Harmony Gold Doubles Interim Dividend as Copper Expansion Lifts H1FY26 Earnings
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Harmony Gold Mining ( (HMY) ) has issued an update.
Harmony Gold Mining Company Limited, a South African-based gold producer listed in Johannesburg and New York, is steadily evolving into a dual gold-and-copper miner, with gold remaining core while copper becomes an increasingly important growth vector. Its portfolio now includes the CSA copper mine in production and the Eva Copper project under construction, backed by a capital allocation framework focused on safe, predictable output, disciplined investment, and resilient cash returns.
Reporting interim results for the six months to 31 December 2025 on 11 March 2026, Harmony posted a 61% jump in operating profit to R16.1 billion and 20% higher revenue, driven largely by a 36% increase in the average gold price received despite a 9% drop in group gold output and higher all-in sustaining costs. The company doubled its interim dividend under a revised policy returning up to half of net free cash to shareholders, while keeping net debt low at 0.18-times EBITDA and liquidity near R14.8 billion, and advanced its copper growth strategy with maiden CSA production and the board’s November 2025 go-ahead for the Eva Copper project, setting a trajectory toward about 100,000 tonnes of annual copper output within three years.
Safety performance continued to improve with the lowest-ever lost-time injury frequency rate of 4.23 per million hours in H1FY26 and a loss-of-life-free first quarter, although one fatality occurred at Mponeng on 26 October 2025, underscoring the company’s ongoing push toward zero harm. Harmony also reported progress on sustainability, moving ahead with a 100 MW solar plant at Moab Khotsong due to start phased commissioning in April 2026 and earning improved external scores for water security and climate-change management, reinforcing its positioning as a responsible steward while it scales gold and copper production.
The most recent analyst rating on (HMY) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Harmony Gold Mining stock, see the HMY Stock Forecast page.
Spark’s Take on HMY Stock
According to Spark, TipRanks’ AI Analyst, HMY is a Outperform.
The score is driven primarily by strong financial performance (profitability, low leverage, and solid cash generation) and supportive bullish technicals with price above all key moving averages. The rating is tempered by only moderate valuation support (P/E ~18 and low dividend yield) and earnings-call risks around rising costs and operational/safety headwinds.
To see Spark’s full report on HMY stock, click here.
More about Harmony Gold Mining
Harmony Gold Mining Company Limited is a South African-based precious metals producer focused primarily on underground and open-pit gold mining, with a growing strategic exposure to copper. Listed in Johannesburg and New York, the company is positioning itself as a higher-quality, lower-risk global gold and copper producer, targeting resilient cash flows and disciplined, long-term growth.
The group’s portfolio now includes the CSA copper mine and the Eva Copper project, alongside long-life South African and international gold operations. Harmony’s strategy emphasizes safety, operational consistency, capital discipline, and a strengthening balance sheet, while expanding into copper to enhance portfolio quality and support long-term durability through commodity price cycles.
Average Trading Volume: 4,685,629
Technical Sentiment Signal: Buy
Current Market Cap: $12.14B
Find detailed analytics on HMY stock on TipRanks’ Stock Analysis page.
