Harmony Gold (HMY)

Formed in 1950, South Africa&#39;s Harmony Gold Mining Company Limited (<a href=http://www.zacks.com/stock/quote/hmY>HMY</a>) conducts underground and surface gold mining. It is also engaged in related activities such as exploration, processing, smelting and refining. Presently, Harmony is the 3rd largest producer of gold in South Africa, producing about 20% of the country&#39;s annual gold output and the 5th largest gold producer in the world. <p> Harmony Gold is benefiting from higher gold prices in terms of the South African rand. Going forward however, Harmony is focused on lowering its cost structure, primarily by closure of loss-making shafts and reducing its debt level aggressively. <p> As a result, we rate the shares a Buy with a target of $16.00. The company is also focused on reducing its operating costs through restructuring efforts. As a result, we rate the shares a Buy with a target of $16.00. This is 39.0x our 2009 earnings estimate.

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