Loading ...The world’s fifth largest gold producer has told a Perth mining forum today that it plans to lift its total output to 1.5 million ounces a year within three years as it combines its increasing output from African and PNG mines.
Addressing today the second day of the three day Paydirt 2016 Africa Down Under mining conference in Perth, Harmony Gold’s CEO South East Asia, Mr Johannes Van Heerden, said that while the Company had achieved its latest guidance of 1.1 million ounce annual production, it was focused on lifting that level by another 400,000 ounces a year by 2020.
“Importantly, we want to achieve this on an All In Sustaining Cost (ASIC) target no greater than US$950 an ounce, and that such a cost performance is sustainable,” he said.
Harmony’s robust gold output was achieved amid delivery of a 61% reduction in debt and a net profit for the latest full year of US$64 million. This includes contributions from its nine South African gold mines where it is that country’s third largest gold miner.
Its South African gold reserves of 16.9 million ounces account for 45% of its total gold reserves inventory.