JOHANNESBURG (miningweekly.com) – South African gold-miner Harmony Gold increased its gold production to 353 752 oz in the fourth quarter ended June 30, 2009, 1,1% higher than the 349 801 oz produced in the previous quarter.

Each of the company’s operations, except for Tshepong, Virginia, Kalgold and Evander, had recorded production improvements in the quarter, Harmony reported in a statement on Monday.

However, production for the full 2009 financial year, was down by 8,7% to 1,46-million ounces of gold, compared with 1,6-million ounces produced in the 2008 financial year.

The miner’s cash operating profit declined by 36,8% to R743-million in the fourth quarter of the year, compared with the R1,17-billion achieved in the previous quarter, as a result of a lower average rand a kilogram gold price received, resulting in a higher dollar an ounce cash cost.

However, Harmony recorded a net profit of R2,9-billion in the full year, compared with a net loss of R245-million recorded in the 2008 financial year.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.