Impairments push Harmony loss to R4.54bn for FY 2015

Dual-listed Harmony Gold on Tuesday posted a R4.54-billion net loss for the 2015 financial year, compared with a loss of R1.27-billion in the prior financial year, mainly owing to R3.5-billion in impairments incurred during the three months ended June 30. Impairments of R3.47-billion were incurred following the restructuring of a number of operations in response to a low gold price and high operating costs. A R2.11-billion impairment was taken in respect of the Hidden Valley mine, R1.04-billion on Doornkop, R278-million on Phakisa and R43-million on Freddies 9.