Harmony remains on track to meet higher end of full-year production guidance

Harmony Gold’s Moab Khotsong mine. Picture: Supplied

Harmony Gold’s Moab Khotsong mine. Picture: Supplied

Published Jan 26, 2024


Gold mining firm Harmony said in a statement yesterday that it remained on track to meet the higher end of full-year production guidance.

Total gold production for the six months ended December 31, 2023, of financial year 2024 was between 820 000 ounces and 835 000 ounces – an increase of between 12% and 14% compared with the prior comparative period.

As a result, all-in-sustaining costs (AISC) for the first half of the financial year would be between R830 000/kg to R855 000/kg, which was below the guided AISC of R975 000/kg.

Harmony said the production increase was driven by the South African underground recovered grades exceeding the upper end of the guided 5.60 to 5.75g/t in the first half, driven mainly by its high-grade operations at Mponeng and Moab Khotsong.

Also contributing was a strong performance by the South African surface-source operations as well as an excellent operational performance from Hidden Valley in Papua New Guinea.

Meanwhile, guidance for the 2024 financial year remained unchanged at the upper end of 1 380 000 to 1 480 000 ounces of gold and gold equivalents, at an AISC of below R975 000/kg.

Harmony said underground recovered grade guidance also remained unchanged at between 5.60 to 5.75g/t.

“Our CEO, Peter Steenkamp, will be presenting at the Investing in African Mining Indaba conference in Cape Town, which takes place from 5 to 8 February 2024. This presentation will be available on the Harmony website on Wednesday, 7 February 2024,” Harmony said.

The company expected to publish its interim operating and financial results for the 2024 financial year on February28, 2024.

Harmony wanted to inform investors that its results presentation would be by electronic communication at 2pm South African time on the same day (www.harmony.co.za).