Harmony Gold shows R1bn net loss for the year ended 30 June 2022
Johannesburg – Harmony Gold Mining in its Results for the year ended 30 June 2022 says “The solid platform we have built has placed Harmony in a strong position to deliver operationally. We have a clear strategy to prioritise capital for high-grade and high-margin projects that will generate the best possible returns, ensuring we meet our long-term objectives. Delivering meaningful returns to our shareholders while at the same time effecting positive change and maintaining the trust of all of our stakeholders is what we call ‘Mining with Purpose’.”
Production guidance for FY23 is estimated to be between 1.4Moz and 1.5Moz at an all-in sustaining cost of below R900 000/kg. Underground recovered grade is planned to be about 5.45g/t to 5.60g/t.
FINANCIAL AND OPERATING RESULTS
- 2% increase in revenue to R42 645m (US$2 804m) from R41 733m (US$2 710m)
- Production profit of R9 546m (US$628m), down 20% from R11 958m (US$777m)
- Net debt to EBITDA stable at 0.1x
- 3% decrease in underground recovered grade to 5.37g/t from 5.51g/t
- 3% decrease in gold production to 46 236kg (1 486 517oz) from 47 755kg (1 535 352oz)
- 6% decrease in total mineral resources and reserves to 132.6Moz and 39.8Moz respectively
- Operating free cash flow of R2 905m (US$191m) decreased by 55% from R6 528m (US$424m)
- Net loss of R1 012m (US$48m) after net profit decreased by 120% from R5 124m (US$326m)
- Ongoing focus on safety with LTIFR now below 6.00 for 3 consecutive quarters
- Commenced the 30MW Phase 1 renewable energy programme
