Johannesburg
– Harmony says it expects to see a “notable” increase in gold production for
the first half of the year.
The listed
gold miner, the world's fifth largest, says gold production for the 6 months to
December was about 8 percent higher than the second half of last year.
In
addition, it notes, the grade remained above 5 grams a ton.
The
company, set to publish its results for the period on February 2, said in
October that its production in the quarter to September was about 10 percent
higher than the April to June quarter.
“Harmony
continued to benefit from its currency and gold hedge, which - in addition to
higher production - aided strong cash flows,” the gold miner said.
It also maintained
underground grade of above five grams per tonne.
September, Harmony Gold said that it plans to lift its total output to 1.5
million ounces a year within three years as it combines its increasing output
from African and Papua New Guinea (PNG) mines
In that
month, it also said it had acquired 100 percent of Hidden Valley, a gold and
copper project in Papua New Guinea, after buying out its partner, Newcrest
Mining, Australia’s biggest gold producer for $1 (R14).
BUSINESS REPORT ONLINE