Harmony Gold Mining (HMY), the third largest producer of gold in Africa, recently declared its first dividend in the last five years. The company declared dividends of 6 cents per share for the year ended June 30 payable on Sept 21. With almost insignificant profits, Harmony had restrained dividends.

Harmony reported earnings of 29 cents per share for the fiscal fourth quarter, higher than 17 cents in the previous quarter, helped by sales of less-profitable assets, staff cuts and lower debt resulting in lower interest expenses. Revenues increased by $15.8 billion driven by a stronger gold price. Gold production increased sequentially, although by a modest 1.1% from 10,880 kg to 11,003 kg.

Harmony plans to increase production by more than 40% to about 2.2 million ounces a year by 2012, from the present 1.55 million. The company is also looking to acquire the assets of Pamodzi Gold Ltd. in Free State,

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