Midrand: AfricUpdate – News Desk
Harmony Gold, South Africa’s biggest gold producer, reported a 26% jump in annual profit on Thursday, primarily boosted by record-high prices for bullion. The company posted headline earnings per share of R23.37 in the year ended June 30, up from R18.52 the previous year. Harmony Gold said a 27% increase in average gold prices, along with improved grades at its South African mines, helped offset a 5% drop in production during the period.
Gold production declined to 1.48 million ounces in the 2025 financial year, down from 1.56 million ounces a year earlier, due to bad weather and safety-related stoppages. The company declared a dividend of R1.55 per share, up from 94 cents last year. Harmony Gold has also recently received regulatory approval to acquire Australia-focused MAC Copper for US$1.3 billion (about R18 billion) via its Australian subsidiary.
MAC Copper has only one asset in the CSA Copper Mine, which is 700 km from Sydney. It produced 41kt of copper in the 2024 calendar year. The move is part of Harmony Gold’s attempt to diversify its portfolio. The MAC Copper acquisition is expected to conclude in October 2025
