Harmony solid in last quarter

HARMONY Gold Mining Company Ltd says the company’s operational excellence has resulted in a solid production performance in the six months ended Dec 31 last year.
The company noted that it was with a 49 per cent increase in headline earnings to SA224cents per share (60 toea) compared to SA150c per share (40t) for the Dec 2016 period.
“We are on track to achieve our group production guidance of 1.1Moz (million ounces), after producing 560,000 ounces in the six months ended Dec 31, 2017.
“Shareholder returns inform every decision we make.
“We will therefore relentlessly pursue the production of safe, profitable ounces,” said Peter Steenkamp, chief executive of Harmony.
Gold production for the group for the six months ended Dec 31 last year increased by 191kg (1 per cent) to 17,418kg (560,003oz), compared to 17 227kg (553 862oz) for the six months ended Dec 31, 2016.
All-in sustaining costs for all operations decreased by 2 per cent to R500(K136) 248/kg in the six months ended Dec 31, 2017, when compared to the previous comparable period of
Dec 31, 2016.
In US dollar terms all-in sustaining costs increased by 2 per cent to US$1161/oz mainly due to the strengthening of the Rand against the US dollar in the six months ended Dec 31, 2017.
The net profit for the six months ended Dec 31, 2017 was R897 million (K207mil), compared to R1539 million (K353mil) for the comparative period which included a gain on bargain purchase of R848 million (K194mil).