Harmony Gold Mining Expects Higher Earnings as Rising Gold Prices Boost Revenue

By Dominic Chopping

Harmony Gold Mining expects fiscal full-year earnings to rise on year following an impairment reversal and as higher gold prices boost revenue.

The mining company said Friday that the average gold price received increased by more than 35% on year, while the recent acquisition of MAC Copper also boosted group revenue from copper sales.

An impairment reversal of around $165 million related to some of its South African gold mines was recognized during the year as a result of significantly higher gold price assumptions applied in the valuation, it added.

Offsetting some of the earnings gains were acquisition and integration costs related to MAC Copper, higher production costs, and royalty expenses, among other things.

As a result, the company expects to report earnings per share in the year through June 30 of between $2.65 and $2.85, up from $1.27 a year earlier.

Headline earnings per share are expected to be between $2.45 and $2.65.

The fiscal year was "defining" in Harmony's development into a diversified gold and copper producer, Chief Executive Officer Beyers Nel said.

"We achieved gold production guidance for the 11th consecutive financial year. We also delivered on all key operating guidance metrics...meeting our gold and copper production, grade and cost targets."

Harmony is due to publish its results for the financial year on Thursday.

Write to Dominic Chopping at dominic.chopping@wsj.com

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August 21, 2026 03:00 ET (07:00 GMT)