$JSEHAR - Harmony GM: Bullish on Near-Term Fundamentals
Harmony released a SENS update this morning.
Salient notes:
Total gold production for the six-month period ended 31 December 2022 (“H1FY23”) was between 720 000 oz (22 394kg) and 745 000 oz (23 171kg).
In line with guidance, all-in-sustaining costs (“AISC”) for H1FY23 was below R900 000/kg.
Despite the ongoing electricity shortages and supply chain disruptions, total gold production increased quarter-on-quarter.
This production increase was mainly as a result of improved underground recovered grades in Q2FY23, which were higher than the 5.45 to 5.60g/t guided earlier this year.
The Company will publish its interim operating and financial results for the 2023 financial year on Wednesday, 1 March 2023 at 10am.
The Elliott Wave structure supports this positive update.
From the 3333 zac low in September 2022, Harmony has been rallying in impulsing fashion.
The wave count suggests that the pullback from 7050 zac is for wave ((iv)) and the stock is now due one more rally to complete wave ((v)) of wave 1.
The short-term key level to watch is 6010 zac but wave ((iv)) can still retrace deeper and remain valid as long as it does not terminate below 5394 zac.
Salient notes:
Total gold production for the six-month period ended 31 December 2022 (“H1FY23”) was between 720 000 oz (22 394kg) and 745 000 oz (23 171kg).
In line with guidance, all-in-sustaining costs (“AISC”) for H1FY23 was below R900 000/kg.
Despite the ongoing electricity shortages and supply chain disruptions, total gold production increased quarter-on-quarter.
This production increase was mainly as a result of improved underground recovered grades in Q2FY23, which were higher than the 5.45 to 5.60g/t guided earlier this year.
The Company will publish its interim operating and financial results for the 2023 financial year on Wednesday, 1 March 2023 at 10am.
The Elliott Wave structure supports this positive update.
From the 3333 zac low in September 2022, Harmony has been rallying in impulsing fashion.
The wave count suggests that the pullback from 7050 zac is for wave ((iv)) and the stock is now due one more rally to complete wave ((v)) of wave 1.
The short-term key level to watch is 6010 zac but wave ((iv)) can still retrace deeper and remain valid as long as it does not terminate below 5394 zac.