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Harmony Gold hits FY'16 production target, hedges 20% of gold output for 2 years

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Harmony Gold hits FY'16 production target, hedges 20% of gold output for 2 years

Harmony GoldMining Co. Ltd. said July 18 that its gold production for itsfiscal 2016 ended June 30, was on target at about 1.1 million ounces while itsunderground gold grades have improved by 6% from a year earlier to an average5.02 g/t.

In addition, the company has hedged 432,000 ounces of goldover two years, locking an average price of about 682,000 rand per kilogram.The ounces represent approximately 20% of the company's total production.

The Johannesburg- and New York-listed company noted that thesharp increase and the volatility of the South African rand per kilogram goldprice provided Harmony with an opportunity to lock in its future gold sales.

Company CEO Peter Steenkamp said, "The gold hedge was anecessary short term step to secure our margins at some of our higher costoperations and creates certainty on a portion of our future cash flows. Itenables us to further reduce our debt and strengthen our balance sheet."

The company will announce its operating and financialresults Aug. 17.