Earlier this week, Bloomberg reported that Harmony Gold Mining Co., the third-largest miner of gold in Africa, has planned to raise production of gold.
It was announced at the company’s shareholders meeting in Johannesburg that due to increasing gold prices, Harmony is looking to take a bullish stance on mining. CEO Graham Briggs stated that, “We need to produce more gold to benefit from higher prices”.
October 15th resulted in gold prices of 9,017 rand after a six-year low against the U.S. dollar. Harmony rose 8 rand or 12% to 74.50 rand in Johannesburg. The company has increased 7.3% this year, resulting in Harmony becoming the strongest performer of the seven large mining companies.
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