Harmony Gold Mining, the South African gold miner, has announced that its half-year production for the period ended December 31 has surpassed expectations. The company produced between 820,000 and 835,000 ounces of gold during this period, marking a 12%-14% increase compared to the same time last year.
The improved production can be attributed to higher underground recovered grades at the Mponeng and Moab Khotsong operations in South Africa, as well as a strong performance by the surface-source operations in the country. Additionally, Hidden Valley in Papua New Guinea delivered a robust operational performance, further boosting the overall output.
As a result of these positive developments, Harmony Gold anticipates its all-in-sustaining costs to range between 830,000 and 855,000 South African rand ($43,949-$45,272) per kilogram of gold mined. These figures are below the ZAR975,000 per kg target set for the full year.
Furthermore, the company maintains its full-year production forecast of 1.38 million to 1.48 million ounces of gold and gold equivalents. The underground recovered grade guidance remains unchanged as well, projected to be between 5.60 and 5.75 grams per ton.