Harmony produces targeted 1.4Moz but at a higher AISC
JSE- and NYSE-listed Harmony Gold has achieved its gold production target of 1.44-million ounces for the financial year ended June 30.
CEO Peter Steenkamp on Thursday said the operating performance was boosted by the inclusion of a full year’s production from the Moab Khotsong mine, in South Africa’s Free State province, and the Hidden Valley mine, in Papua New Guinea.
Harmony’s underground recovered grade was 2% higher at 5.59 g/t gold, compared with the grade of 5.48 g/t achieved in the prior financial year. This was the seventh consecutive year that the company achieved an increase in underground recovered grade.
All-in sustaining costs (AISC), at between R550 000/kg and R555 000/kg, were, however, higher than the guided R540 000/kg, mainly as a result of inflationary increases and lower production at the Tshepong mine, in South Africa’s Free State province.
Harmony recorded a gold price received of about R586 000/kg for the period under review.
Meanwhile, the company has experienced delays with the permitting of its Wafi-Golpu project, in Papua New Guinea. The delays are owing to elections in the country and legal proceedings between the national and provincial government in the region regarding the internal distribution of the State’s economic interest in the project.
The permitting delays have compelled the Wafi-Golpu joint venture to defer and revise the work programme that was planned to start during this calendar year.
The company will release its full operating and financial results on August 20.
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