NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Harmony Gold Mining shares jump on strong Q1 results

Published 13/11/2023, 14:16
© Reuters.
XAU/USD
-
HMY
-
GC
-

JOHANNESBURG - Harmony Gold Mining Company Limited (NYSE: HMY) shares climbed 9% to $4.87 in premarket trading Today, following the announcement of a robust fiscal first quarter performance. The South African gold miner reported a significant increase in gold production and a reduction in costs, leading to a notable 31% rise in the company's stock since the start of the year.

In the July-September quarter, Harmony Gold saw its gold production escalate by 17%, with nearly all operations contributing to this growth. Notably, South African underground mines exhibited an 18% improvement in grade, alongside a strong output from the Hidden Valley mine. These advancements have propelled the company's revenue up by a third, reaching ZAR14.8 million ($793 million).

Efficiency measures have also played a key role in Harmony's financial uplift. The miner successfully brought down its costs through the utilization of lower-cost surface treatment production methods and by leveraging higher silver and uranium by-product credits.

Looking ahead, Harmony Gold remains confident in its operational targets, reiterating its full-year gold production forecast of between 1.38 and 1.48 million ounces. Furthermore, the company aims to maintain its All-in Sustaining Costs (AISC) below ZAR975,000 per kilogram.

Investors have responded positively to these developments, signaling confidence in Harmony's strategic direction and its ability to maintain momentum in a challenging market environment. The company's focus on increasing efficiency while boosting production levels appears to be paying dividends as it navigates the volatile gold market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.