Johannesburg, South Africa — MININGREVIEW.COM — 28 March 2011 – Harmony Gold Mining Company Limited “’ Africa’s third-biggest producer of the precious metal “’ dropped the most in five months of Johannesburg trading after dismissing a suggestion that it could become a takeover target.
The shares fell 3.5% to R95 at the 5 p.m. close on Friday, the largest one-day decline since 7 October. The stock had jumped the most in more than two years after RBC Capital Markets had said another mining company might bid for Harmony to strip out its Papua New Guinea assets and re-list the rest separately.
“Any move to separate Harmony’s assets would see its non- South African operations gobbled up by majors,” CEO Graham Briggs said in a radio interview after the market had closed.
Harmony was reduced to “underweight” from “neutral” at HSBC Holdings Plc by analyst Sabrina Grandchamps.