Harmony Gold Mining Company (NYSE:HMY) shares surged as much as 10%
Reported a 7% increase in gold production in Q1, reaching 425,130 ounces, driven by higher grade yields from South African operations and the Hidden Valley mine in Papua New Guinea. The company also saw a 33% increase in gold revenue, reaching ZAR14.78B in Q30, driven by increased production and an 18% rise in gold prices in the South African rand. Harmony Gold also improved its all-in sustaining costs by 7%, dropping to $1,404 per ounce. The company maintains its target for the fiscal year ending June 30, aiming for an annual production range of 1.38M-1.48M ounces of gold and aiming to keep AISC below ZAR975,000 per kilogram.