Gold miner Harmony Gold has posted a 46% increase in production profit to just under R14-billion, or $774-million, for the financial year ended June 30. The company swung from a net loss of R1-billion in the 2022 financial year to a net profit of R4.8-billion in the reporting year, enabling it to declare a final dividend of 75c, or $0.04, apiece, against a prior full-year dividend of 22c, or $0.01, apiece.
Gold miner Harmony Gold has posted a 46% increase in production profit to just under R14-billion, or $774-million, for the financial year ended June 30.
Harmony met its full-year production, grade and cost guidance, having recorded an 8% increase in underground recovered grades to 5.78 g/t from 5.37 g/t in the prior year. The company’s cash generation was supported by a 15% higher average gold price realised in the reporting year of $1 829/oz. Steenkamp says continued embedded sustainability practices, improved asset quality and operational consistency resulted in a strong and sustainable group performance with solid operational free cash flows in the year under review.
Harmony has saved a cumulative R1.7-billion in electricity costs since 2016, on the back of more than 240 energy efficiency projects. The two phases combined will reduce the group’s peak daytime grid demand by about 30%, saving Harmony an estimated R425-million in electricity costs. A feasibility study to determine the possibility of deepening the Mponeng mine, also in North West, is under way, which the company expects to publish in February next year.
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