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Cape Town - Harmony Gold Mining [JSE:HAR] announced on Wednesday that gold production for the quarter ended March 2014 will lower than the previous quarter.
The expected drop of 12-15% also scared off some investors.
The share price dropped 0.81% shortly after the announcement and by 14:13 it traded down 2.37% at R35.01, making it the worst performer among its sector peers on the JSE. Anglogold Ashanti [JSE:ANG] gave up 1.07% to R189.12.
"Production stoppages at Doornkop due to the accident in February 2014, flooding of the shaft bottom at Joel and a slower turnaround at Kusasalethu have contributed to lower production quarter on quarter," it said in statement.
It added that production at Steyn 2 was suspended six months earlier than its original life of mine plan because of safety risk.
The investigation into in the fire at Doornkop that claimed the lives of nine miners is expected to be completed in April.
Harmony will release its results for the quarter ended March 31 2014 on May 6 2014.
Earlier this month, the group also appointed Alwyn Pretorius as its chief operating officer.
"Alwyn is hands-on, young and energetic, and brings new ideas to our approach to production and safety," CEO Graham Briggs said in a statement at the time.
The expected drop of 12-15% also scared off some investors.
The share price dropped 0.81% shortly after the announcement and by 14:13 it traded down 2.37% at R35.01, making it the worst performer among its sector peers on the JSE. Anglogold Ashanti [JSE:ANG] gave up 1.07% to R189.12.
"Production stoppages at Doornkop due to the accident in February 2014, flooding of the shaft bottom at Joel and a slower turnaround at Kusasalethu have contributed to lower production quarter on quarter," it said in statement.
It added that production at Steyn 2 was suspended six months earlier than its original life of mine plan because of safety risk.
The investigation into in the fire at Doornkop that claimed the lives of nine miners is expected to be completed in April.
Harmony will release its results for the quarter ended March 31 2014 on May 6 2014.
Earlier this month, the group also appointed Alwyn Pretorius as its chief operating officer.
"Alwyn is hands-on, young and energetic, and brings new ideas to our approach to production and safety," CEO Graham Briggs said in a statement at the time.
