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Harmony Gold cuts FY12 output guidance

Harmony mining
Publishing Date
06 Feb 2012 2:20pm GMT
Author
Mining Journal
Harmony Gold Mining Co Ltd, South Africa's third-largest gold producer, cut its FY12 output guidance due to safety stoppages and a restructuring of its Bambanani operations.

The company, which had seven fatalities at its operations in the final three months of 2011, reduced its FY12 production guidance to 1.35Moz from its initial 1.45Moz-1.55moz target. It has produced 672,754oz in the first half of its fiscal year.

The gold producer reported record profits for the quarter to end December on a weaker rand and higher production.
Headline profit jumped more than 150% to R1.0 billion (US$129 million) as a 13% depreciation of the rand against the dollar helped reduce local costs.

The company said it remains bullish on gold prices.

“We expect that gold will reach an average price of $1,850/oz for calendar year 2012 and we may even see it as high as $2,000/oz later this year,” it said in a statement.
The company aims to produce 1.8-2.0Moz of gold annually by 2015.


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