PRODUCTION INCREASE
Harmony is already seeing benefit from buying Moab Khotsong
The market applauded the addition of Moab Khotsong to the Harmony Gold stable after a $300m deal with AngloGold Ashanti as the new mine raised Harmony’s full-year gold output, helped lower group costs and boosted grades. Harmony’s shares shot up more than 3% on Monday as the company outlined the benefits of Moab Khotsong on its full-year operating and financial results — due to be released on August 21 — marking the continued turnaround in its fortunes on the back of improving grades in SA and steady output. The JSE listed company, which has a suite of old gold mines nearing the end of their lives, purchased Moab Khotsong to do precisely what has unfolded in the past four months it has owned the mine, bringing good-quality production into the company’s portfolio.
Harmony said on Monday it had achieved 1.228-million ounces of gold for its financial year to end-June, higher than a guidance of 1.18-million ounces. Moab Khotsong contributed 10% of the increased production in SA, w...
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