(EMAILWIRE.COM, May 30, 2011 ) New York, NY -- Harmony Gold Mining Co. (ADR) (NYSE:HMY) hit at high of $13.80 and a low of $13.30 on Friday and closed at $13.79 with an increase of 6.32%. Its Market cap remained at 5.93 billions with a price Earnings ratio if 63.09. During the 52-week period it has ranged from a low of $9.43 to a high of $15.73.
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The medical condition known as silicosis is the scarring of the lungs caused by extended exposure to the dust found in South African mines. Silicosis could be a potential problem for some gold miners. These mines are now run by companies such as Harmony Gold Mining (NYSE:HMY), Gold Fields Ltd.(NYSE:GFI), and AngloGold Ashanti Ltd. (NYSE:AU). These miners are currently facing threats of coming lawsuits. HMY declined the most on the day, closing 3.57% lower.
Although currently the total number of claims and size of judgements are nearly impossible to project, RBC Capital Markets claims the liability of these mining companies could amount to as high as $100 billion. This Projection has been derived by RBC based on assumption that there are 300k claimants, each suing for at least 2 million rand. According to the Constitutional Court, those workers who were qualified for state benefits for occupational related disease, can also claim additional compensation from their former mining employers.
Harmony Gold Mining Company Limited (Harmony) is engaged in underground and surface gold mining and related activities, including exploration, processing and smelting.
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