Harmony Gold Mining swings to loss on impairments
Harmony Gold Mining Co. (HAR.JO) on Tuesday reported a swing to a net loss for fiscal 2018 after booking impairment costs at a number of its operations, as well as an additional loss due to foreign-currency effects.
The South African gold mining company said it swung to a loss of 4.47 billion South African rand ($306.1 million) for the year ended June 30, away from a net profit of ZAR362 million in fiscal 2017.
The company swung to a loss after booking impairment costs worth ZAR5.3 billion at operations such as its Tshepong mine, which were mainly driven by a lower gold price and cost inflation.
Harmony Gold Mining said it booked an additional loss of ZAR669 million due to exchange rates between the rand and the U.S. dollar.
Gold production during the year increased 13% to 1.2 million ounces, while revenue rose 5.7% to ZAR20.4 billion, the company said.
Looking to the next fiscal year, Harmony Gold Mining said it expects to produce around 1.45 million ounces of gold, with all-in sustaining costs forecast at ZAR515,000 a kilogram.
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