Harmony Gold Mining Eyes Copper Growth After Record FY2026 Results

Impact · against what's priced in

Harmony Gold's record FY2026 earnings and reserve conversions provide strong immediate momentum, though fiscal 2027 guidance introduces a cost headwind. The shift toward copper growth via the CSA and Eva projects adds long-term optionality, while the doubling of EPS supports a record dividend payout.

HMY+0.70

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In context

The company doubled headline EPS to 258 South African cents and converted 10 million ounces of mineral resources into reserves at a low cost of $180 per ounce. While FY2027 AISC guidance rises to $2,300–$2,465 per ounce, the expanded 42% margin and copper growth targets provide significant upside.

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• mining▲28%
• guidance
• dividends
• earnings
• HMY
• capital expenditure
• commodities
• copper
• gold
• south africa