Harmony Gold announced an 87% increase in its headline earnings per share for the fiscal year and a final dividend nearly five times higher, as the surge in gold prices more than offset the decrease in extracted volumes.
South Africa’s largest gold producer reported an adjusted earnings per share of 43.63 rand (258 US cents) for the fiscal year ending in late June, compared to 23.37 rand a year earlier. The final dividend amounts to 7.50 rand per share, bringing the total remuneration for the year to 12.80 rand per share.
The 35% increase in the average gold price, driven by massive central bank purchases and appetite for safe-haven assets in an uncertain geopolitical climate, offset the 3% decline in production, which was reduced to 1.43 million ounces. For the current fiscal year, Harmony is targeting an extraction volume between 1.3 and 1.4 million ounces.
At the same time, the group is accelerating its diversification into copper to meet the needs of the energy transition. The CSA mine in Australia, integrated into the portfolio in October 2025, has reached the top end of its targets with 18,207 tonnes produced, and aims for 28,000 to 30,000 tonnes for the 2027 fiscal year.
Chief Financial Officer Boipelo Lekubo clarified that discussions with the government of Papua New Guinea regarding the mining lease and the development contract for the Wafi-Golpu project are ongoing, with the review conducted by local authorities extending the timeline of the negotiations.
