Higher gold price sets Harmony on improved revenue path
JSE- and NYSE-listed Harmony Gold revealed its headline earnings per share (HEPS) and earnings per share (EPS) for the six months ended December 31, to be 249c, or 6 325%, higher year-on-year.
In dollar terms, HEPS and EPS are expected to be $0.17 a share, compared with $0.00 for the six months ended December 31, 2018.
The higher earnings come on the back of the miner’s revenue having increased by R1.7-billion, or 12%, year-on-year mainly as a result of the higher gold price received.
The average gold price received for the six months increased by 19% to R683 158/kg.
Net profit for the half-year period is expected to be R1.3-billion, or 7 111%, higher year-on-year.
Total gold production in the first half of the 2020 financial year, in comparison to the prior comparable period, was 8% lower at 21 411 kg, or 688 370 oz, largely owing to a 6% reduction in underground recovered grade to 5.29 g/t.
The decrease, Harmony said on Thursday, was attributable mainly to grade issues at Kusasalethu and Target.
All-in sustaining costs for all operations were 15% higher year-on-year at R605 911/kg owing to lower production.
Harmony will publish its interim results on February 11.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
