By Radarr Africa Business Desk
LAGOS, October 31 (Radarr Africa) – South African miner Harmony Gold reported an 87% rise in headline earnings to R27.24 billion ($1.61 billion) for the year to June 30, 2026, and declared its largest-ever dividend as higher gold prices and a push into copper reshaped the business.
Billionaires.Africa, drawing on Harmony’s annual report, said revenue rose 34% to R99.24 billion ($5.88 billion). Adjusted free cash flow climbed 54% to a record R17.15 billion ($1.02 billion). The average gold price received was $3,811 an ounce, 35% higher than a year earlier, while gold output fell 3% to 1.43 million ounces.
The final dividend was 750 cents a share, the largest ever, bringing the total for the year to a record 1,280 cents, or R8.15 billion ($503 million). The company moved from net cash of R11.15 billion to net debt of R852 million ($52 million), which the report attributed to the MAC Copper acquisition.
Chairman Patrice Motsepe said in his letter to shareholders that the 2026 financial year “marked a defining milestone in Harmony’s evolution.” Chief executive Beyers Nel said in the same report that the aim is to build a copper business that is “profitable, disciplined and cash-generative.”
Harmony completed its $1.03 billion purchase of MAC Copper Limited in October 2025. The acquisition gave it the CSA mine in New South Wales, Australia, which produced 18,207 tonnes of copper in its first eight months under Harmony and generated R3.5 billion ($207 million) in revenue. The target is about 40,000 tonnes a year by fiscal 2029.
The Eva Copper project in Queensland was approved in November 2025 with a budget of $650 million to $680 million. First production is targeted for the second half of 2028, but federal environmental approvals have been delayed after a protected species was found in the area, the report said.
Harmony also owns half of the Wafi-Golpu project in Papua New Guinea, which is still in permitting, and operates the Hidden Valley gold and silver mine there. For fiscal 2027 it guided to 1.3 million to 1.4 million ounces of gold and 28,000 to 30,000 tonnes of copper.
The report also recorded that six employees died at Harmony’s operations during the year. The board is reviewing each incident and overseeing critical safety controls, it said.
Motsepe’s links to the company date to 2003, when his firm ARMgold merged with Harmony and Anglovaal Mining. African Rainbow Minerals (ARM), which he founded and owns about 43% of, holds about 12% of Harmony. Dividends from Harmony to ARM more than doubled to R512 million ($31 million) in ARM’s last financial year, the report said.
Motsepe was ARM’s executive chairman until February and remains non-executive chairman. ARM said he received R28.53 million ($1.72 million) for his final seven and a half months in the executive role, according to a statement cited by Billionaires.Africa.
Billionaires.Africa cited Harmony’s annual report and ARM’s statement as its sources. Radarr Africa has not independently reviewed the annual report.
