Harmony Gold Group's revenue increased by 11% to R33 982 million in the nine months of the financial year 2023 from R30 669 million in the previous reporting period.
It said the growth was mainly driven by a higher average gold price received, which rose by 13% to R992 899 per kilogramme (kg) from R877 249/kg alongside the increase in underground recovered grades over the reporting period.
Group production increased by 2% to 33 785kg (1 086 213oz) during the period under consideration from 33 241kg (1 068 718oz), a year earlier, after adjusting for the closure of Bambanani at the end of the financial year 2022.
It said average recovered grades at the South African underground operations increased by 7% to 5.68g/t in the nine months from 5.39g/t in the previous reporting period ending March 31, 2022.
The higher underground recovered grades continued through the first half of the financial year into the third quarter, driving a solid group performance in the reporting period.
Meanwhile, Harmony said its net debt decreased to R4 512 million ($253 million) from R4 710 million ($277 million) as of December 31, 2022.
The company’s balance sheet remained strong, with net debt to earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreasing to 0.5 times from 0.6 times as a result.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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