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Harmony posts cash operating profit of R800 million


Harmony reports it’s posted a 45% increase in cash operating profit to R800 million while operating costs have decreased by 1%.

Results for the second quarter and six months ended 31 December 2009 have just been released on SENS.

The Gold price over the period increased by 11% to R264 774/kg - but they’ve also reported a 2,5% drop in total Capex.

Underground volume was 6.2% lower at 2 243 000t, underground grade flat at 4.51g/t, and underground production thus 5.7% lower at 325 268oz. Surface volumes increased by 22.9% to 2 681 000t. Combined with a 20% increase in grade to 0.54g/t, resulted in surface production increasing by 46.8% to 46 688oz. The increase in surface production can mainly be attributed to our opencast operations at Papua New Guinea.

Harmony says the turnaround continues with an increase in profitability on the back of favourable market conditions and restructuring for more quality ounces.

Costs were well-controlled and a higher Rand gold price received helped the Group towards significantly improved profit levels.

Work continued on the commissioning of growth projects and on production planning for the Pamodzi Gold Free State assets.

But the company also reports that five workers died in work-related incidents during the quarter.

Those who died were: Lekhetho Ranko, a team leader at Bambanani, Ashley Nortje, a boilermaker, and Keith Coleman, a maintenance technician, both at Target; Lebusa Elia, a team leader at Virginia Operations; and Martin Thosa, a night shift cleaner at Elandsrand.

The South African Rand was stronger against the US Dollar during the quarter, the exchange rate averaging R7.49/US$ compared with R7.78/US$ in the previous quarter.

Annual report

Integrated annual report 2016
Integrated annual report 2017


Investor brief

Harmony Investor brief, Sep 2017
September 2017 -
Harmony Investor brief

(PDF - 6.5MB)

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