Harmony Gold Production Falls 10%; Set to Miss 2011 Target
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Harmony Gold Mining Ltd., Africa’s third-largest miner of the metal, reported production in the first nine months of the fiscal year dropped 10 percent from a year earlier and forecast lower annual output than planned.
“The production guidance we gave and what we’ve achieved is disappointing,” Chief Executive Officer Graham Briggs said on a conference call today. The Johannesburg-based company’s new estimate is lower than the range of 1.45 million to 1.5 million ounces it forecast in February, Briggs said, without being specific. Harmony had aimed for 2 million ounces for 2013.