MINING REFINING

South Africa's top gold miner Harmony returns to profit as output rises

Wed Aug 30 2023

Harmony Gold Mining HARJ.J, South Africa's biggest gold producer by volume, said profit in the 12 months through to June rebounded to $275 million from a net loss of $48 million in the prior period.

The Johannesburg-based company, among the few gold miners squeezing profits from some of the world's deepest gold mines, said earnings rose as it boosted output and grades at some of its underground mines in South Africa.

Harmony's gold output was buoyed by a 22% jump in production and high grades at Mponeng, the world's deepest mine it purchased from AngloGold Ashanti ANGJ.J.

The miner forecasts it will produce between 1.38 million and 1.48 million ounces of gold this year, compared with 1.47 million ounces last year.

Source: https://www.nasdaq.com