Harmony Gold Mining Co. (HAR.JO) on Tuesday said that total gold production for the first quarter of fiscal 2018 rose 5% compared with the fourth quarter of last year, leading to a fall in operating costs.
The South African gold miner produced a total of 290,644 ounces in the quarter ended Sept. 30, compared with 275,660 for previous quarter and 277,461 for the comparative quarter last year.
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Harmony Gold Mining added that production from its South African operations rose 14% compared with the fourth quarter of fiscal 2017--the top end of its guided range--due to a 10% increase in ore milled and a 4% increase in recovered grade.
On Oct. 12 Harmony said it expected first quarter production from its South African underground operations to be 12%-14% higher than the fourth quarter of fiscal 2017.
Total costs fell to $1,152 an ounce in the quarter, compared with $1,219 in the earlier quarter, it said. Costs for its South African underground operations fell 8% to $1,151 an ounce in the quarter.
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(END) Dow Jones Newswires
November 07, 2017 01:24 ET (06:24 GMT)