Posted in | News | Gold | Earnings

Harmony Gold Posts Strong Quarter Results

Harmony Gold Mining Company Limited, the third largest gold producing company in Africa, has announced a 33% second fiscal quarter operating profit thanks to the rising price of gold bullion.

Operating profits in the three months through December 31 were 867 million Rand, a jump from the 652 million Rand recorded in the previous quarter.

The 12% hike in gold prices in the quarter also helped decrease operating costs by 1%. The Chief Executive Officer of Harmony Gold Mining, Graham Briggs said that the company has turned the corner. He added that unprofitable operations were closed and their longer-life lower cost operations were profitable and sustainable.

The gold miner has been trying to increase its gold output as the metal has risen by 30% in efforts to keep the economic crisis effects minimized. Gold has been used as a hedge against inflation and weak currencies in global markets.

Mr Briggs said that Harmony Gold will produce between 1.45 million ounces and 1.5 million ounces in the full fiscal year. He added that the company was looking for new opportunities for mining projects in Papua New Guinea, Indonesia and Philippines. It already has a joint venture with Newcrest Mining in its Hidden Valley mine in Papua New Guinea and is looking for more options.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Harmony Gold Mining Company Limited. (2019, February 18). Harmony Gold Posts Strong Quarter Results. AZoMining. Retrieved on May 25, 2024 from https://www.azomining.com/News.aspx?newsID=3091.

  • MLA

    Harmony Gold Mining Company Limited. "Harmony Gold Posts Strong Quarter Results". AZoMining. 25 May 2024. <https://www.azomining.com/News.aspx?newsID=3091>.

  • Chicago

    Harmony Gold Mining Company Limited. "Harmony Gold Posts Strong Quarter Results". AZoMining. https://www.azomining.com/News.aspx?newsID=3091. (accessed May 25, 2024).

  • Harvard

    Harmony Gold Mining Company Limited. 2019. Harmony Gold Posts Strong Quarter Results. AZoMining, viewed 25 May 2024, https://www.azomining.com/News.aspx?newsID=3091.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.