Harmony Gold Mining Company has confirmed its full-year production guidance after reporting a robust 7% increase in gold production for the first quarter, reaching 425,130 ounces. This uptick in output is attributed to higher grade yields from its South African operations and the Hidden Valley mine in Papua New Guinea.
In the financial quarter ending September 30, the company saw a significant 33% surge in gold revenue, amounting to ZAR14.78 billion (approximately $789 million). This revenue boost was bolstered not only by the increased production but also by an 18% rise in the gold price denominated in South African rand.
Furthermore, Harmony Gold achieved a 7% improvement in all-in sustaining costs (AISC), which fell to $1,404 per ounce. This decrease reflects the company's success in reducing costs across its operations.
Looking ahead, Harmony maintains its target for the fiscal year ending June 30, aiming for an annual production range of 1.38-1.48 million ounces of gold. The company also strives to keep AISC below ZAR975,000 per kilogram as it continues to optimize its mining processes and cost efficiency.
The strong quarterly performance and reaffirmed guidance signal Harmony Gold's resilience and operational excellence in a fluctuating gold market. Investors and stakeholders will likely monitor the company's progress closely as it works towards meeting its yearly objectives.
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