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Harmony’s gold output up by ~30% but warns of rising costs on higher electricity tariffs; shares down ~4%

  • Harmony Gold Mining (NYSE:HMY) slips 4.1% in pre-market as the company maintains its FY19 production guidance of 1.45M ounces, but warns of an increase in all-in sustaining costs to R540,000/kg compared to prior range of R520,000/kg to R530,000/kg; the increase in costs was because of electricity price increases implemented by Eskom
  • Gold output for 9 months ended March, ballooned by 29% to 1.08M ounces, as the full impact of its new Hidden Valley and Moab Khotsong mines was realized.
  • Moab contributed 6,156kg compared to 764kg last year; Hidden Valley shot up to 4,426kg from 1,519kg.
  • Cash operating unit costs increased by 2% to R438 452/kg and all-in sustaining units cost increased by 5% to R543 432/kg; average received gold price of R579,778/kg is slightly higher than last year.
  • The Hidden Valley mine reported production profit of R1.45B, up from R23M, boosting Harmony' production profit to R4.8B from R3.5B
  • Press Release

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Harmony Gold Mining Company Limited