Harmony Gold has delivered a strong performance for the first quarter of the 2024 financial year (FY24).
A key highlight for Harmony was recovered grades at its Hidden Valley gold-silver mine in PNG remaining high, increasing by 74 per cent year-on-year.
Silver production at the site increase by 55 per cent to 30,914kg, with the average silver price also increasing by 35 per cent to US$23.59 per ounce.
This resulted in an silver revenue generation of US$23 million at Hidden Valley. Group gold production also increased by 17 per cent to 13,223kg.
“The first quarter saw a continuation of the strong operating performance across all our operations, resulting in higher gold production and outstanding operating free cash flows,” Harmony Gold said in its report.
“This was mainly due to higher average underground recovered grades from our South African underground operations alongside a very strong quarter from the Hidden Valley mine in PNG.
“(Our) Hidden Valley mine contributed 22 per cent towards group operating free cash flow.”
Harmony chief executive officer Peter Steenkamp said Harmony is committed to sustainable creative and preservation.
“At Harmony, we believe in action over words because the decisions we make today affect our future,” Steenkamp said.
“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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