[miningmx.com] — HARMONY GOLD MINING COMPANY LIMITED Harmony Gold said on Friday it expected higher production from its growth projects and lower R/kg costs quarter on quarter – with the exception of its Kususalethu project.
It said that gold production for the December 2010 quarter is likely to be 3%-5% lower than the previous quarter, mainly due to lower output from Kusasalethu as a result of a shaft accident in October 2010.
“The shaft has since been repaired and necessary measures have been implemented to ensure that the operation delivers in line with its plan in the next quarter,” it said.
Cash operating costs decreased by 8%-10% and also decreased with 3% to 5% on a R/kg basis, mainly due to lower electricity tariffs and as a result of restructuring.
CEO Graham Briggs said: “We are starting to see the fruits of our hard work, with higher production and lower costs evident from our growth projects. Although the unplanned production stoppage at Kusasalethu was a disappointment, it has been dealt with and Kusasalethu will see a better March quarter.”
