Gold and copper miner Harmony has reported a more than 80% rise in its full-year earnings and paid a record annual dividend after a strong operational performance and as it benefited from the higher gold price.The group on Thursday said HEPS soared 87% to 4,363c for the year to end-June.Group revenue was up 34% to R99.24bn, and the group achieved record adjusted free cash flow of R17.15bn, up 54% year on year.The miner paid a dividend of 750c, its highest ever, bringing the total dividend to a record R8.15bn, or 1,280c per share.CEO Beyers Nel said the 2026 financial year had been a defining year in Harmony’s evolution into a diversified gold and copper producer. The miner achieved gold production guidance for the 11th consecutive financial year and delivered on all key operating guidance metrics.Group gold production of 1.43-million ounces was in line with guidance, while all-in sustaining costs of $2,195/oz remained within guidance.After its acquisition, the CSA mine in New South Wales, Australia, contributed 18,207 tonnes of copper at a recovered grade of 3.75% and a cash cost of $2.47/lb, all within guidance.“This performance drove significant growth in EPS, robust cash flow generation and record dividends, while we continued investing in reserve conversion, life extension and future growth,” Nel said.“Up to 2025, we focused on portfolio progression and improvement. Between 2026 and 2030, we will focus on execution and unlocking the value already embedded in our assets. Beyond 2030, we expect a meaningful cash flow inflection as margins strengthen, costs decline and free cash flow expands.”Nel said while gold is the foundation of Harmony, generating the cash flows that have supported growth for almost eight decades, copper is adding an important new dimension to that foundation.Copper provides greater diversification, increased resilience and exposure to long-term structural demand. “Together, these metals create a more balanced portfolio, with greater flexibility, durability and long-term growth potential,” Nel said.The acquisition of CSA mine established an immediate operating presence within the copper sector and provides a high-grade platform for future growth. The Eva Copper Project progressed well during the year and “represents a clear pathway towards materially increasing copper production over the medium term”, Nel said.Eva Copper remains targeted to deliver first production in the second half of the 2028 calendar year, subject to the timely receipt of federal environmental approvals. In July, Harmony hit pause on land clearing at its Eva project after discovering a protected species in the area.The project, located in Northwest Queensland in Australia, has been in the company’s portfolio for more than three years and is central to its growth strategy of diversifying into copper.After the discovery of a protected northern blue-tongued Skink, management implemented a staged approval and execution strategy, while continuing construction in approved areas. “We look ahead with confidence. Our gold and copper portfolio provides optionality. Our balance sheet provides resilience. Our people provide the capability to deliver. Together, these strengths position Harmony to generate cash today, deliver growth tomorrow and create enduring value through the cycle,” said Nel.Business Day