Wrap Text
Harmony meets guided gold production for the 11th consecutive year, underpinned by robust cash generation
Harmony Gold Mining Company Ltd
Registration number: 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
("Harmony" or "Company")
Harmony meets guided gold production for the 11th consecutive year,
underpinned by robust cash generation and a strengthened gold-copper
portfolio
Johannesburg, Tuesday, 30 June 2026. Beyers Nel, chief executive officer of
Harmony Gold Mining Company Limited ("Harmony" and/or the "Company"),
provides a pre-year-end update ahead of the financial year-end on 30 June
2026 (FY26).
"Safety remains our highest priority and our most important measure of
success. While key safety indicators continue to improve, our journey towards
zero harm is far from complete. We continue to measure progress through both
leading and lagging indicators to strengthen prevention and reduce serious
incidents. Our commitment remains steadfast: every employee and contractor
must return home safely every day.
Against this backdrop, FY26 has been another year of consistent execution,
strong cash generation and meaningful progress in building a higher-margin,
more durable business.
Our capital allocation framework is focused on disciplined investment and
compounding long-term per-share value. We are prioritising safe and reliable
operations, balance sheet strength, selective reinvestment in higher-margin
assets, and sustainable shareholder returns. Importantly, all our major
projects are being funded from internally generated cash flows and capital-
efficient funding structures, preserving financial flexibility while
improving the margin profile, durability and overall strength of our
portfolio.
Harmony has met its annual gold production guidance for the 11th consecutive
year, with production expected to be between 1.4 million and 1.5 million
ounces, underground recovered grades of approximately 5.80g/t, all-in
sustaining costs within guidance, and capital expenditure slightly below
plan. This performance reflects our focus on safe, predictable production,
execution discipline and the strength of our asset base.
The CSA copper mine is also expected to deliver towards the upper end of
guidance, with production of 17 500 to 18 500 tonnes of copper, cash costs
below guidance and recovered grades above guidance. These results provide
tangible evidence of the value we saw in acquiring a high-grade, producing
copper asset in a tier-one jurisdiction, while diversifying revenue streams
and broadening the Group's earnings base. With the capital ventilation project
on track, we are advancing the key infrastructure required to unlock CSA's
next phase of value creation and position the mine to grow into a 40 000
tonne-per-annum copper producer.
The Eva Copper project in Queensland, Australia, remains one of the most
compelling growth opportunities in our portfolio and a key component of
Harmony's strategy to increase copper production in a tier-one mining
jurisdiction while enhancing the scale, margin profile and longevity of our
asset base. Project execution continues to progress well. All long-lead
equipment has been secured, major contracts have been awarded, and the project
is moving forward in line with our disciplined approach to de-risking and
delivery. Construction activities are continuing, including work associated
with the process plant and related infrastructure.
During land-clearing activities, a protected species was identified within
the project area. In keeping with our commitment to responsible environmental
stewardship and regulatory compliance, clearing activities were paused while
we engaged with regulators, environmental specialists, government
stakeholders and other interested parties to determine the appropriate way
forward. We are working constructively and collaboratively with these
stakeholders. Our focus is on balancing environmental responsibilities with
continued project advancement. This has enabled us to reprioritise certain
activities and maintain momentum while the required assessments and
engagements continue. We remain committed to developing Eva Copper
responsibly and sustainably, and we will keep the market informed of any
material development.
Robust cash generation and operational consistency in FY26 enabled us to
return a record R4.4 billion to shareholders through dividends over the past
12 months, while continuing to fund our operational requirements and growth
priorities. Our MSCI ESG rating upgrade to 'A' further demonstrates the
progress we are making in embedding sustainable and responsible business
practices across the Group.
Harmony enters FY27 from a position of strength, with a robust balance sheet,
solid operating momentum, high-margin gold assets and a growing copper
business that supports through-the-cycle durability.
We thank all our stakeholders and shareholders for their continued support.
Please join my management team and me for our in-person FY26 results
presentation on 27 August 2026 at 10:00 (South African time) at the JSE
Limited in Sandton. We will reflect on our FY26 performance and provide an
update on our strategy, growth projects and FY27 capital allocation
priorities."
The financial information on which this update is based has not been reviewed
or reported on by the Company's external auditors.
For more details, contact:
Jared Coetzer
Head: Investor Relations
+27 (0) 82 746 4120
JSE Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
FORWARD-LOOKING STATEMENTS
This market release contains forward-looking statements within the meaning
of the safe harbour provided by Section 21E of the Exchange Act and Section
27A of the Securities Act of 1933, as amended (the "Securities Act"), with
respect to our financial condition, results of operations, business
strategies, operating efficiencies, competitive positions, growth
opportunities for existing services, plans and objectives of management,
markets for stock and other matters.
These forward-looking statements, including, among others, those relating to
our future business prospects, revenues, and the potential benefit of
acquisitions (including statements regarding growth and cost savings)
wherever they may occur in this market release, are necessarily estimates
reflecting the best judgement of our senior management and involve a number
of risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements. As a
consequence, these forward-looking statements should be considered in light
of various important factors, including those set forth in this market
release.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be
considered in light of various important factors, including those set forth
in this disclaimer. Readers are cautioned not to place undue reliance on such
statements. Important factors that could cause actual results to differ
materially from estimates or projections contained in the forward-looking
statements include, without limitation: overall economic and business
conditions in South Africa, Papua New Guinea, Australia and elsewhere; the
impact from, and measures taken to address, Covid-19 and other contagious
diseases, such as HIV and tuberculosis; high and rising inflation, supply
chain issues, volatile commodity costs and other inflationary pressures
exacerbated by the Russian invasion of Ukraine and subsequent sanctions;
estimates of future earnings, and the sensitivity of earnings to gold and
other metals prices; estimates of future gold and other metals production and
sales; estimates of future cash costs; estimates of future cash flows, and
the sensitivity of cash flows to gold and other metals prices; estimates of
provision for silicosis settlement; increasing regulation of environmental
and sustainability matters such as greenhouse gas emission and climate change,
and the impact of climate change on our operations; estimates of future tax
liabilities under the Carbon Tax Act (South Africa); statements regarding
future debt repayments; estimates of future capital expenditures; the success
of our business strategy, exploration and development activities and other
initiatives; future financial position, plans, strategies, objectives,
capital expenditures, projected costs and anticipated cost savings and
financing plans; estimates of reserves statements regarding future
exploration results and the replacement of reserves; the ability to achieve
anticipated efficiencies and other cost-savings in connection with past and
future acquisitions, as well as at existing operations; fluctuations in the
market price of gold and other metals; the occurrence of hazards associated
with underground and surface gold mining; the occurrence of labour disruptions
related to industrial action or health and safety incidents; power cost
increases as well as power stoppages, fluctuations and usage constraints;
ageing infrastructure, unplanned breakdowns and stoppages that may delay
production, increase costs and industrial accidents; supply chain shortages
and increases in the prices of production imports and the availability, terms
and deployment of capital; our ability to hire and retain senior management,
sufficiently technically-skilled employees, as well as our ability to achieve
sufficient representation of historically disadvantaged persons in management
positions or sufficient gender diversity in management positions or at Board
level; our ability to comply with requirements that we operate in a
sustainable manner and provide benefits to affected communities; potential
liabilities related to occupational health diseases; changes in government
regulation and the political environment, particularly tax and royalties,
mining rights, health, safety, environmental regulation and business
ownership including any interpretation thereof; court decisions affecting the
mining industry, including, without limitation, regarding the interpretation
of mining rights; our ability to protect our information technology and
communication systems and the personal data we retain; risks related to the
failure of internal controls; our ability to meet our environmental, social
and corporate governance targets; the outcome of pending or future litigation
or regulatory proceedings; fluctuations in exchange rates and currency
devaluations and other macroeconomic monetary policies, as well as the impact
of South African exchange control regulations; the adequacy of the Group's
insurance coverage; any further downgrade of South Africa's credit rating and
socio-economic or political instability in South Africa, Papua New Guinea,
Australia and other countries in which we operate; changes in technical and
economic assumptions underlying our mineral reserves estimates; geotechnical
challenges due to the ageing of certain mines and a trend toward mining deeper
pits and more complex, often deeper underground, deposits; and actual or
alleged breach or breaches in governance processes, fraud, bribery or
corruption at our operations that leads to censure, penalties or negative
reputational impacts.
The foregoing factors and others described under "Risk Factors" in our
Integrated Annual Report (www.har.co.za) and our Form 20-F should not be
construed as exhaustive. We undertake no obligation to update publicly or
release any revisions to these forward-looking statements to reflect events
or circumstances after the date of this market release or to reflect the
occurrence of unanticipated events, except as required by law. All subsequent
written or oral forward-looking statements attributable to Harmony or any
person acting on its behalf, are qualified by the cautionary statements
herein. Any forward-looking information included in this market release is
the sole responsibility of the Board.
Date: 30-06-2026 01:41:00
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