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Harmony Gold sees up to 14% QOQ rise in fiscal Q1'18 output from underground ops

Harmony Gold Mining Co. Ltd. said Oct. 12 that gold production from its underground South African operations will be 12% to 14% higher quarter on quarter and 6% to 8% higher year on year in the first quarter of its fiscal 2018, bolstered by increased volumes and recovery grades.

The company also reported that planned waste stripping of cutbacks 5 and 6 at its open pit Hidden Valley operation in Papua New Guinea is ahead of schedule and will be completed toward the end of November.

Despite the impact on production at Hidden Valley, the group's total gold output is set to rise 3% to 5% both quarterly and annually.

Operational excellence in South Africa and delivery at Hidden Valley in the second half of fiscal 2018 will keep the company on track to meet its full-year production guidance of about 1.1 million ounces of gold, Harmony Gold CEO Peter Steenkamp said.