South Africa’s Harmony gold production in the fourth fiscal quarter of the financial year ending June 30 increased four percent from the third quarter, it said in its full year results today.
Gold sold increased by 12 percent quarter-on-quarter, while total production for the year was 1.08 million ounces.
Harmony recorded a net loss of 4.5 billion rand ($396 million) in the full year, due to a total impairment of 3.5 billion rand ($303 million).
The impairments were due to the restructuring of operations for profitability and in response to low commodity prices and high operating costs, which resulted in a reduced life-of-mine, it said.
“We have restructured each of our operations to ensure that our company is profitable even in a tough gold price environment,” Graham Briggs, Harmony’s chief executive officer, said.
“Our focus is therefore on increasing our margins – not only through capital curtailment and cost reductions, but most importantly through increasing our production,” he added.
(Editing by Martin Hayes)
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