Joel

Joel

  • JSE: R157.72 +1.19%
  • NYSE:$8.43 +1.08%
  • GOLD:$2 622/oz -0.05%
  • GOLD:R1 543 594/kg -0.1%
  • USD:ZARR18.31 -0.07%
  • At 17:44pm, 21 Dec 2024

Overview

Joel is a twin-shaft mining operation in the Free State, some 290km south-west of Johannesburg, on the southern edge of the Witwatersrand Basin. A pre-developed scattered mining system is used, allowing for selective mining, leaving complex areas unmined, and takes into account the stability of footwall development. Mining is focused on the Beatrix reef up to a depth of 1 379m. Ore mined is processed at the Harmony One plant.

As at 30 June 2023

  • Gold Resource: 1.9Moz
  • Gold Reserve: 0.50Moz
  • LoM: 7 years

Operating statistics FY23

Production

1 947kg / 62 598oz

Grade

4.48/t

Workforce

2 062

All-in sustaining cost

US$1 665/oz

Operating performance FY23

In FY23, Joel continued to build on previous year’s results, and recorded a 25% increase in Gold production to 1 947kg (62 598oz) compared to 1556kg (50 026oz) in FY22. This is as a result of higher mining grades achieved during the year. Volume of ore milled remained flat, at 434 000 tonnes (FY22: 434 000 tonnes).

Increased gold production together with a 15% rise in the gold price received to R1 040 581/kg boosted revenue by a notable 45% to R2 044 million (FY22: R1 411 million). Cash operating costs rose 22% to R1 603 million (FY22: R1 316 million), a result of annual wage and electricity tariff increases and higher production. Capital expenditure was 3% higher at R231 million (FY22: R225 million), mainly for ongoing development.

Operating free cash flow of R210 million was recorded for FY23, a turnaround from the negative R129 million in FY22.

OUTLOOK FOR FY24

Key focus areas in FY24 will be managing the roll out of hydropower drilling machines, and maintaining volumes at planned grades. Production guidance for FY243 is 60 000oz to 63 200oz.

ESG statistics

Lost-time injury frequency rate

1.27 per million hours worked (FY22: 4.62)

Water intensity (/tonne treated)

2.06Ml (FY22: 2.25Ml)

Energy intensity (/tonne treated)

0.23GWh (FY22: 0.22GWh)

GHG intensity
(/tonne treated)

0.24t CO2e (FY22: 0.23t CO2e)

Local economic development

R7m (FY22: R6m)

SLPs

Joel SLP 2018 -2022 (English)
Joel SLP 2018 – 2022 (SeSotho)

Joel

Tel: 057 733 7040
Tel: 057 733 7014

PRRG+R2 Theunissen,
Free State, South Africa