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Sunday, April 18, 2010

Harmony Gold (NYSE:HMY) Shuttering Three Shafts in South Africa

Harmony Gold Closes Three Shafts at Virginia Project

Harmony Gold Mining (NYSE:HMY) is closing down three of its shafts at the Virginia project in South Africa, affecting close to 3,700 workers.

The particular shafts being shut down have been mined for about 60 years, and according to CEO Graham Briggs, have "reached the end of their lives.”

About 10 percent of those working at Harmony Gold were part of the Virginia operations, and they will either be offered transfer, early retirement or retraining.

Costs for extracting gold has increased at the shafts while the amount of gold is shrinking, as they had to go deeper in to get the gold, raising the costs of doing business.

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