Harmony Gold’s nine-month output fell compared with the previous year, but the company said it was on track to meet its full-year production target of 1.05-million ounces. Harmony said its production for the first nine months of its 2017 financial year to end-June was 812,000oz at a cash operating cost of R439,669/kg. A year ago, Harmony reported cash operating costs of about R455,000/kg. In the same nine-month period a year earlier, Harmony generated 828,898oz of gold from its mines in SA and Papua New Guinea, achieving 260,439oz in the March quarter, a traditionally slow production time for South African gold miners as their operations return to steady state after the year-end break. Harmony said in 2017 that its March quarter output was 7% lower than in the year-earlier period and that its all-in sustaining costs were R529,409/kg. Harmony said on Tuesday that it had achieved an 8% operating free cash flow margin, with the hedge over about 20% of its production boosting the number...
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