Go Back Email this Link to a friend

PRESS RELEASE - HARMONY

Release Date: 27/02/1998 13:08:54      Code(s): HAR HARO
HARMONY PURE GOLD KILOBARS LAUNCH DIRECT SALES BY SA PRODUCERS
JOHANNESBURG
27 FEBRUARY 1998
HARMONY, THE FIRST SOUTH AFRICAN PRODUCER TO GAIN GOVERNMENT APPROVAL TO REFINE
AND MARKET ITS OWN GOLD, HAS SOLD THE INITIAL CONSIGNMENT OF ITS NEWLY
DEVELOPED KILOBARS TO LG INTERNATIONAL, TRADING ARM OF THE GLOBAL LG GROUP.
THE TRANSACTION - THE FIRST DIRECT SALE OF GOLD TO AN END USER BY A SOUTH
AFRICAN GOLD PRODUCER - MARKS THE START OF A DRIVE BY HARMONY TO SELL ITS TOTAL
PRODUCTION INDEPENDENTLY BY THE END OF THIS YEAR, WHEN THE RESERVE BANK WILL
WITHDRAW FROM THE MARKET. HARMONY PRODUCES SOME 24 TONS OF GOLD PER YEAR.
COMMERCIAL DIRECTOR FERDI DIPPENAAR SAID HARMONY WAS FINDING CONSIDERABLE
INTEREST IN ITS "PURE GOLD" BRANDED PRODUCT, PARTICULARLY AMONG ASIAN BUYERS.
THE MINTED-QUALITY HARMONY KILOBAR IS CURRENTLY THE ONLY ONE OF ITS KIND IN THE
WORLD, AND IS EXPECTED TO COMMAND A PREMIUM OF UP TO US$1.50/OZ OVER THE SPOT
PRICE OF GOLD. DIPPENAAR SAID WHILE THE COMPANY'S EFFORTS WOULD BE FOCUSED ON
THE KILOBAR FOR THE IMMEDIATE FUTURE, THE POSSIBILITY OF DEVELOPING A WIDER
RANGE OF PRODUCTS WAS BEING EXAMINED.
"HARMONY HAS BEEN REFINING ITS OWN GOLD ON SITE SINCE EARLY LAST YEAR, BUT THE
RESEARCH AND PLANNING FOR OUR ENTRY INTO THE MARKET HAVE BEEN IN PROGRESS FOR
SEVERAL YEARS. THIS HEAD START OVER OTHER PRODUCERS WILL, WE BELIEVE, PROVE TO
BE A CONSIDERABLE COMPETITIVE ADVANTAGE, AS WILL OUR ABILITY TO PRODUCE AN
IMMEDIATELY MARKETABLE PRODUCT ON SITE WHICH REQUIRES NO FURTHER PROCESSING,"
DIPPENAAR SAID.
THE GOLD BAR PRODUCTION PROCESS HAS BEEN DEVELOPED WITH THE AID OF MINTEK TO
COMPLEMENT THE SOLVENT-EXTRACTION REFINING TECHNIQUE USED IN THE HARMONY
REFINERY. ITS ADVANTAGE OVER THE! CONVENTIONAL BULLION PRODUCTION ROUTE IS THAT
IT IS VERY PRECISE AND DELIVERS A PERFECTLY CONFIGURED BAR WITH A HIGH-QUALITY
FINISH. CAPITAL AND OPERATING COSTS ARE LOWER, SINCE REMELTING AND CASTING HAVE
BEEN ELIMINATED. IN ADDITION, THE MATERIAL RETAIN., ITS PURITY, AS THERE IS NO
POSSIBILITY OF CONTAMINATION DUE TO REMELTING. THE PROCEDURE LENDS ITSELF TO
RAPID THROUGHPUT AND WILL EVENTUALLY BE CAPABLE OF PROCESSING HARMONY'S ENTIRE
DAILY PRODUCTION IN A SINGLE SHIFT.
CHARLES LEE, CHIEF REPRESENTATIVE AT LGI'S JOHANNESBURG OFFICE, SAID: "WE
BELIEVE THERE IS GREAT INTERNATIONAL MARKETING POTENTIAL FOR THE HARMONY
KILOBAR AND WILL BE HELPING THE COMPANY TO ESTABLISH ITS "PURE GOLD" BRAND
THROUGH OUR OFFICES WORLDWIDE."
ENDS



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2019 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.