Harmony expects full-year AISC to rise as Eskom tariffs increase
Aim-listed Harmony Gold is on track to deliver on its full-year production guidance, the company said in an operational update for the nine months ended March 31 published on Thursday.
During the nine-month period, gold production increased by 29% year-on-year to 1.08-million ounces, with underground recovered grade up 6% year-on-year as a result of the acquisition of Moab Khotsong, in South Africa, and the build-up in production from Hidden Valley, in Papua New Guinea.
The gold price received remained flat in rand terms at R579 778/kg, compared with R572 513/kg in the prior comparable period.
Harmony remains on track to produce 1.45-million ounces of gold for the full-year, but its all-in sustaining costs (AISC) are now expected to reach R540 000/kg, compared with the previously guided R520 000/kg to R530 000/kg, because of power utility Eskom having raised its electricity tariffs from April 1.
Meanwhile, Harmony on Thursday also reported that engagement by the Wafi-Golpu Joint Venture with the Papua New Guinea government regarding the application for a special mining lease for the Wafi-Golpu project had progressed during the March quarter.
The independent technical reviews of the project’s environmental-impact statement were progressed by the country’s Conservation and Environmental Protection Authority, along
with discussions with the government on the terms of the mine development contract.
The development forum process is expected to begin in the coming months, where local landowner and provincial government agreements will be progressed.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation