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Harmony sees 10% rise in first-quarter gold output

Cape Town - Harmony Gold [JSE:HAR] expects quarter-on-quarter (q/q) gold production to increase by between 8% and 10% in the first quarter, it said in a statement on Thursday.

Gold production from the South African operations rose by 16%, due to an increase in both tonnes and grade, it explained.

"As guided in August 2015, production at Hidden Valley in Papua New Guinea was negatively impacted by a fatality," said Harmony Gold.

"The September quarter demonstrates that if we focus on what we can control, we are able to benefit from the current higher R/kg gold price," said Harmony Gold CEO Graham Briggs.

In August, Briggs said the company had restructured its operations to ensure that the company is profitable "even in a tough gold price environment".

"Harmony remains a relevant gold player, adding value through job creation, taxes and community upliftment in both South Africa and Papua New Guinea," said  Briggs.

"Our focus is therefore on increasing our margins – not only through capital curtailment and cost reductions, but most importantly through increasing our production.”

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