Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Harmony Gold Mining, South Africa’s biggest gold producer by volume, said profit in the 12 months through to June rebounded to $275 million from a net loss of $48 million in the prior period.
The Johannesburg-based company, among the few gold miners squeezing profits from some of the world’s deepest gold mines, said earnings rose as it boosted output and grades at some of its underground mines in South Africa.
(By Felix Njini; Editing by Kim Coghill)
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