Johannesburg, South Africa — MININGREVIEW.COM — 13 April 2011 – Harmony Gold Mining Company Limited says that its gold production for the March 2011 quarter is likely to be 2% lower than the previous quarter, mainly due the impact of the Christmas break.
It did not give figures here in a brief guidance to investors, but it said cash operating costs remained steady and capital expenditure was contained during the quarter.
It also said a tax allowance would have a positive impact on its headline earnings per share, the main measurement of profit in South Africa.
“This allowance resulted in the reduction of the net deferred tax liability and a credit of approximately R330 million on the deferred tax line in the income statement, which will have a positive effect on Harmony’s headline earnings per share,” it said.
Harmony “’ the world’s fifth-largest gold miner “’ reports its Q3 results on 5 May. Its share price was 1.86% higher at R101.35, outperforming the all-share index which was 0.57%higher.
Rival Gold Fields has also said that production would decline in the quarter because of the annual Christmas closure of South African mines.