Harmony is on track to meet the upper end of its full-year production guidance while all-in sustaining costs remain comfortably below guidance, the group said on Monday.
Gold production for the six months ended December was between 790,000oz and 805,000oz, it said in a statement.
The SA underground recovered grades are expected to be higher than the guided 5.80g per tonne, driven mainly by an exceptional performance from Mponeng, it added.
All-in sustaining costs for the first half will be between R960,000/kg-R985,000/kg.
Harmony is likely to exceed the full-year production guidance of between 1.4-million ounces to 1.5-million ounces. It is confident that full-year AISC will remain within the guided range of between R1.02m/kg and R1.1m/kg for the year.
The group said this was a function of the planned lower production, inflationary increases and higher sustaining capital.
“As guided, total production for the first half of the 2025 financial year in comparison to half-year production in financial year 2024 was down slightly, mainly due to the planned lower production from the SA underground optimised portfolio and Hidden Valley (which benefited from the high-grade ‘Big-Red’ in the previous reporting period).”
The company’s balance sheet has continued to strengthen, with a significant increase in the net cash position.
“Harmony remains well positioned to fund our various approved capital projects. All of our underground operations (except Target 1, which is still in a turnaround process after being recapitalised) generated meaningful positive operating free cash flows.”
“The SA surface-source operations and Hidden Valley Mine in Papua New Guinea also performed well and contributed meaningfully towards the strong operating free cash flows in the first half of financial year 2025.”
Production-, cost- and grade guidance for the financial year 2025 remain unchanged, it said. Harmony will publish its interim operating and financial results on March 4.
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