Harmony Gold: Cheap For A Reason
Harmony Gold Mining Company Limited is currently rated as a 'Hold' due to increasing costs and declining production. The company's all-in sustaining costs have risen significantly, while gold output has decreased year over year. Despite a favorable gold price environment, Harmony Gold faces challenges that hinder its performance compared to peers.
- ▪Harmony Gold's all-in sustaining costs surged 25% to $2,115 per ounce.
- ▪Gold output fell 9% year over year due to operational disruptions and supply shortages.
- ▪Capital expenditures are expected to nearly double this year, with over $1 billion allocated for the Eva Copper project.
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