Harmony Reports Gold Production Rise

3 November 2009 (Last Updated November 3rd, 2009 18:30)

Harmony Gold reported a 5.6% increase in overall gold production for the first quarter ending 30 September for its fiscal year 2010. It also recorded a 6% rise in underground tonnage and a 10% increase in average recovery grade. The company produced 373,431oz of gold in the fi

Harmony Gold reported a 5.6% increase in overall gold production for the first quarter ending 30 September for its fiscal year 2010.

It also recorded a 6% rise in underground tonnage and a 10% increase in average recovery grade.

The company produced 373,431oz of gold in the first quarter compared to 353,752oz in the previous quarter.

The increase in gold production offset the adverse effect of a 3% decline in the average Rand gold price received to R239,438/kg.

Consequently, overall revenue increased by 3% to $353m (R2.74bn) for the first quarter compared to $342m recorded in the quarter ended June 2009.

Revenue reported in the quarter ended September 2008 was $345m.

Harmony recorded a net loss of $3.73m in the first quarter compared to a net income of $30.65m in the quarter ended June 2009 and $51.77m in the quarter ended September 2008.