Hidden Valley

  • JSE: R157.33 0.22%
  • NYSE:$8.67 -0.29%
  • GOLD:$2 639/oz -0.26%
  • GOLD:R1 534 063/kg -0.15%
  • USD:ZARR18.08 +0.16%
  • At 19:29pm, 18 Dec 2024

Overview

The Hidden Valley mine is an open-pit gold and silver operation in Morobe Province, Papua New Guinea, some 210km north-west of Port Moresby. The mine is located at elevations of 1 700m to 2 800m above sea level in steep mountainous and forested terrain with high annual rainfall. The major gold and silver deposits of Hidden Valley are in the Morobe Granodiorite of the Wau Graben.

Crushed ore is conveyed from the pit via a 5.5km overland pipe conveyor and treated at the Hidden Valley processing plant using a two-stage crushing circuit followed by a semi-autogenous grinding mill, gravity, counter current decantation/Merril Crowe circuit for silver and a carbon-in-leach circuit for gold.

As at 30 June 2023

  • Gold Resource: 2.9Moz
  • Gold Reserve: 1.3Moz
  • Silver Resource: 33.6Moz
  • Silver Reserve: 16.9Moz
  • LoM: 5 years

Operating statistics FY23

Production

4 370kg / 140 498oz

Grade

1.14g/t

Workforce

2 189

All-in sustaining cost

US$1 785/oz

Operating performance FY23

Hidden Valley had a challenging start to the year as operations were affected by a shortage of blasted rock to process resulting in a slower than planned mining rate and dilution factor ultimately affecting recovered grades. The recovered grade for FY23 was marginally lower at 1.14g/t compared to 1.15g/t in FY22. The recovered grade for the final quarter was 1.58g/t, significantly higher than the preceding quarters. Tonnes milled for FY23 at 3.8 million tonnes was 19% higher than the previous year (FY22: 3.2 million tonnes). As a result, gold production increased 18% to 4 370kg (140 498oz) from 3 707kg (119 182oz) in FY22.

Revenue increased 41% to R4 440 million (FY22: R3 158 million) on the back of higher gold production as well as a rise in the gold price. All-in sustaining cost for FY23 was largely flat at R1 014 228/kg (US$1 785/oz) when compared to the R1 007 986/kg (US$2 067/oz) recorded in the previous financial year.

OUTLOOK FOR FY24

The key focus in FY24 will be to safely produce between 146 500oz and 152 800oz of gold as well as the construction of the engineered tailing storage facilities supporting the life-of-mine extension. Production guidance for FY24 ranges from 146 500oz to 152 800oz.

ESG statistics

Lost time injury frequency rate

0.35 per million hours worked (FY22: 0.21)

Water intensity (/tonne treated)

0.57Ml (FY22: 0.60Ml)

Energy intensity (/tonne treated)

0.01GWh (FY22: 0.02GWh)

GHG intensity
(/tonne treated)

0.05t CO2e (FY22: 0.05t CO2e)

Community spend

R71.7m (FY22: R448.9m)

Harmony South East Asia

Tel: +61 7 3320 3700
Fax: +61 7 3320 3740

Address

Level 2, 189 Coronation Drive
Milton, Queensland 4064
Australia

PO Box 1562
Milton, Queensland 4064 Australia