JSE-listed gold producer, Harmony, on Monday said its quarterly profits were currently sustainable, thanks to the current price of gold.

The company said this allowed it to continue its capital outlay by using the money from its working profit. The international price of gold stood at $1,247 an ounce at noon on Monday.

Harmony said five of its mines were profitable at an “all-in cost of below US$1000/oz.”

“Harmony’s strength has always been its ability to adjust quickly and efficiently to adverse conditions,” Graham Briggs, the CEO at Harmony, said.

“We have positioned the company to remain sustainable for many years to come, managing costs and production to ensure profitability at all gold prices,” he continued.

Harmony said it had cut overall costs quarter on quarter, while production was steady at 9 515kg (305 913oz).