Harmony Gold Mining Backs View After Higher Gold Output, Improved Costs

By Christian Moess Laursen

Harmony Gold Mining backed its full-year guidance after first-quarter gold production rose on higher output in most operations, while costs decreased on higher grades.

The South African gold-mining company said Monday that it produced 7% more gold in the three months to Sept. 30 versus the preceding quarter, 425,130 ounces compared with 395,520 ounces, and 17% more than in the first quarter of fiscal 2023.

The higher output was driven by higher average underground recovered grades from its South African underground operations alongside a strong quarter from the Hidden Valley mine in Papua New Guinea, it said.

All-in sustaining costs–or AISC–improved 7% to $1,404 an ounce, partly due to the higher recovered grades.

Gold revenue increased 33% to ZAR14.78 billion ($789 million) compared with the same quarter a year prior, supported by the higher production and a strong South African rand gold price, rising 18% in the period.

For the full year ending June 30, Harmony Gold Mining said it continues to target total production between 1.38 million and 1.48 million ounces with an overall AISC below ZAR975,000 a kilogram.

Write to Christian Moess Laursen at [email protected]

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