Harmony Gold powers through reduced grades
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(Kitco News) - Despite reduced grade Harmony Gold Mining (JSE:MAR) said gold production for its underground operations quarter-on-quarter were 7% higher at 8,736kg.
Harmony reported Wednesday its operational update for the three months that ended in September 2019.
Overall operations were helped by the good gold price and stronger Rand. Total gold revenue was 20% higher, and production profit was 34% higher at $160 million (R2.4 billion).
The company said underground recovered grade was reduced by 5.4% to 5.26g/t at the South African underground operations.
"Lower grades were anticipated at Joel and Hidden Valley, and at the South African underground mines nearing the end of their lives (Bambanani, Masimong and Unisel). Higher grades are expected from both Joel and Hidden Valley (as we transition from stage 5 to stage 6 cutbacks) towards the fourth quarter," said the company.