Harmony Gold flags profit leap on higher output and prices

Tshepong mine (Image: Harmony Gold)

South Africa’s Harmony Gold expects to report a more than 200% increase in half-year profit, driven by higher gold output and firmer prices, it said on Thursday.

Harmony’s trading update said it expects headline earnings per share – South Africa’s most common profit measure – between 9.37 and 9.76 rand ($0.4965-$0.5172) in the six months to Dec. 31, up from 2.93 rand in the same period of 2022.

The miner estimates a gold production increase by as much as 14% year on year to between 820,000 and 835,000 ounces. The company said it also recorded higher grades and prices than a year earlier.

Harmony, which has operating mines and projects in South Africa, Papua New Guinea and Australia, is scheduled to release half-year results on Feb. 28.

($1 = 18.8715 rand)

(By Nelson Banya; Editing by David Goodman)


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