Harmony Gold Surges on Higher Gold Prices, Record Dividend

Harmony Gold, South Africa's largest gold producer, reported an 87% surge in annual profit on August 27. The increase was largely due to higher gold prices, which rose by 35%, offsetting lower output and grades.

The company posted headline earnings per share of 43.63 rand ($2.73) for the year ended June 30, up from 23.37 rand in the prior year.

Harmony will pay a record annual dividend of 7.50 rand per share, nearly five times last year's payout. The company diversified into copper production to take advantage of growing demand for the metal amid a global shift to cleaner energy.