Illegal mining
The illegal strike at JSE-listed Harmony Gold Mining Company’s (Harmony) operation is in response to the suspension of AMCU branch leadership. Image from Harmony Gold.
Dual-listed Harmony Gold believes that its annual gold production guidance of 1.05 Moz for the year till June 2017 is "well in reach".

In the nine months to 31 March 2017, Harmony Gold produced 812 000 oz. This is being achieved at a cash operating cost of US$996/oz.

Harmony Gold recorded an 8% operating free cash flow margin year to date, strengthened by the gold hedging agreements that are in place. The company’s underground average recovered grade remains above 5 g/t.

Harmony Gold’s all-in sustaining costs (AISC) for the nine months ended 31 March 2017 is US$1170/oz.

Quarter on quarter gold production was 7% lower mainly due to the customary slow start up after the December holidays. AISC increased by 5% to $1 246/oz quarter on quarter.

“The fundamentals underpinning our mine plans enable us to achieve our annual production guidance. Safety, costs and grade continue to be a focus and higher production in the fourth quarter will drive down unit costs,” states Harmony Gold CEO, Peter Steenkamp.

Feature image credit: Harmony Gold