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Harmony Gold reports production well in reach

May 09 2017 11:36

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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Harmony Gold [JSE:HAR] announced an operational update on Tuesday for the 9 months till the end of March 2017.

It said the annual gold production guidance of 1.05 million ounces is well in reach, with year to date production at 812 000 ounces at a cash operating cost of R439 669/kg ($996/oz).

Harmony recorded an 8% operating free cash flow margin year to date, strengthened by the gold hedging agreements that are in place. The company's underground average recovered grade remains above 5g/t. The all-in sustaining costs (AISC) for the nine months is $1170/oz or R516 630/kg.

READ: Harmony Gold expects higher earnings

Quarter on quarter gold production was 7% lower mainly due to the customary slow start up after the December holidays. AISC increased by 5% to R529 409/kg (or 10% to $1 246/oz) quarter on quarter.

According to CEO Peter Steenkamp, the fundamentals underpinning the company's mine plans enables it to achieve its annual production guidance.
"Safety, costs and grade continue to be a focus and higher production in the fourth quarter will drive down unit costs," he said.

The operational update report has not been reviewed or audited by the company's external auditors. Detailed financial and operational results are provided on a six-monthly basis at the end of December and June.

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