Harmony Gold drops on profit slump, tough mining conditions.
Shares of Harmony Gold fell 4% on Tuesday after the South African company posted a 49% decline in profit and said it has paused a project to extend the mine life at its Tshepong operations, citing tough mining conditions and low grades.
An impairment of 4.433 billion rand was recorded during the reported period, mainly due to a reserve downgrade at its Tshepong operations that significantly affected its valuation. “We had very difficult mining conditions. We had to prioritize our capital, and for that reason, we decided to put the Sub-75 project on hold,” Steenkamp said during an earnings call.
Higher costs of labor, electricity and consumables drove all-in-sustaining costs – an industry measure of production costs – 17% higher during the year.
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