Harmony said the South African underground recovered grades were expected to be higher than the guided 5.80 grams per ton, driven mainly by an exceptional performance from its flagship Mponeng mine. Picture: Supplied
Harmony Gold said Monday that it remained on track to exceed the full-year production guidance of between 1.4 million to 1.5 million ounces for 2025 financial year.
This comes as the company announced that total gold production for the six months ended 31 December 2024 was between 790 000 ounces (24 570kg) and 805 000 ounces (25 000kg).
Harmony said the South African underground recovered grades were expected to be higher than the guided 5.80 grams per ton, driven mainly by an exceptional performance from its flagship Mponeng mine.
All-in-sustaining costs (AISC) for the first-half of the 2025 financial year will be between R960 000/kg to R985 000/kg.
Harmony said it was confident that full-year AISC will remain within the guided range of between R1 020 000/kg and R1 100 000/kg for the 2025 financial year.
The gold miner said this was a function of the planned lower production, inflationary increases, and higher sustaining capital as previously communicated.
As guided, total production for the first-half of the 2025 financial year in comparison to half-year production in financial year 2024 was down slightly, mainly due to the planned lower production from the South African underground optimised portfolio and Hidden Valley, which benefited from the high-grade 'Big-Red' in the previous reporting period.
"The first half of this financial year has been one that has yet again shown that consistently and sustainably delivering safe, profitable ounces and generating improved operating free cash flows remain core to what Harmony does,” said new CEO, Beyers Nel.
“Striving for excellence in all we do will enable us to meet all of our strategic objectives.”
Harmony said its balance sheet has continued to strengthen, with a significant increase in the company’s net cash position from what was reported in November 2024.
The company said it remained well positioned to fund its various approved capital projects.
All of Harmony’s underground operations except Target 1, which is still in a turnaround process after being recapitalised, generated meaningful positive operating free cash flows.
The South African surface-source operations and Hidden Valley Mine in Papua New Guinea also performed well and contributed meaningfully towards the strong operating free cash flows in the first-half of the 2025 financial year.
Production-, cost- and grade guidance for the financial year 2025 remain unchanged.
The company will publish its interim operating and financial results for the 2025 financial year on Tuesday, 4 March 2025.
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