Harmony Gold Mining Company Limited (HMY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody. My name is Bayer Schnell, 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, Boipelo Lekubo, in presenting the operational financial results for the half-year ended 31 December 2024. Please take note of our safe harbour statement. Albany delivered a stellar set of interim results. Our underground recovered grades increased to 6.4 grams per tonne ahead of our full year guidance. Group production was about 25,000 kilograms or 800,000 ounces for the first half, also ahead of guidance. Our oil and 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 1,690 US dollars per ounce. All-in costs for the reporting period, which includes our major capital, was just over 1 million rand per kilogram, or 1,810 dollars per ounce. And it's because of our relatively low capital intensity that this is not much higher than the all-in sustaining costs. We generated record interim operating free cash flows of 10.4 billion rand, or 579 million US dollars. The operating free cash flow margin has expanded to 29% as a result of our investment in quality ounces and, of course, the high gold price we received. Our headline earnings per share has grown by 33% to 12.70 per share, or 71 US cents per share, and we are delighted to announce a record interim dividend payout of 1.4 billion rand for the half year. As South Africa's largest gold producer, our goal is to produce safe, profitable ounces and improving our margins by delivering on our four strategic pillars. Responsible stewardship is at the heart of our actions and is core to our decisions. Operational excellence inspire...