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Harmony Gold reports solid results

Publication: African Mining

Harmony Gold Mining Company Limited has released a production update for the quarter ended 31 March 2014.

The company reports a 5% increase in the underground recovered grade to 5.10g/t gold, this is the third consecutive quarter Harmony Gold has recorded an increase in grade.

The company’s gold production total decreased by 12% for the quarter which brought production profit down by 6%. However, gold production has increased by 3% in the 9 months ended 31 March 2014.

Harmony Gold recorded a net profit of R31 million for the quarter with Headline Earnings per Share reported to be 12 cents.

Net debt had decreased by 13% from the previous corresponding period and the company reported a cash balance of R2 billion as at 31 March 2014.

Chief Executive Officer, Graham Briggs, commented, “Various structural changes have been effected in Harmony which will aid in the pro-active management of unplanned events which have negatively impacted on our production. In parallel, our revised planning strategy will shift the focus toward de-bottlenecking and optimisation, and should also result in an increase in the Company's margins. We remain committed to increasing our profits and cash flow to enable us to pay dividends in the future.”

Harmony Gold Mining Company is a gold mining exploration and development company with operations in South Africa.

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