Harmony Gold Mining Expects Strong Fiscal 2023 Earnings

By Michael Susin

Harmony Gold Mining, a leading South African gold mining company, anticipates that its earnings for fiscal year 2023 will surpass the previous year's figures, largely attributed to higher gold prices.

According to a statement released on Wednesday, the company projects earnings per share for the year ending June 30 to fall within the range of 763 to 798 South African cents (equivalent to 43 and 45 U.S. cents). This represents a significant increase compared to the loss per share of 8 U.S. cents reported during the same period last year.

The boost in earnings primarily stems from a surge in revenue due to higher average gold prices. However, the increase in production costs partially offsets this growth.

Harmony Gold Mining also expects headline earnings per share to range between 747 and 850 South African cents, a remarkable increase of 50% to 70% when compared to the previous figure of 499 South African cents.

Furthermore, the company confirms that it has met its production target of 1.4 million to 1.5 million ounces.