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The addition of Moab Khotsong as part of a $ 300 million deal with AngloGold Ashanti boosted Harmony's full-year gold production, helping to reduce group costs and to increase the ranks
Harmony, who owns a series of gold mines. Moab Khotsong bought Moab Khotsong to do exactly what happened during the four months he owned the mine: bringing good quality production into the company's portfolio.
Harmony said he had reached 1.228 million ounces of gold for his business turnover reached 1.18 million ounces during the month of June.
Moab Khotsong has largely contributed to the increase in production in SA, where production has increased by 14% during the year. . Moab accounted for 105,900oz in the four months that he was in Harmony, or 10 percentage points of the 14% increase.
Harmony made no mention of his Hidden Valley mine in Papua New Guinea in his brief production update. results of August 21st.
In an April presentation, Harmony showed that if its newly restarted Hidden Valley mine and Moab were included in its interim results, free cash flow would have been 51% higher than the 017m $ generated,
Hidden Valley is a gold mine of 180,000 ounces per year, while Moab will deliver 250,000 ounces, both mines having an overall sustaining cost of less than $ 950 / oz
. its all – in sustaining costs should be less than the targeted 520 000 rands per kg.
Harmony has implemented a hedging strategy that guarantees a large profit margin on some of the gold that it produces.
seccombea @ bdfm.co.za
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