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Mitsubishi ASX 2013: What is a harmonic balancer?

I have a 2013 Mitsubishi ASX diesel with 120,000 km. Just had a service where they found the balancer requires a new assembly. Cost is $4122. What is it and why so expensive. 

I assume it’s the harmonic balancer on the engine, which dampens vibrations in the engine. A faulty balancer could ultimately damage the engine. The cost seems way too high; a balancer should cost a couple of hundred dollars, so check the quote to see what it includes.