Gold News

Harmony sees gold output down in Q3

Harmony Gold Mining revealed today (April 23rd) that it saw gold production decline in the third quarter of the 2009 financial year.

Interestingly, the South African firm, which is the world's fifth-largest producer of the yellow metal, refused to give a reason for the decrease in the three months to the end of March.

The news means Harmony has suffered output drops in the last two quarters, having reported an eight percent slide to 362,242 ounces in the second quarter of fiscal 2009.

Anyone with a Gold Investment will presumably welcome the announcement, as dwindling supplies naturally push demand, and therefore Gold Prices, higher.

Commenting on the results, Harmony chief executive Graham Briggs said: "Harmony is in excellent financial health with a strong balance sheet thanks to all the measures that have been taken in the past 18 months."

Elsewhere, Resolute Mining posted gold production of 70,764 ounces, down from 73,140 ounces, for the quarter to the end of March, achieved at a cash cost of $738 per ounce.

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