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.