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Harmony reflects on strong financial year

Harmony has reported it will meet its annual production, grade, and cost guidance for the 2023–24 financial year (FY24). The company’s chief executive officer (CEO) has reflected on the year.

“Operational excellence, alongside our safety efforts, has ensured that we recorded another stellar year,” CEO Peter Steenkamp said.

“We continue delivering excellent underground-recovered grades from our South African operations. I commend each operation for its positive performance.”

Total group production is expected to exceed the FY24 guidance of 1.55 million ounces, which Steenkamp attributed to Harmony’s longer-term strategy.

“This growth strategy clearly defined where we wanted to be as a company, placing us on a new trajectory,” he said.

“Our aim is to be the best at what we do; the past year is testimony to that. I believe we achieved this goal, positioning us as the champions of gold mining in South Africa.

“Our high-grade assets have transformed Harmony’s portfolio, giving us a bright and promising future. Our key projects in execution are critical in unlocking significant long-term value for our shareholders and stakeholders. Our balance sheet has been bolstered, and our group operating free cash flow margins have improved, enabling us to take the Eva Copper project up the value curve.”

As FY25 kicks off, Harmony will continue to allocate most of its project capital to its higher-grade, higher-quality, and lower-risk assets.

“This aligns with our strategy of producing safe, profitable ounces and improving margins through operational excellence and value-accretive acquisitions,” Steenkamp said.

“By growing our higher-grade gold mines, expanding our surface retreatment business, and our international gold and copper assets, we will continue to transform and de-risk Harmony.”

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