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