Harmony Gold has released its financial and operational reports for the 2023 financial year (FY23), detailing its progress at its two PNG operations.
Harmony owns two projects in PNG: the Hidden Valley gold and silver mine in Morobe Province and the Wafi-Golpu 50:50 joint venture with Newcrest Mining near Lae.
At the end of FY23, Hidden Valley employed 2189 people, while Wafi-Golpu employed 61. The Hidden Valley extension project has extended the life of mine in 2028.
“Capital expenditure in FY24 is expected to increase to R10,834 million (US$585.9 million) mainly as a result of our investment in our major projects, necessary fleet replacement at Hidden Valley due to the life of mine extension project, and an increase in ongoing development capital,” Harmony said in its financial report.
“This also includes funds allocated to phase two of our renewables programme. These will be funded through our existing facilities and operating cash flows.”
Hidden Valley’s production for FY23 improved 18 per cent to 4370kg from 3707kg in FY22.
Silver production also saw an increase by 41 per cent to 78,386kg from 55,687kg in FY22. Production profit was 132 per cent higher.
“Mining with purpose is our commitment to the sustainable creation and preservation of shared value for our stakeholders,” Harmony chief executive officer Peter Steenkamp said.
“At Harmony, we believe in action over words because the decisions we make today affect our future. We have made significant strides in future-proofing the business by protecting the safety and health of our people, consistently meeting production targets, investing in growing our reserves including copper, and continuing on our decarbonisation journey as we aim to be net-zero by 2045.”
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