South Africa’s Harmony Gold returns to profit

Buoyed by the highest gold price in five years, Harmony Gold, South Africa’s third-largest gold operator, reported solid half-year results on Tuesday with revenues up 19% to 15.477 billion rand ($1.038 billion) for the period ending December 31, 2019. Better still, the company has returned to profit. After recording a loss of 19 million rand ($1.27 million) in the same period last year, the group managed to make a profit of 1.3 billion rand ($89 million) this time. Peter Steenkamp, Harmony’s CEO, while noting the favourable environment of « a higher gold price that continues to drive our financial performance, » renewed his commitment to focus the company’s efforts on what it can control, « namely safety, costs and production.