Harmony Gold Mining Co. (HMY) said Thursday gold production from its South African underground operations will record a 12% to 14% quarter-on-quarter in fiscal Q1 jump because of an increase in both volumes and recovered grade. ADRs climbed intraday.
Compared with the fiscal Q1 that ended Sept. 30, 2016, gold production is up 6% to 8%, according to a statement. The company’s full results will be declared Nov. 7.
The statement noted planned waste stripping of cutbacks 5 and 6 at Hidden Valley is running ahead of schedule and will be completed by the end of November.
“Despite the impact on Hidden Valley’s gold production, Harmony’s total gold production increased by 3% to 5%,” the statement noted.
ADRs traded near the bottom end of their 52-week price range of $1.56 – $3.51.