Harmony Gold sees profit boost from bullion prices, eyes copper expansion
Harmony (JO:HARJ) Gold Mining Co. reported a significant rise in its net income for the first half of its fiscal year, driven by surging bullion prices, News.Az reports citing Investing.
The company’s net income rose to 7.9 billion rand ($421.6 million) in the six months through December, surpassing its output guidance. The performance mirrors the impressive run for gold, as robust demand for safe haven assets and central bank purchases have propelled prices to record highs.
Harmony, recognized as South Africa’s largest gold producer, is also planning to increase its involvement in the copper market. The company expects that the transition to cleaner energy sources will spur copper demand.
As part of this strategy, the company is close to making a critical decision about constructing its first copper mine, located in Queensland, Australia.
Harmony’s Chief Executive Officer, Beyers Nel, informed the media on Tuesday that the company is on the verge of adding near-term copper production.
He emphasized that this is a priority for the company. The proposed mine is projected to yield up to 60,000 tons of copper per year for a minimum of 15 years. However, Harmony has not yet revealed the construction costs for this project.
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