As­set write-down for Har­mony Gold

Weekend Argus (Saturday Edition) - - BUSINESS -

HAR­MONY Gold be­came the sec­ond South African gold pro­ducer to an­nounce an as­set write-down as a sharp drop in bul­lion prices forces min­ing com­pa­nies to re- as­sess prof­itabil­ity.

Har­mony said it was writ­ing down up to $280m (R2.8bn), mostly on the car­ry­ing value of its 50 per­cent hold­ing in its Pa­pua New Guinea mine.

The amount in­cludes an im­pair­ment of up to R80 mil­lion rand on its South African as­sets.

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