Harmony predicts higher Q1 output

Bullion producer Harmony Gold expects quarter-on-quarter production to rise by up to 10 percent.

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Johannesburg - Bullion producer Harmony Gold said it expected quarter-on-quarter production to rise by up to 10 percent, due to a rise in tons produced and improved quality at its South African operations.

Gold production from its domestic South African mines rose 16 percent, resulting in first-quarter production rising between 8 percent and 10 percent compared with the fourth quarter, the company said in a statement.

Production at its Papua New Guinea mine, its only mine outside South Africa, was hit by a fatality. By law, production at mines stops when there is a fatality or injury.

“The September quarter demonstrates that if we focus on what we can control, we are able to benefit from the current higher rand per kilogram gold price,” Chief Executive Graham Briggs said in a statement.

REUTERS