Gold and Silver

Harmony profits 66% up on 26% higher production

Harmony profits 66% up on 26% higher production
Mining News Pro - Gold mining company Harmony Gold on Tuesday reported a 66% increase in profits to R12-billion for the 12 months to June 30.
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The Johannesburg- and new York-listed company, headed by CEO Peter Steenkamp, increased gold production in the period to a 26%-higher 1 535 352oz.

A final dividend of 27 c a share was declared on a 83% increase in operating free cash flow to R6.5-billion on a 758% increase in net profit of R5.6-billion from a loss of R850-million and a 60% reduction in net debt to R542-million.

Net debt to earnings before interest tax amortisation and depreciation is at 0.1x from 0.2x

Production guidance for FY22 is estimated to be between 1.547Moz and 1.630Moz at an all-in sustaining cost of between R765 000/kg to R800 000/kg. Underground recovered grade is planned to be about 5.40g/t to 5.57g/t.

“This demonstrates how we have further transformed our

earnings profile through the acquisition of high grade assets, while delivering on our strategy of safe, profitable ounces and increasing margins,” said Steenkamp.

“Our re-engineered portfolio and deleveraged balance sheet will allow us to extract further value from our assets while at the same creating optionality for the business. As we continue on our growth strategy, we have identified substantial opportunities in our existing portfolio through exploration and brownfield projects which will extend the life of some of our larger and higher-grade assets, adding lower-risk, higher-margin ounces to Harmony's portfolio,” concluded Steenkamp.

The company paid R1.2-billion in taxes to the South African fiscus.


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