Harmony Gold Expects H1 2026 Results to Meet Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 03 2026
0mins
Should l Buy HMY?
Source: seekingalpha
Harmony Gold's stock rose by 5.01% as it crossed above the 5-day SMA, reflecting positive investor sentiment.
The company expects its H1 2026 results to align with expectations despite setbacks, including a mill motor failure and a delay in the final gold shipment at the Hidden Valley operation in Papua New Guinea. Harmony remains confident in achieving its full-year production guidance of 1.4M to 1.5M ounces, showcasing resilience in its production capabilities and strong fundamentals.
This outlook indicates that Harmony Gold is effectively managing operational challenges and maintaining a robust financial position, which could bolster investor confidence moving forward.
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Analyst Views on HMY
Wall Street analysts forecast HMY stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 19.710
Low
20.50
Averages
20.50
High
20.50
Current: 19.710
Low
20.50
Averages
20.50
High
20.50
About HMY
Harmony Gold Mining Company Limited is a mining company. It acquires, explores, develops, and operates gold and uranium properties, through its underground and open-pit mines in South Africa, and its Hidden Valley open-pit mine in Papua New Guinea. Its main products are gold bullion and uranium concentrate, extracted from deep-level and surface mining operations. Its segments include South Africa Underground, Surface, and International. In South Africa, its underground operations are located within the Witwatersrand Basin, which includes one in the Klerksdorp goldfield, three in the West Rand, and five in the Free State, in the southern portion of the Witwatersrand Basin. It also has an open pit mine, Kalgold, on the Kraaipan Greenstone Belt as well as several surface treatment operations. In Papua New Guinea, it operates the Hidden Valley mine and Wafi-Golpu project. In Australia, the Company owns the Eva Copper Mine Project. It also owns CSA Copper Mine in New South Wales, Australia.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Harmony Gold's CSA Copper Mine Needs Strategic Overhaul
- Capital Injection Required: Harmony Gold's recently acquired CSA copper mine necessitates a capital injection of approximately $1 billion for restructuring, as CEO Beyers Nel indicated that this process could take up to two years, highlighting the challenges the company faces in integrating new assets.
- Production Capacity Uncertainty: The CSA mine produced 40,000 metric tons of copper annually prior to acquisition, but Harmony has not confirmed whether it can maintain or increase this production level, reflecting concerns about future output.
- Operational Bottleneck Issues: Nel pointed out that the mine suffers from insufficient ventilation and limited mining flexibility due to inadequate insulation, which urgently need to be addressed to enhance overall operational efficiency, indicating that the current state of the mine is not ideal.
- Future Outlook: Harmony plans to provide a formal production outlook for the CSA mine during its half-year results announcement in March, covering data from January to June, which will offer investors a clearer direction for the future.
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- Operational Challenges: Harmony Gold expects its H1 2026 results to align with expectations despite setbacks, including a mill motor failure and a delay in the final gold shipment at the Hidden Valley operation in Papua New Guinea, which negatively impacted operational performance in FQ2.
- Production Guidance: The company remains confident in achieving its full-year production guidance of 1.4M to 1.5M ounces, despite the operational setbacks, indicating resilience in its production capabilities.
- Mine Integration Progress: Integration activities at the high-grade CSA copper mine are progressing well, with initial efforts focused on incorporating the mine into Harmony's systems, processes, and culture, showcasing the company's commitment to operational efficiency.
- Financial Robustness: Harmony Gold asserts that its fundamentals remain strong, supported by improved safety performance, a healthy balance sheet, investments in higher-quality orebodies, and sustained margin improvements across its portfolio.
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- Capital Injection Required: Harmony Gold's recently acquired CSA copper mine necessitates a capital injection of approximately $1 billion for restructuring, as CEO Beyers Nel indicated that this process could take up to two years, highlighting the challenges the company faces in integrating new assets.
- Production Capacity Uncertainty: The CSA mine produced 40,000 metric tons of copper annually prior to acquisition, but Harmony has not confirmed whether it can maintain or increase this production level, reflecting concerns about future output.
- Operational Bottleneck Issues: Nel pointed out that the mine suffers from insufficient ventilation and limited mining flexibility due to inadequate insulation, which urgently need to be addressed to enhance overall operational efficiency, indicating that the current state of the mine is not ideal.
- Future Outlook: Harmony plans to provide a formal production outlook for the CSA mine during its half-year results announcement in March, covering data from January to June, which will offer investors a clearer direction for the future.
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- Market Performance: Silver prices have experienced a decline, dropping 6% to $67 per ounce.
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Harmony Gold Expects H1 2026 Results to Meet Expectations Despite Setbacks
- Operational Challenges: Harmony Gold expects its H1 2026 results to align with expectations despite setbacks, including a mill motor failure and a delay in the final gold shipment at the Hidden Valley operation in Papua New Guinea, which negatively impacted operational performance in FQ2.
- Production Guidance: The company remains confident in achieving its full-year production guidance of 1.4M to 1.5M ounces, despite the operational setbacks, indicating resilience in its production capabilities.
- Mine Integration Progress: Integration activities at the high-grade CSA copper mine are progressing well, with initial efforts focused on incorporating the mine into Harmony's systems, processes, and culture, showcasing the company's commitment to operational efficiency.
- Financial Robustness: Harmony Gold asserts that its fundamentals remain strong, supported by improved safety performance, a healthy balance sheet, investments in higher-quality orebodies, and sustained margin improvements across its portfolio.
See More
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Record High for Silver Prices: Silver prices have reached a record high of $115.13 per ounce, marking a significant increase.
Percentage Increase: The price of silver has risen over 11% recently, contributing to its record-setting value.
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Spot silver briefly surpassed $100 per ounce before retreating to $99.93.
- Silver Price Movement: Silver prices rose above $100 per ounce during intraday trading.
- Price Adjustment: Following the peak, prices slightly decreased to $99.93 per ounce.
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