Wednesday, 19th January 2005 (3077 views)

South Africa's most prominent gold mining firms are set to illustrate their resilience when new figures are revealed for the 2004 December quarter.

A number of factors, including higher rand gold price received, lower costs and better yields at certain operations, are expected to drive through improved figures compared to the September quarter.

During the December quarter, gold averaged 84,392 rand per kilogram, up 2.6 per cent from 82,287 rand per kilogram in the September quarter.

"The December quarter was a better one for the local gold mining industry as the gold price was higher and costs lower," a Johannesburg analyst told the Business Day website.

"Yields should have been higher during the quarter and all the gold miners should have been cash flow positive for the quarter."

"It is possible that Harmony Gold may show a profit at the operational level," he added.

AngloGold Ashanti is also expected to record strong figures.

An analyst said the firm's Great Noligwa mine is likely to have seen better volumes and grade in December. Its Ghana mines would have improved, as would have the mines in Mali, he added.

"The group's mines in Latin America, Australia and North America are likely to have had a steady quarter," the analyst also said.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.