Harmony Gold has extended the life of its mature deep-level underground Tshepong North mine to 15 years, more than doubling its previously estimated six-year remaining life.
Tshepong North extension forms part of Harmony’s focus on extracting additional value from its existing asset base.
Beyers Nel, Harmony chief executive, said the company had delivered gold production guidance for the 11th consecutive financial year while also generating strong cash flows and continuing to invest in reserve conversion, life extension and future growth.
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The life-of-mine extension was announced as part of the financial results for the 2026 financial year, showing off nearly R100 billion in revenue, a 34% increase from R73.9 billion recorded in the previous year. This was attributed to a surge in the gold price.
“Group gold production of 44 464 kg was in line with guidance, while AISC of R1 191 698/kg remained within guidance.
“The underground recovered grade of 5.83g/t was also in line with guidance. Following its acquisition, CSA mine contributed 18 207 tonnes of copper at a recovered grade of 3.75% and a C1 cash cost of US$2.47/lb, all within guidance,” said Nel.
Headline earnings per share increased 87% to R43.63, while earnings per share more than doubled to R47.01.
The company also declared a final dividend of 750 cents per share, compared with 155 cents a year earlier. This brought its total dividend payout for FY26 to a record R8.1 billion.
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Nel said the performance in the period reflected continued operational delivery and disciplined execution, with the group achieving its key operating guidance metrics.
“We look ahead with confidence. Our gold and copper portfolio provides optionality. Our balance sheet provides resilience. Our people provide the capability to deliver.
“Together, these strengths position Harmony to generate cash today, deliver growth tomorrow and create enduring value through the cycle. Guided by our values and Mining with Purpose, we remain committed to safe, profitable production and sustainable returns for all our shareholders and stakeholders,” said Nel.
Harmony expects gold production of between 1.3-million and 1.4-million ounces in FY27, at an all-in sustaining cost of between R1.3-million and R1.39-million/kg, with underground recovered grade expected to remain above 5.60g/t.
- Harmony Gold has extended the life of its Tshepong North mine to 15 years, more than doubling its previous estimate of six years.
- The company reported nearly R100 billion in revenue for the 2026 financial year, a 34% increase from the previous year due to a surge in gold prices.
- Group gold production for the year was 44,464 kg, with an all-in sustaining cost (AISC) of R1,191,698 per kg, both in line with guidance.
- Headline earnings per share increased by 87% to R43.63, and the company declared a final dividend of 750 cents per share, raising total dividends for FY26 to a record R8.1 billion.
- Harmony expects gold production between 1.3 million and 1.4 million ounces in FY27, with an AISC range of R1.3 million to R1.39 million per kg and underground recovered grade above 5.60 g/t.
