HARMONY Gold bought Moab Khotsong, a deep level mine in Orkney in the North West, from AngloGold Ashanti for R3.5 billion. Supplied

JOHANNESBURG – Harmony Gold said on Tuesday its production increased by 34 percent in the half year to December, lifted by production from the Moab Khotsong and Hidden Valley operations. 

"The inclusion of Moab Khotsong and Hidden Valley in our asset portfolio has boosted the company’s production and cash flow in the first half of the 2019 financial year, demonstrating the quality of these assets in line with our investment strategy," CEO Peter Steenkamp said.

"We remain committed to our strategy of producing safe, profitable ounces and increasing our margins to ensure our operations benefit from the positive sentiment in the gold market."

Harmony Gold's net profit for the six months ended December 2018 fell to R75 million from R897 million in 2017, while headline earnings were down to 14 cents per share compared with 224 cents.

Steenkamp said the company had seen an improvement at its mines in terms of safety, and was on track to achieving annual production guidance of 1.45 million ounces of gold in the 2019 financial year.

African News Agency (ANA)