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Harmony Gold Mining : 1Q Production Up 5% on Year

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11/07/2017 | 07:25am CEST

By Ian Walker

Harmony Gold Mining Co. (HAR.JO) on Tuesday said that total gold production for the first quarter of fiscal 2018 rose 5% compared with the fourth quarter of last year, leading to a fall in operating costs.

The South African gold miner produced a total of 290,644 ounces in the quarter ended Sept. 30, compared with 275,660 for previous quarter and 277,461 for the comparative quarter last year.

Harmony Gold Mining added that production from its South African operations rose 14% compared with the fourth quarter of fiscal 2017--the top end of its guided range--due to a 10% increase in ore milled and a 4% increase in recovered grade.

On Oct. 12 Harmony said it expected first quarter production from its South African underground operations to be 12%-14% higher than the fourth quarter of fiscal 2017.

Total costs fell to $1,152 an ounce in the quarter, compared with $1,219 in the earlier quarter, it said. Costs for its South African underground operations fell 8% to $1,151 an ounce in the quarter.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

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