News Formal

Harmony Gold is sprinting just to stand still

  • 📰 FinancialMail
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 63%

Business Business Headlines News

Harmony Gold has to spend billions just to preserve current rates of production — prompting market fears over its dividend paying ability.

The effort required to keep the home fires burning for SA’s gold sector appears to be catching up with Harmony Gold, if the response to its 2022 year-end results is anything to go by.

Shares in the company fell to their lowest level in a year — a 19% decline — just after CEO Peter Steenkamp said it would spend R8.5bn in capital expenditure in the current financial year. That’s about R1.6bn more than previously guided. Capital spend for 2024 will be an equally onerous R8.2bn. For 2022, to date, Harmony stock has sunk 43%...

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 20. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AngloGold Ashanti to pay $150 mln for Coeur Mining's Nevada gold projectsSouth Africa-listed gold miner AngloGold Ashanti has agreed to pay $150 million in cash to acquire a subsidiary of Coeur Mining with mining concessions in Nevada adjacent to its own, the companies said on Monday.
Source: ReutersAfrica - 🏆 31. / 53 Read more »