Harmony expects its full-year earnings to almost double after a strong operational performance and as it benefited from the higher gold price.The group said in a statement on Friday that HEPS for the year ended June are expected to be between 4,050c and 4,450c, an increase of between 73% and 90% from a year ago.EPS are expected to rise between 90% and 108%, it said. In dollar terms, EPS are expected to be 109%-124% higher.Harmony said it achieved gold production guidance for the 11th consecutive financial year and delivered on all key operating guidance metrics for the 2026 financial year, meeting its gold and copper production, grade and cost targets. Group gold production of 1,429,551oz was in line with guidance, supported by robust contributions from its South African underground operations and Hidden Valley in Papua New Guinea.Disciplined cost management maintained all-in sustaining costs (AISC) at $2,195/oz, within guidance. This strong operational performance translated into significant growth in earnings per share and robust adjusted free cash flow. We advanced the Eva Copper Project and continued investing in reserve conversion and life extension across our portfolio— HarmonyThe 2026 financial year was “a defining year in Harmony’s evolution into a diversified gold and copper producer”, it said. Following its acquisition, the CSA mine in Australia contributed 18,207 tonnes of copper production, towards the upper end of guidance. “This strong operational performance translated into significant growth in earnings per share and robust adjusted free cash flow. We advanced the Eva Copper Project and continued investing in reserve conversion and life extension across our portfolio,” it added.Harmony’s $1bn acquisition of MAC Copper last year gave it control and full ownership of the CSA copper mine in Australia.Business Day reported in July that the miner, South Africa’s largest gold producer by volume, had long set its sights on copper as a tool to diversify away from gold and hedge against a downturn in gold prices.The group aims to build a meaningful Australian copper business alongside its South African gold operations as part of its long-term growth strategy.The group said the average gold price received increased by 35.3% to $3,811/oz and copper sales of 16,719 tonnes were included in revenue from the CSA mine, with an average copper price received of $5.62 per pound.Our high-quality gold portfolio, growing copper exposure, robust balance sheet, disciplined capital allocation framework and pipeline of organic opportunities position us to generate sustainable cash flows, deliver attractive shareholder returns and create value through the commodity cycle— Beyers Nel, Harmony CEOEarnings also benefited from the reversal of impairments of R2.8bn in respect of property, plant and equipment relating to the Tshepong North, Tshepong South, Kusasalethu and Doornkop cash-generating units which were recognised during the year as a result of significantly higher gold price assumptions applied in the valuation.The acquisition and integration of MAC Copper and the CSA mine into the group had a pervasive effect on the results, with its costs being included for the first time in the 2026 financial year, it said.The group incurred acquisition costs of R1.4bn, increased production costs mainly due to inflationary-related increases in consumables and electricity, higher contractor costs and higher labour costs in line with the five-year wage agreement.The royalty expense increased by about R1.5bn as a result of the increased revenue for the South African entities, which is the base for the South African mining tax royalties calculation and increased taxes of about R2.3bn, primarily as a result of higher profitability driven by the higher gold price received.CEO Beyers Nel said Harmony enters its next phase from a position of strength. “Our high-quality gold portfolio, growing copper exposure, robust balance sheet, disciplined capital allocation framework and pipeline of organic opportunities position us to generate sustainable cash flows, deliver attractive shareholder returns and create value through the commodity cycle,” said Nel.Harmony will publish its financial results on August 27.Business Day