Why Harmony Gold Stock Hit a High Note Today

Shares of South Africa’s Harmony Gold Mining Company (NYSE: HMY) soared 12.4% through 12:20 p.m. ET after the company issued a pre-earnings announcement for full-year fiscal 2023, ended June 30. Boasting that the company has hit the upper end of previous production guidance for producing between 1.4 million and 1.5 million ounces of gold at a cost of less than 900,000 South African Rand per kilogram (that’s $48,687 per kilo, or about $1,391 per ounce), and noting that gold prices have proven higher than previously predicted, Harmony issued new guidance for this fiscal year. Earnings per share are now expected to flip from a loss last year to a profit this year.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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