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Mining News August 31, 2022 03:45:43 PM

Harmony Gold Fiscal 2022 Gold Output Recorded Decline

Paul Ploumis
ScrapMonster Author
The company reported net loss of US$48 million in FY22 compared to a net profit of US$326 million in FY21.

Harmony Gold Fiscal 2022 Gold Output Recorded Decline

SEATTLE (Scrap Monster): Harmony Gold announced its financial and operating results for the fiscal year ended 30th June, 2022. The company’s gold production totalled 1.487 million ounces, down by 3% when compared with the production of 1.535 million ounces in FY21.

According to company press release, the reduced gold output was mainly an account of safety-related stoppages, mining constraints and supply chain disruptions at its South African operations. The overland conveyor belt failure at Hidden Valley coupled with the geotechnical instability that impacted Stage 6 of the pit impacted the production in Papua New Guinea.

The company reported net loss of US$48 million in FY22 compared to a net profit of US$326 million in FY21. The basic earnings per share plunged to a loss of 8 cents per share in FY22. The headline earnings per share too fell to 33 cents per share. Harmony Gold reported higher production costs and higher impairment loss during the fiscal year. The all-in sustaining costs of US$1,709/oz stood slightly higher than the earlier announced guidance of between US$1,626/oz and US$1,708/oz, the press release noted.

Meantime, the company declared a final dividend of 1.3 cents per share for the fiscal.

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