Harmony Gold Mining Confirms Full-Year Guidance

Harmony Gold Mining has reaffirmed its full-year guidance following a rise in first-quarter gold production, driven by increased output and lower costs.

Increased Gold Production

The South African gold-mining company reported a 7% increase in gold production for the three months ending September 30 compared to the previous quarter. The total output for this period reached 425,130 ounces, marking a 17% increase from the first quarter of fiscal 2023.

This increase in production was primarily attributed to higher average underground recovered grades from the company's South African underground operations, as well as a strong performance from the Hidden Valley mine in Papua New Guinea.

Decreased Costs

Harmony Gold Mining's all-in sustaining costs (AISC) improved by 7% to $1,404 per ounce, thanks in part to the higher recovered grades. This reduction in costs further contributes to the company's positive performance.

Significant Revenue Growth

Gold revenue for the first quarter of fiscal 2023 increased by an impressive 33% to ZAR14.78 billion ($789 million) compared to the same quarter the previous year. The higher production levels and a substantial increase in the South African rand gold price, which rose by 18% during the period, supported this significant revenue growth.

Maintaining Full-Year Targets

Harmony Gold Mining remains committed to achieving its full-year targets. The company aims to produce between 1.38 million and 1.48 million ounces of gold by June 30, with an overall AISC below ZAR975,000 per kilogram.