Headline earnings per share at Harmony Gold rose 87% to R43.63 for the year ended June 2026, as the miner benefited from a 35% increase in the average gold price received and its diversification into copper.
Beyers Nel, Harmony Gold’s chief executive, said the 2026 financial year was “a defining year” as the company evolved into a diversified gold and copper producer.
“We achieved gold production guidance for the eleventh consecutive financial year and delivered on all key operating guidance metrics,” he said.
This was despite a 3% decline in gold output to 44.4 tonnes for the period. The average gold price received increased by 35% to R2.07m per kilogram.
Gold all-in sustaining costs for the full year came to nearly R1.2m per kilogram, 13% higher than in the prior year.
Harmony’s recently acquired CSA copper mine in Australia contributed 18,207 tonnes of copper at a recovered grade of 3.75% and a C1 cash cost of US$2.47 per pound.
Total cash operating costs increased 14% to R45.7bn, mainly because of the inclusion of the CSA mine and significantly higher royalties associated with stronger profitability. Excluding the CSA mine, Harmony’s cash operating costs increased 10% to R44bn, which the company said was within planned mining inflation.
Adjusted free cash flow increased 54% to R17.1bn, driven by the higher average gold price received and copper sales from the CSA mine.
Until 2025, Harmony focused on progressing and improving its portfolio. It has now shifted its focus to executing its strategy and unlocking the value embedded in its assets. The company expects a meaningful cash-flow inflection beyond 2030 as margins strengthen, costs decline and free cash flow expands.
“We look ahead with confidence. Our gold and copper portfolio provides optionality. These strengths position Harmony to generate cash,” Nel said.
Harmony ended the period with net debt of R852m, compared with net cash of R11.1bn previously, following the MAC Copper acquisition. It had liquidity of R17.1bn in cash and undrawn facilities.
The company also secured a US$500m, A$500m and R7bn syndicated, multi-currency, multi-tranche funding package. Harmony said the facilities would reduce interest costs, extend maturities and strengthen liquidity.
Meanwhile, the Tshepong North life of mine has been extended from six to 15 years. Construction at the Eva Copper project also advanced, with key infrastructure and processing-plant milestones achieved following the final investment decision in November 2025.
Harmony’s high-grade operations, Mponeng and Moab Khotsong, generated revenue of R30.3bn and adjusted free cash flow of R11.6bn during the year to June.
Mponeng delivered adjusted free cash flow of R9.4bn, up 34%, while gold production declined 8% to 9.5 tonnes because of lower tonnes milled and a slight reduction in recovered grade.
Mponeng’s life of mine was extended by one year to about 20 years, reflecting continued reserve conversion and growing confidence in the orebody’s long-term economic potential.
The Mponeng extension project, which is expected to sustain production through the extraction of the east and west Ventersdorp Contact Reef and the Carbon Leader Reef below existing infrastructure, is progressing.
Harmony has completed the integration of the CSA mine, with capital investment in the operation under way to position it for the long term.
MAC Copper generated revenue of R3.5bn and adjusted free cash flow of R781m, at a 22% margin, demonstrating the asset’s cash-generating capability.
THE NATIONAL