Harmony Gold Announced Quarterly Operational Update

SEATTLE (Scrap Monster): Harmony Gold Mining Company Limited reported its operational update for the three-month period ended 30^th September, 2023.

The company’s total gold production increased from 363,336 ounces during the prior year quarter to 425,130 ounces in Q1 FY24. The gold revenue surged higher by almost one-third, rising from US$1 657/oz from the year ago quarter to US$1 404/oz during the quarter ended 30th September, 2023. The group all-in sustaining costs (AISC) recorded 7% year-on-year improvement from US$1,657/oz to US$1,404/oz.

Harmony Gold recorded 18% surge in underground recovered grades to 6.29g/t upon comparison with 5.35g/t a year before. The high-grade underground operations contributed almost 53% of the group’s operating cash flow, which recorded jump by 278% from US$50 million to US$174 million. Incidentally, Hidden Valley mine alone accounted for 22% of its operating free cash flow, said the company news release.

Harmony Gold reported improvement in safety performance. The group LTIFR for the quarter improved from 5.68 to 4.84, which is the lowest level in almost a decade. The company failed to achieve its target of zero-loss of life, as two separate fall-of-ground events resulted in the death of three colleagues.

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