Half Year 2025 Harmony Gold Mining Company Ltd Earnings Call Transcript
Key Points
- Harmony Gold Mining Co Ltd (HMY) delivered a stellar set of interim results with underground recovered grades increasing to 6.4 g per ton, ahead of full-year guidance.
- Group production reached approximately 800,000 ounces for the first half, surpassing guidance.
- Record interim operating free cash flows of 10.4 billion rand or $579 million US dollars were generated.
- Headline earnings per share grew by 33% to 71 US cents per share, with a record interim dividend payout of 1.4 billion rand.
- The company has a strong balance sheet in a net cash position, with significant headroom for future investments.
- Total cash operating costs in rand terms increased by 9% in the first half, mainly due to inflationary pressures.
- Unit cash operating cost per kilogram increased by 14% to about 814,000 rand per kilogram, or about $1400 US dollars per ounce.
- Royalties increased by 46% due to high gold prices, impacting profitability.
- Grades at Hidden Valley have seen a step down this year compared to last, which was anticipated but still affects production metrics.
- The permitting process for the Wafi Gold project is ongoing, causing delays in project execution and potential future revenue.
Good morning, everybody. My name is Bayernel, and it is a privilege for me to present my first set of results to you in my capacity as CEO. I'm joined today by our financial director, Boopheo Lekubo in presenting the operational financial results for the half year ended 31 December 2024.
Please take note of our safe harbor statement.
Harmony delivered a stellar set of interim results. Our underground recovered grades increased to 6.4 g per ton ahead of our full year guidance.
Group production was about 25,000 kg or 800,000 ounces for the first half, also ahead of guidance.
All in sustaining costs remains well controlled and on track to beat guidance too. In rand terms, all in sustaining costs was about 972,000 rand a kilogram or just under $1690 US dollars per ounce.
All in costs for the reporting period, which includes our major capital. It was just over 1 million rand per kilogram or $1810 per ounce. And it's because of a relatively low capital intensity that
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