Harmony higher recovered grades drive strong performance from SA underground

Johannesburg, South Africa – Harmony Gold Mining Company Limited has report its operational performance for the nine months ended 31 March 2023 (9M FY23).

Average recovered grades at the South African underground operations increased by 7% to 5.68g/t for this reporting period from 5.39g/t in the previous reporting period ending 31 March 2022 (9M FY22) after adjusting for the closure of Bambanani mine at the end of FY22. The higher underground recovered grades continued through from the first half of the financial year into the third quarter, driving a solid group performance in 9M FY23.

Group revenue in 9M FY23 increased by 11% to R33 982 million (US$1 946 million) from R30 669 million (US$2 033 million) in the previousreporting period. This was mainly driven by a higher average gold price received, which increased by 13% to R992 899/kg (US$1 769/oz) from R877 249/kg (US$1 809/oz) alongside the abovementioned increase in underground recovered grades over this reporting period.

Group production in 9M FY23 increased by 2% to 33 785kg (1 086 213oz) from 33 241kg (1 068 718oz) in 9M FY22, after adjusting for the closure of Bambanani. Cost increases continue to remain within our planning parameters.

Cash operating costs in 9M FY23 increased by only 7% to R745 682/kg (US$1 328/oz) from R697 146/kg (US$1 437/oz) in 9M FY22.

All-in sustaining costs (AISC) increased by 8% to R895 580/kg (US$1 595/oz) from R825 925/kg (US$1 703/oz) in the previous reporting period. All-in costs increased by 10% to R940 559/kg (US$1 675/oz) from R851 291/kg (US$1 755/oz). As a result, group operating free cash flow in 9M FY23 increased by 49% to R3 237 million (US$186 million) from R2 174 million (US$144 million) in 9M FY22.

Leave a Reply

Your email address will not be published. Required fields are marked *