Harmony CEO Peter Steenkamp
Gold miner Harmony Gold has exceeded its production guidance for the financial year ended June 30 by 4%.
The miner produced just over 1.2-million ounces of gold for the full-year, marking the third consecutive year of meeting its guidance.
Harmony’s South African operations recorded a 14% increase in gold production, of which Moab Khotsong, in the North West, produced 105 900 oz, contributing 10% of the increase in South African gold production for the four months that the operation was included in Harmony’s asset portfolio.
The miner further saw an 8% increase, to about 5.48 g/t, in underground recovered grade for the sixth consecutive year.
Harmony’s all-in sustaining cost is expected to be below the guidance of R520 000/kg, the miner said on Monday.
CEO Peter Steenkamp noted that the company recognises that safety requires increased attention and remains committed to continue driving a culture of safety.
Safety, costs and production, he added, are the only variables that the company can control, and Harmony will continue to build on the momentum achieved in the 2018 financial year.
Further, the $200-million bridge facility raised for the Moab Khotsong transaction has been fully repaid using available cash resources and the proceeds received from the share placement.
Annual operating and financial results for the year ended June 30 will be announced next month.