Harmony Gold Mining will try to take advantage of a decline in the rand.
Production might rise and costs decline in the current quarter, Africa's third-biggest gold mining company said on Friday.
Output might advance by 1.3 percent to about 12.5 tons in the three months to December compared with the preceding quarter, chief executive Graham Briggs told investors.
Costs might drop by 1.2 percent to R150 000 a kilogram, he said.
Harmony joins Gold Fields, Africa's second-biggest gold producer, which said on Wednesday that it was raising output as the metal traded near a record in rand terms.
Increasing supply also allows mining companies to mitigate power and labour costs.
"Our prediction is that the gold price will go up," Briggs said. "We remain very bullish."
Gold rose to a record R8 443 an ounce on October 16 after the rand weakened to a six-year low against the US dollar.
The local currency has slumped 32 percent this year against the dollar. Gold traded at $730.75 (about R7 227 at Friday's exchange rate) an ounce in London on Friday and has declined 8.7 percent this year. - Bloomberg
