Harmony Gold Mining Company Limited (NYSE:HMY) Q4 2024 Earnings Conference Call September 5, 2024 4:00 AM ET
Company Participants
Jared Coetzer - Investor Relations
Peter Steenkamp - Chief Executive Officer
Boipelo Lekubo - Financial Director
Beyers Nel - Group Chief Operating Officer
Conference Call Participants
Bruce Williamson - Integral Asset Management
Leroy Mnguni - HSBC
Adrian Hammond - SBG Securities
Operator
Welcome to chorus call.
Peter Steenkamp
Good. Can we start? Good morning. My name is Peter Steenkamp. I am the CEO of Harmony. And it's a pleasure to be here today presenting the Full Year Results for the Financial Year that ended on the 30th of June 2024.
Please note that note of the Safe Harbor statement. And allow me to start with a short update on Harmony and our strategy.
Harmony is a gold mining specialist with a growing international copper footprint. We also produce small amounts of silver and uranium and we have over 74 years of gold mining experience in South Africa and we have been operating for over two decades in Papua New Guinea.
Our Mineral Resources and Mineral Reserve declaration of close to 137 million ounces and 40 million ounces of gold and gold equivalents, respectively, positions Harmony as a significant global mining company.
Currently, our diversified portfolio of operating assets include nine underground mines, two open pit mines and a significant tailings and retreatment business. Surface retreatment is a great ESG story with a potential for another 100 years of hydro mining across South Africa. And at present, over 90% of our current production comes from South African gold.
Now based on the current planning parameters, we expect approximately 20% of future production to be copper within the next 10 years. Now copper production will be from our Tier-1 Wafi-Golpu project in Papua New Guinea and the Eva Copper project in Australia. These copper projects will be transformational, moving Harmony further down the global cost curve and does diversify it into your future facing metal.
Our excellent FY ‘24 results perfectly demonstrate the benefits and the value we have created for all our stakeholders. This is what we call Mining With Purpose. Australia is aimed at producing safe profitable ounces and improving margins through operational excellence and value-accretive acquisitions. All decisions are underpinned by our four strategic pillars, namely responsible stewardship, operational excellence, cash certainty and effective capital allocation.
Major capital is being allocated towards the higher quality assets namely Moab Khotsong and Mponeng, as well as key projects that will lower our risk profile such as Eva Copper and Wafi-Golpu. This ensures we continue growing our reserves and delivering improved margins at high profitability, especially at these high-grade assets.