Harmony Gold's gold production increased by 17% to 425 130 ounces (oz) in the first quarter of fiscal year 2024, from 363 336 oz in the same period the previous year.
Almost all of the company's activities contributed to the year-on-year growth in production.
Higher average grades were observed at its underground operations in South Africa, in addition to a particularly robust quarter from its Hidden Valley mine in Papua New Guinea.
According to Harmony, the average recoverable grades at the underground operations in South Africa rose by 18% to 6.29g/t in the first quarter of fiscal year 2024, up from 5.35g/t in the same period the previous year.
The elevated underground recoverable grades were supported by the Moab Khotsong and Mponeng high-grade operations.
It was reported that recovered grades at the Hidden Valley mine have remained elevated ever since the fourth quarter of the preceding fiscal year, when the high-grade 'Big Red' portion of the ore body was intercepted.
As a result, recovered grades at Hidden Valley climbed by 74% year-over-year in the first quarter of fiscal year 2023, from 1.01g/t to 1.76g/t.
In the interim, the company's silver output from Hidden Valley had a 55% growth, from 19 955 kg (641 579 oz) in the first quarter of fiscal year 2023 to 30 914 kg (993 914 oz).
During the initial quarter of fiscal year 2024, the average price of silver recorded rose by 35%, from R10 514/kg (US$19.21/oz) to R14 157/kg ($23.59/oz).
It earned R433 million (about $23 million) in silver revenue for Hidden Valley as a result.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
