MINING REFINING

Harmony Gold says profit soared 78% on higher output and prices

Mon Sep 02 2024

Harmony Gold Mining Co. said its profit in the last fiscal year likely rose 78% after it increased output as bullion prices notched successive records. The Johannesburg-listed company expects to post earnings per share of as much as 13.88 rand ($0.78) for the 12 months through June, up from 7.80 rand in the same period a year earlier, according to a statement released on Monday. It will release financial statements on Sept. 5.

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Harmony said separately last week that production exceeded guidance last year, growing by 6% to 1.56 million ounces, from mines in South Africa and Papua New Guinea. The price of the precious metal has risen more than 20% since the start of 2024.

Earlier this year, the company said it will extend the life of its Mponeng asset east of Johannesburg. The project – the world’s deepest mine – has become a star performer for Harmony since it was acquired from AngloGold Ashanti Ltd. in 2020.

Harmony said profit before some one-time items — known as headline earnings — increased by as much as 131.6% to 18.52 rand per share. The firm’s shares have risen more than 40% since the beginning of the year.

Source: https://www.mining.com/