JOHANNESBURG (miningweekly.com) – JSE-listed Harmony Gold on Monday reported that it had achieved a 10% quarter-on-quarter increase in gold production for the quarter ended September 30.
Harmony continued to benefit from its currency and gold hedge, which, in addition to higher production, aided strong cash flows.
Underground grade at above 5 g/t was maintained during the quarter.
Harmony, which achieved its production guidance of 1.1-million ounces in the financial year ended June 30, in September said it plans to lift production to 1.5-million ounces a year by 2020, on the back of increasing production in Africa, as well as at its operations in Papua New Guinea.
“Importantly, we want to achieve this on an all-in sustaining cost (ASIC) target no greater than $950/oz,” Harmony South East Asia CEO Johannes van Heerden told delegates at the Paydirt Africa Down Under conference in Australia.
He added that the company had, over the past five years, achieved a gradual increase in its underground gold grade profile.
“Our key objective is to grow our South Africa gold mining margin by mining above 5 g/t from our underground mines.”