Harmon Gold has achieved the top end of its fiscal year (FY) 2023 production target of 1.4 to 1.5 million ounces of gold at an all-in-sustaining cost of less than R900 000 ($48 665) per kg.
Peter Steenkamp, the chief executive officer of the company, stated that underground recoverable grades also exceeded the upper end of the estimated 5.45 to 5.6g/t range.
“Our embedded approach to safety, and operational excellence, alongside our improved asset quality, resulted in a strong and sustainable group performance with solid free cash flows,” he said.
“We will continue allocating growth capital to our high-grade underground and high-margin surface source operations in South Africa and expanding our international copper-gold portfolio.”
A foreign exchange translation loss of R634 million ($36 million) for the year, compared to a loss of R327 million ($21 million) in FY22, was primarily related to the deterioration of the Rand/US$ exchange rate year over year, which negatively impacted the translation of US dollar loan balances.
Deferred taxes shifted from a credit of R353 million ($23 million) in FY22 to an expense of R1.08 billion ($61 million) in FY23, primarily due to increasing property, plant, and equipment carrying values and utilisation of unredeemed capital expenditure, the company reported.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
