Harmony Gold Mining Company Limited has announced its operating results for the first quarter ended 30 September 2017.
“Operational excellence has strengthened our margins at our South African operations significantly. The recently announced Moab Khotsong acquisition will further enhance free cash flows and enforces Harmony’s belief that it offers an attractive investment case,” said Peter Steenkamp, Harmony Gold Chief Executive Officer.
Increased cash flow generated from the South African operations supported the funding of the investment capital at Hidden Valley. Net debt for the company remained low at ZAR906 million
(US$67 million) compared to ZAR887 million (US$68 million) at 30 June 2017.
Harmony’s undrawn existing debt facilities include US$175 million on the US$ dollar facility and a ZAR1 billion revolving credit facility.
Acquisition of Moab Khotsong operations
Harmony announced the acquisition of the Moab Khotsong operations for US$300 million on 19 October 2017.
Wafi-Golpu, Papua New Guinea
The Wafi-Golpu Joint Venture parties continued to progress activity in line with the forward work plan previously communicated, including engagement with the PNG Government on the application for a Special Mining Lease (SML) for the Wafi-Golpu project.