Harmony Gold Mining Co. paid Chief Executive Officer Graham Briggs 20 percent less in the last fiscal year after the shares had their biggest 12-month decline.
Briggs, 60, earned 11.2 million rand ($1.14 million) in the year through June, compared with 14 million rand the previous year, according to the company’s annual report published today. The stock fell 53 percent in the period.
Harmony, Africa’s third-largest gold producer, halted its dividend in August after its quarterly loss almost quadrupled following strikes and writedowns. Bullion prices have fallen 20 percent this year as the U.S. signaled bond purchases may slow amid an improving economy, lowering demand for the haven asset.
Briggs’s compensation excluding share-based long-term incentives increased 27 percent to 9.24 million rand in the year through June, according to the annual report.
Ralated Article:Waterberg coal project’s resource increased to 3.88bn tonnes
Dual-listed Waterberg Coal Company (WCC) has reported that the Joint Ore Reserves Committee-compliant thermal coal resource at its joint venture Waterberg coal project had increased to 3.88-billion tonnes, with 2.07-billion tonnes in the measured category.
This followed the completion of a 2013 drilling programme at the project and represented a substantial increase on the resource of 1.18-billion tonnes reported in December 2012.
WCC stated that the doubling of the measured resource, from one-billion tonnes as at December 2012, to over two-billion tonnes gave the project technical team the flexibility to optimise the draft SRK bankable feasibility study mine plan.
“The optimisation of the mine plan will have a favourable impact on yields, operating costs and annual tonnes mined,” the company stated.
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