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Harmony Reports Q1 Gains Despite Production Drop Amid Rising Costs

1 report, 1 independent Updated Mon 00:00
AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 1 outlet

Harmony reported that gold revenue rose 3% to R22.3bn in the first quarter, supported by a 26% increase in the average gold price received to $4,057/oz. Production fell 12% year-over-year, though the company stated it remains on track to meet its full-year guidance. All-in sustaining cost (AISC) rose 17% to R1,300,073/kg.

From businessday.co.za

Why it matters

Some supportBrind's analysis of the reports

The results show that higher commodity prices helped offset production declines and increased operational expenses for the producer. The company attributed the cost increase to annual inflation in labor and electricity, high gold price-linked royalties, and lower volumes from the Moab Khotsong mine.

From businessday.co.za

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