KEY POINTS
- Harmony’s operating free cash flow rose 54 percent to a record 17,148-million rand, funding a record 8.2-billion rand full-year dividend.
- The miner met gold production guidance for an eleventh straight year at 44,464 kg, while CSA added 18,207 tonnes of copper within guidance.
- Headline earnings per share jumped 87 percent, and Harmony extended Tshepong North’s mine life to 15 years while advancing Eva Copper.
Harmony’s operating free cash flow jumped 54 percent to a record 17,148-million rand, lifted by a higher average gold price and fresh copper sales from the CSA mine following the acquisition of MAC Copper.
The surge let the Johannesburg-listed miner declare a record final dividend of 4.8-billion rand, taking the full-year payout to 8.2-billion rand, a yield of about 3.5 percent. Moreover, the company delivered that result while still investing in reserve conversion, life extension and future growth.
Safety and guidance hold firm
Despite a tragic loss of life in financial year 2026, Harmony cut its lost-time injury frequency rate to an all-time low of 5.05 per million hours worked, down from 5.39. Consequently, CEO Beyers Nel pointed to steady progress toward zero harm alongside disciplined delivery.
According to Nel, the group met its gold production guidance for an eleventh straight year and hit all key operating targets. Specifically, gold output of 44,464 kg, or 1,429,551 ounces, landed in line with guidance, while all-in sustaining costs of 1,191,698 rand per kilogram, about 2,195 dollars an ounce, stayed within range. Furthermore, underground recovered grade of 5.83 g/t beat guidance.
Meanwhile, the new copper arm pulled its weight. CSA contributed 18,207 tonnes of copper at a recovered grade of 3.75 percent and a C1 cash cost of 2.47 dollars a pound, all within guidance, which helped drive earnings and cash generation higher.
Growth pipeline and outlook
However, Harmony is already looking past the current cycle. Nel said the company focused on portfolio improvement through 2025, and it will now turn to execution and unlocking embedded value between 2026 and 2030. Beyond 2030, therefore, it expects a cash flow inflection as margins strengthen, costs fall and free cash flow expands.
Additionally, headline earnings per share soared 87 percent to 4,363 cents, even as total gold production slipped 3 percent. The balance sheet also strengthened, closing with net cash of 11,148-million rand and liquidity of 17,101-million rand. Ultimately, Harmony extended Tshepong North’s mine life to 15 years from six and advanced Eva Copper construction, hitting key infrastructure and process-plant milestones as it builds its gold and copper platform.
