Revenue miss sends Harmony Gold to lowest level in four months

Shares of Harmony Gold (HMY) shares have dropped to the lowest intraday level since October 28, after the company reported lower than expected first half of 2026 revenue. The precious-metals miner announced revenue of ZAR 44.4B, up 20% year-over-year, versus estimate of ZAR 47.56B. Regarding CSA copper guidance, the company said it expects production of 17 500 to 18 500 tonnes for the eight-month period ending 30 June 2026. Production at the CSA mine will be temporarily halted for approximately one month to allow for essential steel replacement on two levels of the shaft. Harmony also announced a revision to its dividend policy, saying that “Our strengthened cash generation has enabled us to revise our dividend policy to ensure that up to 50% of our net free cash is returned to investors, reflecting our commitment to delivering tangible, consistent and attractive cash returns. Under the new framework, the company declared an interim dividend of ZAR 5.30 or 32c per share. PRICE ACTION: Harmony Gold is down nearly 11% at $16.91 in morning trading.