Harmony Gold Mining Company Limited
Harmony Gold Mining Company Limited
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The achievement of commercial operations at Hidden Valley in PNG and acquisition of the Moab Khotsong mine in South Africa has helped Harmony lift gold production for the Dec half (H1FY19) to 751,000oz, from 560,000oz in H1FY18.
AISC rose to ZAR528,265/kg, compared to ZAR500,248/kg.
With interim financial results due on Feb 12, Harmony says its headline earnings per share for the half-year are expected to decline by 87-97%.
Investigations are continuing into the death of an employee fatally injured following a fall of ground incident at Harmony Gold’s Phakisa mine (Tshepong Operations) in Welkom, South Africa on Tuesday morning.
Newcrest and 50-50 JV partner Harmony Gold are targeting the grant of a special mining lease for their Wafi-Golpu copper-gold project by end-June 2019 after signing an MoU with the PNG government setting a permitting framework.
Wafi-Golpu's updated FS released in March 2018 outlined a $A5.4B development to produce 161,000t copper and 266,000oz gold over 28 years.
Positive cash-flow at its Hidden Valley mine in PNG and acquisition of the Moab Khotsong mine in South Africa sustained Harmony’s Sept qtr (Q1FY19) gold production at 378,510oz, just 2% below June qtr’s 385,583oz. AISC improved to $US1,166/oz from $1,195/oz.
CEO Peter Steenkamp says the results boost Harmony’s confidence of meeting its FY19 guidance of 1.45Moz.
South African gold miner Harmony has beaten production guidance for the third successive year, delivering 1.23Moz for the year to end-June (FY18), up from 1.09Moz a year earlier and its 1.18Moz guidance.
AISC is expected to be below its R520,000/kg guidance.
Harmony used its available cash resources and a $US82M share placement to fully repay the $200M bridge facility raised for the $300M acquisition of the Moab Khotsong gold mine from AngloGold Ashanti.
An investigation is under way into the death of an employee fatally injured in a fall of ground at South African producer Harmony Gold Mining's Tshepong mine in Welkom, Free State.
An investigation is under way into the death of a mineworker at South African miner Harmony Gold's Bambanani mine in the Free State.
Harmony says the employee died of his injuries following a fall of ground incident.
South African gold miner Harmony Gold has raised $US82M via a 55M shares issue to pay down the outstanding $150M bridge loan to partly fund the recent $300M acquisition of the Moab Khotsong Gold Mine from AngloGold Ashanti.
UBS, JP Morgan, Absa and Nedbank arranged the accelerated book-build.
South African gold miner AngloGold Ashanti plans to cut 2,000 jobs from the roughly 8,200 employed at its domestic operations to further cut costs, Reuters reports.
South African miner Harmony Gold says an investigation is under way into an accident in a shaft ore pass that killed an employee at its Moab Khotsong mine near Orkney in the North West Province on Thursday morning.