Monday, 2nd August 2004 (2544 views)

South Africa's Harmony Gold Mining Company has reported an 11 per cent increased in gold production in its 2003/04 financial year results.

Following the record production of 3.3 million ounces, the firm is now planning 3.6 million ounces for the 2004/05 financial year.

According to the company, the strength of the South African rand has had a big impact on the last twelve months for the business.

Chief executive Bernard Swanepoel, commented: "We anticipate that the benefits from our re-structuring initiatives throughout the company will start to show during the September 2004 quarter and cash costs are expected to be reduced to below R80 000/kg."

The company's continuous operations (CONOPS) has started to deliver benefits for the firm with gold production increased by nine per cent at selected mine shafts as a result.

Results follow a new agreement in July with the National Union of Mineworkers to protect stakeholders and also the acquisition of both Abelle Limited and Avgold.

 

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