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Harmony meets 1.4Moz output target, but at higher AISC

2nd August 2019

By: Marleny Arnoldi

Online News Editor

     

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JSE- and NYSE-listed Harmony Gold has achieved its gold production target of 1.44-million ounces for the financial year ended June 30.

CEO Peter Steenkamp said last week the operating performance was boosted by the inclusion of a full year’s production from the Moab Khotsong mine, in South Africa’s Free State province, and the Hidden Valley mine, in Papua New Guinea.

Harmony’s underground recovered grade was 2% higher at 5.59 g/t gold, compared with the grade of 5.48 g/t achieved in the prior financial year. This was the seventh consecutive year that the company achieved an increase in underground recovered grade.

All-in sustaining costs, at between R550 000/kg and R555 000/kg, were, however, higher than the guided R540 000/kg, mainly as a result of inflationary increases and lower production at the Tshepong mine, in South Africa’s Free State province.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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