Harmony Gold chief executive Beyers Nel has announced that the company has met its annual gold production for more than a decade.
The 11-year target reach has been supported by strong operational performance, healthy cash generation and growing contributions from its copper business. However, safety remains a challenge.
Nel said Harmony Gold expected annual gold production of between 1.4 million and 1.5 million ounces. Underground recovered grades were expected to be around 5.80g per tonne, while all-in sustaining costs were expected to remain within guidance.
Nel said the results reflected the group’s operational discipline and the strength of its mining portfolio.
Despite the strong operational performance, Nel acknowledged that safety remained an area requiring greater attention.
He said the gold mining and exploration company continued to work to improve safety standards across its operations after several fatalities during the year, even as it strove to maintain stable production.
“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,” Nel said.
In February 2025, Sunday World reported that at the time, 13 miners had died at Harmony Gold over 23 months.
The company’s Australian copper business has been noted as a strong performer. Harmony expects the CSA copper mine to produce between 17 500 and 18 500 tonnes of copper, towards the upper end of its guidance.
Cash costs are expected to be below guidance, while recovered grades are expected to exceed targets.
Nel said the performance confirmed the value of acquiring a high-grade producing copper asset, which has diversified Harmony’s revenue streams and broadened its earnings base.
He said the mine’s ventilation project remained on schedule and was expected to support plans to expand production to about 40 000 tonnes of copper a year. The company was also progressing construction of its Eva Copper project in Queensland, Australia.
He said all major long-lead equipment had been secured, key contracts had been awarded and construction of the processing plant and related infrastructure was continuing according to plan.
“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,” Nel said.
- Harmony Gold has achieved its annual gold production targets for 11 consecutive years, producing between 1.4 and 1.5 million ounces with expected underground grades of 5.80g per tonne.
- The company's Australian copper business performed strongly, with the CSA mine expected to produce 17,500 to 18,500 tonnes of copper, supporting diversification and expansion plans.
- Safety remains a critical challenge, with ongoing efforts to improve standards after several fatalities, including 13 miner deaths reported over 23 months.
- Robust cash generation and operational discipline enabled Harmony Gold to return a record R4.4 billion to shareholders in dividends while funding growth initiatives.
- The company advanced its sustainability efforts with an upgraded MSCI ESG rating to ‘A’ and is progressing construction on the Eva Copper project and ventilation expansions at CSA mine.
Nel said
Nel said the results reflected the group's operational discipline and the strength of its mining portfolio.
Despite the strong operational performance, Nel acknowledged that safety remained an area requiring greater attention.
He said the gold mining and exploration company continued to work to improve safety standards across its operations after several fatalities during the year, even as it strove to maintain stable production.
“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,” Nel said.
In February 2025,
Nel said the performance confirmed the value of acquiring a high-grade producing copper asset, which has diversified
He said the mine's ventilation project remained on schedule and was expected to support plans to expand production to about 40 000 tonnes of copper a year.
He said all major long-lead equipment had been secured, key contracts had been awarded and construction of the processing plant and related infrastructure was continuing according to plan.
“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,” Nel said.
