Harmony Gold Mining is still on course to meet the higher end of full-year production guidance with costs comfortably below expectations.
It said total gold production for the six months ended 31 December 2023 (H1FY24) was between 820 000 ounces (25 505kg) and 835 000 ounces (25 971kg), an increase of between 12% and 14% compared to the previous year.
Harmony said the production increase was due to the South African underground recovered grades exceeding the upper end of the guided 5.60 to 5.75g/t in H1FY24, driven mainly by the company’s high-grade operations at Mponeng and Moab Khotsong.
A strong performance by the South African surface-source operation and improved operational performance from Hidden Valley in Papua New Guinea also helped boost output.
It said guidance for the 2024 financial year remains unchanged at the upper end of 1, 38 million to 1,48 million ounces of gold and gold equivalents.
Underground recovered grade guidance also remains unchanged at between 5.60 to 5.75g/t, said Harmony.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
