Latest news with #R10.8
IOL News
14 hours ago
- Business
- IOL News
Harmony Gold poised to meet production and cost guidance for 10th year
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 Citizen
4 days ago
- Business
- The Citizen
Report shows that consumers owe municipalities R416.1 billion
As of March 31, total consumers debt owed to municipalities amounted to R416.1 billion when compared to R347.6 billion that was reported in the same period in 2023/24. This is according to a report released by National Treasury on local government revenue and expenditure for the third quarter of the 2024/25 financial year. 'A total amount of R10.8 billion or 2.6% has been written off as bad debt. The largest component of this debt relates to households and represents 72% or R299.5 billion (73 % or R253.6 billion in the same period in 2023/24 financial year),' National Treasury said on Wednesday. The third quarter publication covers 257 municipalities on financial information and conditional grant information. 'The government debt accounts for 6% or R24.9 billion (R21 billion reported in the same period in 2023/24) of the total outstanding debtors. 'Total outstanding creditors owed by municipalities as at 31 March 2025 amount to R131.8 billion an increase from R106.7 billion reported in the same quarter in 2023/24. R111.8 billion or 84.8% has been outstanding for more than 90 days,' said Treasury. Provinces with the highest percentage of outstanding municipal creditors in the category greater than 90 days include the Free State at 94.4%, Mpumalanga at 93.9%, the Northern Cape at 93.8%, and the North West at 84.4%. An increase in outstanding creditors could be an indication that municipalities are experiencing liquidity and cash challenges and consequently are delaying the settlement of outstanding debt owed. 'Analysis of the collection rates indicates that while municipalities' average collection rate on the adjusted budget is 85%, the aggregated actual collection against billed and other revenue is only 63.6 percent. The metros budgeted (adjusted budget) for a 87.9% collection rate and collected only 58.2%. The secondary cities budgeted billing was 86.3% and the actual collection was 69.7%,' it explained. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
