Target “’ one of
Harmony’s South
African operations
 
Johannesburg, South Africa — MININGREVIEW.COM — 30 September 2009 – Harmony Gold Mining Company “’ the world’s fifth-biggest producer of the metal”’ has reported a 4% rise in total gold output for the September quarter of 2009, compared with the previous three months.

Revealing this in a presentation published on its website, Harmony said it expected a further marginal rise in the next three months.

The company went on to say that cash costs had risen by between 9 and12% during the quarter owing to a rise in wages and higher electricity tariffs. Capital expenditure during the three months had fallen by 12% compared to the previous quarter,

Harmony said it expected a marginal increase in production during the December quarter.

The company added that the stronger rand was expected to be detrimental for exports, but remained positive on the outlook going forward.

“We remain bullish on fundamentals in the medium and longer term,” Harmony continued, adding that it saw opportunities to grow organically in the quarter to come.