CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
Harmony Gold Mining Co. said its profit in the last fiscal year likely rose 78% after it increased output as bullion prices notched successive records.
The Johannesburg-listed company expects to post earnings per share of as much as 13.88 rand ($0.78) for the 12 months through June, up from 7.80 rand in the same period a year earlier, according to a statement released on Monday. It will release financial statements on Sept. 5.
Harmony said separately last week that production exceeded guidance last year, growing by 6% to 1.56 million ounces, from mines in South Africa and Papua New Guinea. The price of the precious metal has risen more than 20% since the start of 2024.
Earlier this year, the company said it will extend the life of its Mponeng asset east of Johannesburg. The project – the world’s deepest mine – has become a star performer for Harmony since it was acquired from AngloGold Ashanti Ltd. in 2020.
Harmony said profit before some one-time items — known as headline earnings — increased by as much as 131.6% to 18.52 rand per share. The firm’s shares have risen more than 40% since the beginning of the year.
(By William Clowes)
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