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Golden harmony (New York Stock Exchange:HMY) said Monday that he hopes his Profits probably doubled in the full year ended June 30, helped by higher production, better grades and higher metal prices.
In his Full year statement of operationsSouth Africa's largest gold producer By volume, the company said it expects fiscal 2024 core earnings to rise to at least $0.98/share from $0.45/share in the prior financial year, driven by a 6% increase in gold production to a slightly higher-than-expected 1.56 million ounces due to higher grades recovered at several operations.
Still, Harmony's (HMY) annual earnings were hit by a R2.8 billion (~$157 million) writedown of its Target North project in South Africa after recent studies showed its mineral reserves are lower than previous assumptions.
Additional studies are underway, but the Target North project may no longer be viable, Harmony (HMY) Chief Executive Peter Steenkamp said, according to Reuters.
Finally, the company said it will delay the publication of its full fiscal results until September 5 due to a change of auditors.
