Harmony Gold’s Masimong mine in Welkom, in the Free State. Picture: FREDDY MAVUNDA
Harmony had expected to publish annual results on August 18 but has now delayed them until mid-September, citing difficulties in completing audits and divisional reporting because of the Covid-19 pandemic.Harmony, which is predominantly an underground mining company in SA, had its mines closed at the end of March when the government implemented a hard lockdown of the economy, and then gradually eased restrictions in May and June to allow for the full resumption of mining.
Full-year gold output fell 15% to 1.2-million ounces or 37,863kg because of the lockdown in SA and falling grades at its Kusasalethu mine near Carletonville and at Hidden Valley.A weakening of the rand and a higher dollar gold price meant the average received rand gold price for the 2020 financial year to end-June jumped by a quarter to R735,569/kg, “resulting in strong operating cash flows”, Harmony said.
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