Harmony on track to meet its full-year production target
The company says its gold production for the first half of the year has tracked last year’s output
Harmony Gold expects to reach its annual production target of 1.1-million ounces as its gold production for the first half of 2018 has tracked that of a year earlier, with its Hidden Valley mine in Papua New Guinea starting to deliver metal and the company edging closer to a decision on its Golpu project. Harmony said its production in the six months to end-December, which marked the interim period in the financial year to end-June 2018, was more than 550,000oz, setting the company up to achieve its 12-month target of 1.1-million ounces. Harmony will release its results on February 13. It had forecast its all-in sustaining cost for financial 2018 to be about R520,000/kg or $1,180/oz. In the matching period a year earlier, interim production was 553,862oz. Just one mine, Target in the Free State, reported a negative operational cash flow. Harmony’s interim net profit of R1.5bn was boosted by income from a gold hedge and analysts have raised questions about the underlying financial st...
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