Article: Harmony on song.(Harmony Gold Mine in South Africa)

Harmony Gold Mine, in South Africa, is one of those gold mining companies that Lazarus would have invested in if he had the opportunity. In recent years Harmony looked as though it was on its last legs. Then in 1997 it was unbundled from Randgold. Through cost cutting at its existing South African operations, some astute acquisitions and disposals, it has remarketed itself.

For the quarter to the end of March 1999, bottom-line profits have bounced back with a lively performance at the cash operating profit level of R104m. This is compared to R100.4m in the previous quarter, which included R8.7m from the sale of East Rand operations.

The strategy of ...

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