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Harmony Gold lifts output, keeps lid on debt

Shares rise on update.

South Africa’s Harmony Gold reported a 14% rise in first-quarter production on Tuesday, lifted by improved grades, sending its shares higher as rising cash flows supported investment in its Hidden Valley operation in Papua New Guinea.

The bullion producer also said it was keeping a lid on its debt, with net debt standing at $67 million at the end of September compared with $68 million at the end of June.

Its share price was almost 3% higher in early trade.

“At Hidden Valley, the investment plan continued in line with budget and schedule … Increased cash flow generated from the South African operations supported the funding of the investment capital at Hidden Valley,” Harmony said in a quarterly operational update. 

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