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Harmony Gold records profit on higher output

Publication: Business Report
Source: www.iol.co.za
Author: Reuters

South African gold producer Harmony Gold Mining Company Ltd on Friday posted a quarterly profit after two previous quarterly losses as it grew production and grades.

Harmony, one of South Africa's top four gold producers, reported headline earnings of 5 cents a share for the three months to end September compared to a third-quarter headline loss of 186 cents a share.

Headline earnings per share is the main profit measure in South Africa and excludes some one-time items.

Production was up 12 percent at 309,773 ounces on higher tonnage and better grades, which helped drive down costs and offset increases in labour costs following a new wage agreement.

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