusasalethu mine near Carletonville a day earlier than planned for the festive season, following violent behavior and damage to mine infrastructure on surface. Security at the mine and the SAPS are on the scene to control the crowd and to further ensure the safety of all the employees. The violence followed the suspension of 578 employees including some contractors as a result of the participation of these employees in an unprotected strike action on December 15, 2012. Full Article
Pan African Resources plc's Subsidiary Announces Acquisition Of Evander Gold Mines Limited From Harmony Gold Mining Company Limited
Pan African Resources plc announced that on November 30, 2012 (General Meeting), all the resolutions necessary for the implementation of: the acquisition of all the shares in and claims against Evander Gold Mines Limited (“Evander”) from Harmony Gold Mining Company Limited ("Harmony") by a wholly owned subsidiary of Pan African (“Transaction”); and the related capital raising by way of a ZAR703 million (GBP51.8 million) rights offer of 370 071 902 new Pan African ordinary shares of 1p each (“Shares”) at ZAR1.90 or 14 pence per share (“Rights Offer”). In addition to the extension of the date of fulfilment for the Eskom Agreement Condition, certain of the payment terms set out in the Agreement have been amended. Pan African was required to pay Harmony an amount of ZAR950 million (or such greater amount as Pan African may elect to pay) (“Deposit”) by no earlier than December 01, 2012 subject to all the conditions precedent to the Transaction, other than the Ministerial Consent Condition, being fulfilled or waived and certain security arrangements being in place. In accordance with the Addendum, Pan African shall now pay Harmony no less than ZAR400 million no earlier than December 14, 2012, subject to certain security arrangements being in place. The remaining portion of the Deposit shall be payable by Pan African to Harmony by no earlier than February 01, 2013, subject to certain additional security arrangements being in place. Full Article
Harmony Gold Mining Company Ltd Announces Unprotected Strike At Kusasalethu Mine
Harmony Gold Mining Company Ltd announced that employees at the Company's Kusasalethu mine near Carletonville have embarked on an unprotected strike. Full Article
Harmony Gold Mining Company Ltd, Gold Fields Ltd, AngloGold Ashanti Ltd And Other South Africa Gold Miners Face Lung Disease Lawsuit-Reuters
Reuters reported that A South African lawyer filed the first papers on August 21, 2012 against AngloGold Ashanti Gold Fields and Harmony in a preliminary step to determine whether the court recognizes the case as a class action. South Africa's gold miners are facing a potential lawsuit on behalf of thousands of workers who claim they contracted silicosis, a lung disease, through the companies' negligence. The mining companies had declined to comment in detail ahead of the filing. Silicosis is a disease that causes shortness of breath, a persistent cough and chest pains and makes people highly susceptible to tuberculosis, which kills. It has no known cure. Full Article
S.Africa stocks gain, Harmony recoups losses
JOHANNESBURG, May 6 - South African stocks extended gains for a third straight session on Monday as oversold mining companies such as Harmony Gold clawed back some of their recent losses.
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