Harmony Gold Announced Major Operating Update

SEATTLE (Scrap Monster): Harmony Gold announced operating update for the year ended 30^th June, 2021. The company expects the basic earnings for the year to be higher than the previous comparable period. The higher gold price and operational expansion following the acquisition of AngloGold Ashanti’s remaining South African assets are likely to lead to higher revenues.

The earnings per share (EPS) are expected to improve to around 850-990 South African cents per share, compared with loss of 164 South African cents per share during the prior year. The EPS in US dollar terms is expected around The EPS in US dollar terms is expected around 53-63 US cents per share.

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Also, the headline earnings per share (HEPS) are expected to be between 857 and 994 South African cents. This compares with headline earnings loss per share of 154 South African cents during the previous comparable year. In US dollar terms, the HEPS is expected to be between 56 and 65 US cents per share.

According to company press release, the acquired Mponeng operations and related assets contributed R7.9 billion in revenue and R1.8 billion to net profit. The higher gold prices coupled with increased gold sales contributed significantly to the revenue jump from R29.2 billion in FY20 to R41.7 billion in FY21.