Harmony Sees 1Q18 South African Production 12%-14% Higher than 4Q17

Harmony Gold Mining Co. Ltd. (HMY) said Thursday that first quarter production from its South African underground operations is expected to be 12% to 14% higher than the fourth quarter of fiscal 2017, with higher volumes and grades recovered.

The gold miner added that gold production is 6% to 8% higher than the corresponding quarter in the previous financial year. Including Hidden Valley, total gold production for the first quarter is up 3% to 5% compared with the fourth quarter last year.

It said the company remains on track to meet production guidance for the year. It didn't give any further information, but said in August that the company expected to produce 1.1 million ounces for the year ended June 30, 2018 at a cost of about $1,180 an ounce.

For the year ended June 30, Harmony produced 1.09 million ounces of gold at a cost of to $1,182 an ounce.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

October 12, 2017 04:10 ET (08:10 GMT)