Johannesburg - Harmony Gold, South Africa’s third largest gold producer, said
on Tuesday in an operational update for the nine months ended March that
quarter-on-quarter gold production was 7 percent lower, mainly due to the slow
start-up after the December holidays.
The March quarter is traditionally a difficult production
quarter due to the slow start-up after the festive season. The slow ramp up
after the Christmas holidays also impacted South African production at
Anglogold Ashanti (AGA), the world’s third largest gold producer.
Peter Steenkamp, the chief executive of Harmony, said the
company expects to meet its production target this year.
Steenkamp said the annual gold production guidance of 1.05
million ounces was well in reach, with the year to date production at 812 000
ounces at a cash operating cost of R439 669 a kilogram or US$996 an ounce.
AngloGold Ashanti
said on Monday that its local operations were hit by the slow ramp up after the
Christmas break, fractured ground in some areas and high costs among others.
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