South African gold exploration company Harmony Gold Mining Company Ltd (Harmony) has reportedly exceeded its annual FY18 production guidance by 4%. The company achieved gold production of 1.228 million oz, which surpassed its annual production guidance of 1.1.8 million oz.
Its South African operations recorded a 14% increase in gold production of which Moab Khotsong produced 105 900 oz (contributing 10% of the increase in SA gold production) for the four months the operation has been included in Harmony’s asset portfolio.
CEO of Harmony, Peter Steenkamp, said: “We are extremely proud of our production performance. We recognise that safety requires increased attention and we are committed to continue driving a culture of safety. Safety, costs and production are the only variables that we can control and we will build on the momentum achieved in FY18.”
The US$200 million bridge facility raised for the Moab Khotsong transaction has been fully repaid utilising available cash resources and the proceeds received from the share placement.
Read the article online at: https://www.globalminingreview.com/finance-business/23072018/harmony-surpasses-annual-production-guidance/