Harmony Gold Mining reported a record fiscal 2026 net profit of R29.5 billion, more than doubling year-over-year, as the company’s transition from a gold-focused producer to a diversified gold and copper miner delivered strong financial results.
Group revenue rose 34% to R99.2 billion, while headline earnings per share climbed 87% to 4,363 South African cents. Operating cash flow increased 48% to R33.6 billion, and adjusted free cash flow reached a record R17.1 billion. The balance sheet shifted from a net cash position of R11.1 billion in FY25 to a net debt of R852 million, with liquidity maintained at R17.1 billion.
The CSA copper mine, acquired in October 2025, contributed 18,207 tonnes of copper over eight months at a recovered grade of 3.75% and a C1 cost of US$2.47 per pound. CEO Beyers Nel noted that ventilation constraints at CSA remain unresolved, describing the integration as a work in progress. Copper production guidance calls for 28,000–30,000 tonnes in FY27, rising to 40,000 tonnes by FY29, supported by exploration intercepts including 13.3 meters at 12.4% copper.
Gold production totaled 44,464 kilograms, meeting guidance for the 11th consecutive year. Underground grades averaged 5.83 grams per tonne, with Mponeng and Moab Khotsong delivering 14,743 kilograms at 8.97 g/t and a 38% adjusted free cash flow margin. Hidden Valley in Papua New Guinea produced 5,904 kilograms at an AISC of R658,503 per kilogram, achieving a 68% margin.
All-in sustaining costs rose to R1,191,698 per kilogram, within the R1,220,000 per kilogram guidance, driven by lower planned production, higher operating costs, and increased royalties. The gold price received climbed to R2,069,710 per kilogram.
Shareholder returns increased significantly, with a full-year dividend of 1,280 South African cents per share, totaling R8.2 billion. The dividend yield stood at 3.5% on a full-year basis.
Capital allocation focused 80% on growth and portfolio quality improvements, including R29.5 billion approved for reserve conversion projects at Mponeng, Moab Khotsong, Tshepong North, and Doornkop. The Eva Copper project in Australia, targeting first production in late 2028, has a capital guidance of US$1.55–1.75 billion, with US$650–680 million planned for FY27.
FY27 guidance includes gold production of 1.3–1.4 million ounces at an AISC of R1,300,000–1,395,000 per kilogram, and copper production of 28,000–30,000 tonnes. Long-term targets aim for a 70/30 production split between South Africa and Australasia by FY36, up from 84/16 in FY26.
Harmony Gold also outlined a renewable energy expansion, targeting over 800 megawatts of capacity by FY30, including 30 MW already operational at Sungazer 1 and 100 MW at Sungazer 2 expected online in FY27. The company reported cumulative savings of R3.64 billion and a 63% emissions reduction target by 2036, with a net-zero ambition by 2045.
