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Harmony production expected to increase by 12% q-o-q

15th October 2013

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – JSE-listed Harmony Gold’s total production for the three months ended September 30 was expected to increase by 12% quarter-on-quarter, the gold miner announced on Tuesday.

Production at Harmony’s underground mines in South Africa had increased by 15% during the September quarter, while its Hidden Valley operation’s production grew by about 7%.

The miner added that increases in electricity and labour costs, following the new two-year wage agreement signed during the quarter, were more than offset by increased production and savings in overall costs, resulting in a 6% to 8% decrease in Harmony’s cash cost per kilogram.

“We are pleased that we have been able to deliver another solid performance for the quarter. That production is up in South Africa despite the labour disruptions experienced around wage negotiations, is testimony to our commitment to deliver in line with our guidance, and a credit to our management and employees,” Harmony CEO Graham Briggs commented.

Harmony’s results for the quarter ended September would be released on November 8.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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