Harmony on track to meet production guidance
Harmony Gold, SA's biggest gold producer by volume, said it remains on track to deliver its production and cost guidance as the gold price continues to add shine to its performance.
Harmony, which paid a record R1.4bn dividend in the six months ended December 2024, said it expects to meet the 2025 financial year guidance of between 1.4m ounces and 1.5m ounces 'comfortably' between the guided range of R1.02m/kg to R1.1m/kg.
CEO Beyers Nel said underground recovered grades will be higher than the guided 6g/t while total capital expenditure for the year will be slightly below the guided R10.8bn.
'We have a firm grip on our costs, which are predominantly rand based and comprise mainly labour, consumables and electricity. We continue to benefit from the high rand per kilogram gold price and maintain a high level of certainty and predictability as it relates to our planning parameters,' Nel said.
Harmony, which operates some of SA's deep level gold mines, also has operations in Papua New Guinea and Australia.
The company has been on an acquisition path and last month announced the potential $1.03bn (R18.6bn) acquisition of MAC Copper in New South Wales, Australia, which is expected to produce more than 40 000 tonnes of copper annually and contribute immediately towards increasing free cash flow generation.
'Over the past three years, Harmony has transformed into a geographically diversified specialist mining company with a compelling gold and copper story. We continue creating meaningful value for our stakeholders through safe, profitable ounces and improving margins by delivering on our strategic objectives,' Nel said.
He said Harmony will continue to allocate most of its project capital to its higher-grade, higher-quality, and lower-risk assets.
'This includes the extension projects at Hidden Valley, Moab Khotsong and Mponeng. We are also finalising the Eva Copper project's feasibility study and will provide an update on the outcome thereof when we release our year-end results in August 2025,' he said.
The company is scheduled to release its 2025 financial results on August 28.
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A Harmony Gold local mine. The group has met all its operational and production guidance metrics for the 2025 financial year and continued to benefit from a relatively high rand per kilogram gold price. Image: Supplied Harmony Gold is set to meet its production, grade, and cost guidance for its financial year to June 30, 2025, the 10th consecutive year of meeting its targets, the company said in an update to its shareholders via the JSE on Monday. It had been 'another landmark year underpinned by exceptional operating free cash flows, improved recovered grades whilst advancing our copper-gold growth strategy,' CEO Beyers Nel said in the update. As the financial year drew to a close, total production was expected to be in line with guidance of between 1.4 million to 1.5 million ounces, while all-in-sustaining costs would be between the guided range of R1 020 000/kg to R1 100 000/kg. Underground recovered grades would be higher than the guided 6g/t, while capital expenditure would be slightly below the guided R10.8 billion. The group said the positive performance was made possible through an embedded approach to sustainability, disciplined capital allocation, and consistent, predictable production underpinned by "operational excellence". This had enabled Harmony to improve the quality of its portfolio, extend the life of its mines, and deliver stellar cash flow generation, said Nel. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Over the past three years, Harmony has transformed into a geographically diversified specialist mining company with a compelling gold and copper story. Nel said they had a firm grip on costs, which were predominantly rand-based and comprised mainly labor, consumables, and electricity. He said they continue to benefit from the high rand per kilogram gold price. Highlights during the year included meeting or beating all guidance metrics. The JSE share price reached a record high in April 2025. A record interim dividend payout of R1.4 billion was paid. In addition, the potential R18.4bn acquisition of MAC Copper in New South Wales, Australia, was announced, which, pending conclusion in the second half, was expected to bring over 40 000 tons of annual copper production and contribute immediately towards free cash flow generation. Phase 1 of the Mine Waste Solutions extension project was delivered on time and on budget. Looking ahead, Nel said they would continue to allocate most of their project capital to higher-grade, higher-quality, and lower-risk assets. This included the extensions at Hidden Valley, Moab Khotsong, and Mponeng. The Eva Copper project's feasibility study was being finalised. Harmony's share price had nudged up 1.33% to R257.25 by Monday midday. BUSINESS REPORT
The Herald
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Harmony on track to meet production guidance
Harmony Gold, SA's biggest gold producer by volume, said it remains on track to deliver its production and cost guidance as the gold price continues to add shine to its performance. Harmony, which paid a record R1.4bn dividend in the six months ended December 2024, said it expects to meet the 2025 financial year guidance of between 1.4m ounces and 1.5m ounces 'comfortably' between the guided range of R1.02m/kg to R1.1m/kg. CEO Beyers Nel said underground recovered grades will be higher than the guided 6g/t while total capital expenditure for the year will be slightly below the guided R10.8bn. 'We have a firm grip on our costs, which are predominantly rand based and comprise mainly labour, consumables and electricity. We continue to benefit from the high rand per kilogram gold price and maintain a high level of certainty and predictability as it relates to our planning parameters,' Nel said. Harmony, which operates some of SA's deep level gold mines, also has operations in Papua New Guinea and Australia. The company has been on an acquisition path and last month announced the potential $1.03bn (R18.6bn) acquisition of MAC Copper in New South Wales, Australia, which is expected to produce more than 40 000 tonnes of copper annually and contribute immediately towards increasing free cash flow generation. 'Over the past three years, Harmony has transformed into a geographically diversified specialist mining company with a compelling gold and copper story. We continue creating meaningful value for our stakeholders through safe, profitable ounces and improving margins by delivering on our strategic objectives,' Nel said. He said Harmony will continue to allocate most of its project capital to its higher-grade, higher-quality, and lower-risk assets. 'This includes the extension projects at Hidden Valley, Moab Khotsong and Mponeng. We are also finalising the Eva Copper project's feasibility study and will provide an update on the outcome thereof when we release our year-end results in August 2025,' he said. The company is scheduled to release its 2025 financial results on August 28. TimesLIVE
TimesLIVE
10 hours ago
- TimesLIVE
Harmony on track to meet production guidance
Harmony Gold, SA's biggest gold producer by volume, said it remains on track to deliver its production and cost guidance as the gold price continues to add shine to its performance. Harmony, which paid a record R1.4bn dividend in the six months ended December 2024, said it expects to meet the 2025 financial year guidance of between 1.4m ounces and 1.5m ounces 'comfortably' between the guided range of R1.02m/kg to R1.1m/kg. CEO Beyers Nel said underground recovered grades will be higher than the guided 6g/t while total capital expenditure for the year will be slightly below the guided R10.8bn. 'We have a firm grip on our costs, which are predominantly rand based and comprise mainly labour, consumables and electricity. We continue to benefit from the high rand per kilogram gold price and maintain a high level of certainty and predictability as it relates to our planning parameters,' Nel said. Harmony, which operates some of SA's deep level gold mines, also has operations in Papua New Guinea and Australia. The company has been on an acquisition path and last month announced the potential $1.03bn (R18.6bn) acquisition of MAC Copper in New South Wales, Australia, which is expected to produce more than 40 000 tonnes of copper annually and contribute immediately towards increasing free cash flow generation. 'Over the past three years, Harmony has transformed into a geographically diversified specialist mining company with a compelling gold and copper story. We continue creating meaningful value for our stakeholders through safe, profitable ounces and improving margins by delivering on our strategic objectives,' Nel said. He said Harmony will continue to allocate most of its project capital to its higher-grade, higher-quality, and lower-risk assets. 'This includes the extension projects at Hidden Valley, Moab Khotsong and Mponeng. We are also finalising the Eva Copper project's feasibility study and will provide an update on the outcome thereof when we release our year-end results in August 2025,' he said. The company is scheduled to release its 2025 financial results on August 28.
