Why Harmony Gold Mining Company Limited (HMY) Crashed On Friday
Harmony Gold saw its share prices decline by 5.27 percent on Friday to finish at $14.56 apiece as investor sentiment was dampened by the death of another mine worker—allegedly the 10th death case recorded this year alone.
The news sparked investor concerns about the company's safety regulations and strategy, especially as it aims to achieve zero harm and foster a proactive safety culture.
An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.
'Harmony Gold Mining Company Limited regrets to announce a loss of life due to a fall of ground at its Joel mine in the Free State province. All relevant authorities, family members, and colleagues have been informed,' it said.
'We have been on a journey to achieve zero harm since 2016, and we continually assess the maturity of this journey to identify areas for improvement,' it added.
Harmony Gold Mining Company Limited (NYSE:HMY) said that it achieved six months of death-free shifts, showing that its strategy was correct.
'We continue to believe that zero loss of life is possible,' it noted.
Overall, HMY ranks 4th on our list of Friday's worst-performing stocks. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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