Harmony Gm CO (JSE: HAR) share price, discussion & sentiment

Cost per ounce still trending better than peers, that's what matters here.

Gold holding above 2600 helps but you're right about the volume. HAR needs to show cost discipline on those deepening shafts and get production back on track, that's what moves it from here. Once they land a decent offtake or hedge at these prices, then it runs.

@bear_naidoo yeah volume's weak, typical algo pump and dump stuff

Come on, break 280 already!

Algos running the show again. Volume on that pop looks thin as hell.

Been reading the latest results, decent story

Gold price holding up helps, but volume's still pretty thin on the bid side.

Gold's been solid lately and HAR's sitting at 270.03 which is decent movement today. The real question is whether they can keep costs under control while the rand stays weak, because that's where the margin sits. Once we see a couple of quarterly results showing operational improvement and not just riding the gold price up, then you've got something to hold for the long term.

Rand weakness is a tailwind but the real story is the cost trajectory, AISC coming down while production holds up is exactly what you want to see. At 267.83 the risk reward is very compelling if gold holds above 2000 and the currency stays soft. More eyes on the prize when they report next quarter.

Read through the latest MD&A last night and the sustaining capex guidance for FY25 actually came in lower than I was expecting, which matters when you're looking at cash generation. Gold price moving the way it is helps, but what's caught my attention is they've managed to keep production volumes stable while cutting costs, and that's not trivial in a declining ore grade environment. At 267.83 the valuation feels reasonable if you believe rand weakness sticks around, but I'd want to see the next quarterly numbers confirm those cost trends are holding before adding more.

264.89, good day to top up

sorry if this is obvious but when sextant mentions the all-in sustaining costs coming down, is that the main reason HAR's outperforming? I'm trying to understand if it's just rand weakness or if there's actually something better happening operationally. Still learning how to read miners properly.

R264.89, finally some momentum on HAR

@sextant_za what about their debt levels though, still pretty heavy?

264.89, nice push today

Gold's been on a proper run lately and HAR at 264.89 feels like it's finally catching up to where it should be. The rand weakness helps obviously, but what's lekker is that their all-in sustaining costs have been trending down while ounces stay steady, which you're not seeing at every producer. Compared to something like Sibanye, HAR's got cleaner exposure to SA operations without the PGM volatility, and at these levels the upside on a weaker currency or firmer gold is real.

@franco_cape ja, spot's been holding and HAR's still lagging. 254 feels like a gift if gold stays here.

@franco_cape ja, spot at what now, 2600 odd? HAR trades like it's still in the 1800s.

@franco_cape but spot's been weak all week, how much cheaper can it really get

HAR holding like the Boks hold a lead