Harmony Gold predicts large leap in headline earnings after operational gains
Harmony is investing $180m in Hidden Valley in Papua New Guinea to develop a mine that will generate 180,000oz of gold and 3-million ounces of silver a year
Harmony Gold, which has mines in SA and Papua New Guinea, said its interim headline earnings would be up to 60% higher than in the same period a year earlier, because of operational improvements across its suite of assets.Harmony, which is in the process of buying the Moab Khotsong gold mine in SA from AngloGold Ashanti for $300m, will report results for the six months to end-December on February 13.It said its headline earnings, which exclude once-off items would be between R2.10 and R2.40 per share compared to the R1.50 it reported for the same period a year earlier."Headline earnings are higher due to an improved operational performance recorded by the South African operations…," Harmony said, noting it had told the market about its interim production data in January.Harmony has said its production for the interim period would be more than 550,000oz compared to the 553,862oz it produced a year earlier. The first half production performance put Harmony on course to achieve its 1.1...
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