Description

Harmony Gold Mining: Initiation of Coverage- Eva Copper, CSA Integration & Dividend Reset Fueling A Strategic Portfolio Shift!

Harmony Gold Mining Company Limited reported half-year results highlighting a strategy focused on building a resilient and geographically diversified portfolio, anchored by gold production while deliberately expanding its copper assets. The company emphasizes prioritizing safety first, with a record low lost time injury frequency rate of 4.23 and improved safety indicators across operations. Operationally, gold production totaled 724,000 ounces during the period, impacted by an industry-wide cyanide shortage and plant recovery issues, especially in South Africa. Recoveries have since normalized. The Hidden Valley mine experienced disruptions due to a mill motor failure and gold shipping delays, affecting sales volume. The group’s all-in sustaining costs increased to ZAR 1.18 million per kilogram (USD 2,115 per ounce), influenced by lower production volumes and increased royalties, despite cost control efforts.