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Gold/Mining/Energy : Mining News of Note
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To: LoneClone who wrote (74356)1/22/2011 3:15:24 PM
From: LoneClone  Read Replies (1) of 193161
 
Harmony Gold says output could fall by as much as 5%

miningweekly.com

By: Loni Prinsloo
21st January 2011

JOHANNESBURG (miningweekly.com) - South African gold-miner Harmony Gold expects its second-quarter gold production to fall, mainly owing to hoisting operations being stopped at its Kusasalethu mine after a fatal accident in October.

The world’s fifth-largest gold producer said in a statement on Friday that gold output could fall by between 3% and 5% in the quarter ended December 31, but noted that production trends were moving in the right direction, with increased production from its growth projects and lower R/kg costs.

CEO Graham Briggs said on Friday that the Kusasalethu shaft had been repaired and that a better March quarter could be expected.

Harmony expects cash operating costs to decrease by 8% to 10% in rand terms and by 3% to 5% on a R/kg basis.

“We are committed to meet Harmony’s long-term production targets and are starting to see the fruits of our hard work,” said Briggs.

Harmony had previously said that it would boost production to 1,7-million ounces in 2011, and saw output at two-million ounces by 2013.

The company would release its quarterly results for the three months ended December 31, 2010, on February 7.
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