MINING REFINING

Harmony Gold Mining Revenue Rises on Higher Gold Prices

Mon Nov 11 2024

Harmony Gold Mining Company said gold revenue for the first quarter rose sharply on higher prices and backed its guidance for the fiscal year.

The South African gold miner on Monday said gold revenue for the quarter ended Sept. 30 rose more than 20% to $1.01 billion, lifted by an increase in the average gold price to $2,356 per ounce from $1,881 per ounce.

"We are well-positioned to execute on our various life-of-mine extension projects and take our transformational international copper-gold projects up the value curve," it said.

The group posted a slight decrease in gold production for the quarter, down 1% to 422,172 ounces.

All-in sustaining costs increased 14% to $1,667 per ounce, in line with its fiscal 2025 guidance, Harmony Gold said.

The company reiterated its current guidance for fiscal 2025 as it expects to produce between 1.4 million and 1.5 million ounces at all-in sustaining costs of between 1.02 million South African rand per kilogram and 1.1 million South African rand per kilogram. Underground recovered grade is guided at above 5.8 grams a ton.

Source: https://www.marketwatch.com