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Harmony Gold expects to meet its production and cost guidance in FY23

Kitco Media
By Vladimir Basov
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(Kitco News) - Harmony Gold (NYSE: HMY), a senior global gold producer, announced today it expects to meet its production and cost guidance and surpass its guidance on underground recovered grades in FY23 (a financial year ending June 30, 2023).

The company said it continues to deliver "excellent" underground-recovered grades from its South African operations, underpinned by a "phenomenal" performance from Mponeng.

"As a result, underground recovered grades will be higher than the guided 5.6g/t for FY23. As anticipated, recovered grades at Hidden Valley also improved in the fourth quarter," it added.

Therefore, the company said that gold production for the group will be towards the upper end of FY23 guidance of between 1,400,000 and 1,500,000 ounces whilst all-in-sustaining costs have remained "comfortably" below R900,000/kg (~US$1,500/oz), as guided, for this financial year.

Harmony also reported that during the year, the company continued to grow its surface retreatment operations and advanced its investment in copper through the successful acquisition of the Eva Copper project in Australia.

The company added it continues to advance the Tier 1 Wafi-Golpu copper-gold project, one of the largest copper-gold block cave projects globally, which represents approximately 40% of its mineral reserves.

"Together, Eva and Wafi-Golpu provide an enviable global copper growth platform that, once developed, will deliver meaningful copper production into the critical minerals supply chain for decades to come," the company said.

Harmony Gold has operations and assets in South Africa and Papua New Guinea (PNG). The company's assets include one open pit mine and several exploration tenements in PNG, as well as 10 underground mines and 1 open pit operation and several surface sources in South Africa. In addition, Harmony owns 50% of the significant Wafi-Golpu copper-gold project – a tier 1 asset in a joint venture in PNG.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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