Prominent South African miner strikes gold

Harmony Gold is expecting a large increase in profits for the year six months ended 31 December 2024 amidst record high gold prices.

The group said that it expects earnings per share and headline earnings per share to increase in revenue as a result of the delivery of consistent production and a higher average gold price received.

The average gold price received increased by 23% to R1,405,020/kg in H1FY25 from R1,141,424/kg in H1FY24.

However, Harmony Gold said that the increase in earnings was partially offset by an increase in production costs and an increase in current taxation due to higher income and royalty taxes.

The group said that earnings per share are expected to be between 1,182 and 1,355 cents per share, which represents an increase of between 24% and 42%.

The group’s headline earnings per share are also expected to increase by between 24% and 42% to between 1,188 and 1,361 cents.

“The outstanding H1FY25 results are on the back of continuous investment in safety, operational excellence and higher quality ounces,” said CEO Beyers Nel.

“We have a stable, predictable, rand-based cost structure and have been delivering operational consistency across the entire group.”

“Our disciplined approach to capital allocation has enabled us to leverage the current high gold price environment to generate exceptionally robust operating free cash flows.”

Harmony will publish its financial results for the six months ended 31 December 2024 on Tuesday, 4 March 2025.