Harmony Gold Announced Stable Gold Output from South African Operations

SEATTLE (Scrap Monster): Harmony Gold Mining Company Ltd. announced latest update on its production during the initial six-month period of FY22. The half-yearly results were more or less in line with the previous guidance. The company is due to announce its interim results on 28^th February, 2022.

The H1FY22 gold production from the South African operations remained steady at 718,726 ounces, when compared with the production which totalled 708,310 ounces during the previous six-month period ended 30^th June, 2021. The Rand per kilogram costs for the South African operations remained broadly in line with the original guidance.

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The gold production from the Hidden Valley mine in Papua New Guinea totalled 60,153 ounces, falling significantly by 26% against the comparable six-month period. This was mainly on account of geotechnical issues which prevented the effective mining of Stage 6 of the open pit.

The gold production from Hidden Valley mine for the full financial year ending 30^th June, 2022 has been revised downwards to 115,000-117,000 ounces, down from previous guidance of 153,000-161,000 ounces. The revised guidance will result in nearly 4% adjustment to total yearly production.

Meantime, the guidance for South African operations has been kept unchanged within the original cost range.