Harmony to meet annual guidance for FY 2023 with strong production performance
Johannesburg – Peter Steenkamp, chief executive officer of Harmony Gold Mining Company, has reflects on the Company’s past financial year, which ends on 30 June 2023 (“FY23”).
I am pleased to report that Harmony anticipates meeting its production and cost guidance and surpassing our guidance on underground recovered grades in
FY23.
We continue to deliver excellent underground-recovered grades from our South African operations, underpinned by a phenomenal performance from Mponeng. As a result, underground recovered grades will be higher than the guided 5.6g/t for FY23. As anticipated, recovered grades at Hidden Valley also improved in the fourth quarter. Therefore, production for the group will be towards the upper end of FY23 guidance of between 1 400 000 and 1 500 000 ounces whilst all-in-sustaining costs have remained comfortably below R900 000/kg, as guided, for this financial year.
Harmony has maintained a robust and flexible balance sheet as it continues into the second year of our higher capital expenditure programme in line with its growth ambitions. This growth programme will improve the quality of our ounces by allocating necessary capital towards our higher-grade underground mines and higher-margin surface and international operations.
In addition, Harmony is purposefully allocating capital towards those projects that further its sustainable development commitments. These projects include its comprehensive renewable energy programme of which the construction of Phase 1 is now complete.
During the year Harmony continued to grow its surface retreatment operations and advanced its investment in copper, a future-facing metal, through the successful acquisition of the Eva Copper project in Australia. Harmony also continues to advance the Tier 1 Wafi-Golpu copper-gold project, one of the largest copper-gold block cave projects globally, which represents approximately 40% of Harmony’s Mineral Reserves. The signing of the framework memorandum of understanding with the Government of Papua New Guinea in April 2023 was a significant step forward towards securing the Mining Development
Contract and Special Mining Lease for Wafi-Golpu. Together, Eva and Wafi-Golpu provide an enviable global copper growth platform that, once developed, will deliver meaningful copper production into the critical minerals supply chain for decades to come.
