Joel

Joel

  • JSE: R185.25 0.52%
  • NYSE:$9.77 +3.28%
  • GOLD:$2 724/oz +0.68%
  • GOLD:R1 628 853/kg +1.17%
  • USD:ZARR18.60 +0.47%
  • At 05:49am, 21 Jan 2025

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 2024

  • Gold Resource: 1.8Moz
  • Gold Reserve: 0.4Moz
  • LoM: 6 years

Operating statistics FY24

Production

1 733kg / 55 718oz

Grade

4.32g/t

Workforce

1 927

All-in sustaining cost

US$1 905/oz

Operating performance FY24

Joel mine had a challenging FY24, experiencing a sheave wheel breakdown in the December 2023 quarter with production further hampered by numerous mining-related challenges. These challenges are reflected in the volumes of ore milled that decreased 8% to 401 000 tonnes in FY24 (FY23: 435 000 tonnes). As a result gold production for the year under review was down 11% from 1 947kg (62 598oz) in FY23 to 1 733kg (55 718oz) also impacted by a lower recovery grade at 4.32g/t, 4% lower than the 4.48g/t recorded for FY23.

A marginal increase in revenue for FY24 to R2 079 million (FY23:R2 044 million) was mainly due to an increase in the gold price received. The average gold price received increased 17% to R1 216 923/kg from R1 040 581/kg in FY23. Cash operating costs increased by only 5% despite above inflation annual increases on electricity tariffs to R1 690 million (FY23: R1 603 million). Capital expenditure was 2% higher at R236 million (FY23: R231 million), mainly for ongoing development.

Operating free cash flow reflected the lower production decreasing 27% to R153 million for FY24 compared to the R210 million recorded in the previous year.

Our focus area in FY25

The main focus in FY25 will be on improving efficiencies through the optimisation of hydropower drilling equipment.

ESG statistics

Lost-time injury frequency rate

4.70 per million hours worked (FY23: 1.27)

Water intensity (/tonne treated)

2.45Ml (FY23: 2.06Ml)

Energy intensity (/tonne treated)

0.25GWh (FY23: 0.23GWh)

GHG intensity
(/tonne treated)

0.25t CO2e (FY23: 0.24t CO2e)

Local economic development

R7m (FY23: R7m)

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