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Mining News September 01, 2021 04:00:32 PM

Harmony Gold Announced Exceptional Results

Paul Ploumis
ScrapMonster Author
The company’s gold production surged higher by 26% year-on-year to 47,755 kilograms.

Harmony Gold Announced Exceptional Results

SEATTLE (Scrap Monster): Harmony Gold announced its financial and operating results for the year ended 30th June, 2021.

The production profit recorded 66% surge from R7.2bn in the previous year to R12.0bn. The revenue increased by 43% to R41, 733m, compared with R29, 245m a year before. The net profit of R5.6bn was up significantly by 758%. The headline earnings per share soared 699% to 923 SA cents, compared with headline loss per share of 154 SA cents during the prior year. Harmony Gold reported 83% increase in operating free cash flow to R6.5bn during the year, said the company press release.

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The company’s gold production surged higher by 26% year-on-year to 47,755 kilograms. It must be noted that the production had totalled only 37,863 kilograms during the comparable year ended 30th June, 2020. It reported 19% increase in total mineral resources to 141.2Moz and 16% increase in total mineral reserves to 42.45Moz.

Harmony Gold estimates the production for FY22 to range between 1.547Moz and 1.630Moz at an all-in sustaining cost of between R765 000/kg to R800 000/kg. The underground recovered grade is estimated to be around 5.40g/t to 5.57g/t.

The stellar results demonstrate how the company has transformed its earnings profile through the acquisition of high-grade assets, said Peter Steenkamp, Chief Executive Officer, Harmony Gold.

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