Sub­stan­tial HEPS in­crease ex­pected

The Star Early Edition - - COMPANIES -

HAR­MONY Gold Min­ing said yes­ter­day it ex­pected an in­crease of up to 255 per­cent in head­line earn­ings per share (HEPS) for the six months to the end of De­cem­ber. The miner, with op­er­a­tions in South Africa and Pa­pua New Guinea, pointed to an in­crease in the av­er­age gold spot price, the recog­ni­tion of a gain on the Hid­den Val­ley ac­qui­si­tion, as well as gains on gold and cur­rency hedges. It said HEPS was ex­pected to come in at be­tween 139 cents and 160c per share, which is 235 to 255 per­cent higher than the head­line loss of 103c per share re­ported for the pre­vi­ous com­pa­ra­ble pe­riod. In US dol­lar terms, HEPS is ex­pected to be be­tween US10c and US11c per share, which is 230 to 255 per­cent higher than the head­line loss of US8c per share re­ported a year be­fore. “We achieved all we set out to in the six months from July 1, 2016, to De­cem­ber 31, 2016. We im­proved our safety per­for­mance and in­creased pro­duc­tion. Safe mines are prof­itable mines, and prof­itable mines strengthen our mar­gins,” said Har­mony chief ex­ec­u­tive Peter Steenkamp. The full re­sults for the half-year are ex­pected on Thurs­day. – ANA

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