Harmony exceeds annual gold output target

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Harmony Gold Mining Company on Monday announced that it exceeded its annual production target by 4%.

It said ahead of the release of its results for the year to end June 2018 that gold production achieved stood at 1.228 million ounces, exceeding annual production guidance of 1.18 million ounces.

South African operations recorded a 14% increase in gold production, of which Moab Khotsong produced 105 900 ounces, contributing 10% of the increase in SA gold production for the four months the operation has been included in Harmony’s asset portfolio.

Harmony [JSE:HAR] said the $200m bridge facility raised for the Moab Khotsong transaction has been fully repaid with available cash resources and the proceeds received from the share placement.

The miner said it contained costs well, with its all-in sustaining cost expected to be below guidance of R520 000/kg.

Harmony, which suffered its latest fatality last Thursday when an employee died in a fall of ground incident at its Tshepong mine in Welkom, Free State, admitted its safety requires increased attention. In the 2018 financial year, the company lost 13 lives.

"Safety, costs and production are the only variables that we can control, and we will build on the momentum achieved in FY18," said Harmony CEO Peter Steenkamp.

Annual operating and financial results for the year ended 30 June 2018 will be announced on Tuesday 21 August 2018.

On Friday, Harmony’s shares closed at R21.10 on the JSE.

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