Harmony Gold Posted Higher Than Anticipated Gold Output

SEATTLE (Scrap Monster): Harmony Gold Mining Company Limited has declared an operational overview for the twelve-month period ended 30^th June, 2020. The company reported higher-than-expected gold production in the final quarter of the financial year. Harmony Gold has postponed reporting of the provisional financial results, earlier planned for 18^th August, to mid-September this year. Furthermore, the company thanked all of its employees for their exemplary conduct during these challenging times.

All of the company’s underground operations were placed on care and maintenance on account of national lockdown imposed by the South African administration in end-March. The operations had resumed at 50% capacity in May and at 100% capacity in June upon lifting of restrictions. The surface operations were largely unaffected.

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Despite disruptions, the operations managed to achieve up to 75% of planned gold production during the final quarter of the financial year. However, the annual gold production was 15% lower. The average underground recovered grade of the assets was 2.5% lower. Also, the all-in sustaining costs for operations are expected to surge higher by up to 19% in local currency terms.

The company’s overall safety performance recorded significant improvement in FY20, the press release said.