HARMONY Gold said on Monday it was on course to produce more gold than forecast for its 2025 financial year ended June 30.For the six months to December production would come in at between 790,000 to 805,000 ounces. This was owing to an “exceptional performance” from Mponeng mine which has helped take underground grades to higher than the guided 5.80 grams per ton. Harmony Gold forecast full year production of 1.4 to 1.5 million oz.On a year-on-year basis, however, first half production was lower. This was owinng to planned lower production from the South African underground optimised portfolio and a decline at Hidden Valley in Papua New Guinea which hit a high grade area last year.“The first half of this financial year has been one that has yet again shown that consistently and sustainably delivering safe, profitable ounces and generating improved operating free cash flows remain core to what Harmony does,” said Beyers Nel, CEO of Harmony Gold.Nel took over from Peter Steenkamp in January. Steenkamp retired from the company after nine years in charge. He was previously COO of the company, a position held by Nel prior to his appointment last year.All-in-sustaining costs (AISC) for the first six months of the financial year will be between R960,000/kg to R985 000/kg. The AISC for the half year is lower than the guided range of between R1 020 000/kg and R1 100 000/kg for the full year.But Harmony trimmed expectations somewhat by saying it was “confident” of keeping within its guided range for AISC for the full year. The deterioration of costs in the second half is “a function of the planned lower production, inflationary increases, and higher sustaining capital,” the company said.The post Harmony Gold on track to beat production forecast for 2025 appeared first on Miningmx.
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