Harmony Gold Shines with Record-Breaking Results
Harmony Gold Mining Company has just released its FY 2026 results, marking a defining year in the company's evolution into a diversified global gold and copper producer. The company's CEO, Beyers Nel, proudly announced that Harmony Gold achieved its gold production guidance for the 11th consecutive financial year, delivering on all key operating guidance metrics.
Group gold production of 1.43 million ounces was in line with guidance, while all-in sustaining costs of ZAR 1.19 million per kilogram or $2,195 per ounce remained within guidance. Underground recovered gold grades of 5.83 grams per ton were also marginally above guidance, a testament to the company's continued strong performance at its high-grade Mponeng Mine.
The addition of CSA copper mine has been a significant contributor to Harmony Gold's success, with 18,207 tons of copper produced at a recovered grade of 3.75% and a C1 cash cost of $2.47 per pound, all within guidance. This performance translated into record financial results, with revenue increasing by 34% to ZAR 100 billion or $5.9 billion.
Headline earnings per share increased by 87% to ZAR 43.63 per share, while group operating free cash flow increased by 54% to a record ZAR 17 billion or $1 billion. This enabled Harmony Gold to declare a record final dividend of ZAR 4.8 billion or ZAR 7.50 per share, lifting the full-year dividend to ZAR 8.2 billion or ZAR 12.80 per share at a yield of approximately 3.5%.
In his remarks, Beyers Nel highlighted that Harmony Gold's focus has shifted from portfolio progression and improvement to execution and unlocking the value already embedded in its assets between 2026 and 2030. He expressed confidence that this approach will lead to a meaningful cash flow inflection beyond 2030, with margins strengthening, costs declining, and free cash flow expanding.
With a strong gold and copper portfolio providing optionality, a robust balance sheet, and a capable team, Harmony Gold Mining Company is well-positioned to generate cash today, deliver growth tomorrow, and create enduring value through the cycle. Guided by its values and mining with purpose, the company remains committed to safe, profitable production, and sustainable returns for all its shareholders and stakeholders.
As reported by Martin Creamer of Mining Weekly during the Q&A session, Harmony Gold's underground recovered gold grade was indeed marginally above guidance, a result that has contributed significantly to the company's success. With this impressive performance, Harmony Gold continues to solidify its position as a leading global gold and copper producer.
As the company looks ahead with confidence, investors can expect continued growth and returns from Harmony Gold Mining Company, making it an attractive investment opportunity for those seeking reliable cash flows and long-term value creation.
