COVID-19 stifles gold production

File: Harmony Gold is now aiming to put out between 1.25 million and 1.3 million ounces in the next financial year.

Pixabay/PIX1861

JOHANNESBURG - Harmony Gold has recorded a headline loss of R828-million for the past year.

This is despite a nine percent increase in revenue thanks to a 25 percent rise in the average gold price.

But production dropped by 15 percent due to lockdown restrictions and load-shedding.

READ: AngloGold Ashanti moots higher dividend as gold price boosts earnings

It began picking up as the lockdown eased and all foreign nationals returned to work.

The company is now aiming to put out between 1.25 million and 1.3 million ounces in the next financial year.

Its new acquisition will contribute to this. 

READ: Gold Fields says earnings set to double

Harmony announced that it had concluded buying Anglo Gold's last remaining asset in South Africa, Mponeng Gold mine and waste management solutions.

It's paying about $300-billion and intends taking control of those operations in October.

Source
eNCA