Harmony is a gold mining specialist with a growing international copper footprint that is backed by 75 years’ gold mining experience in South Africa, and more than two decades of operational experience in Papua New Guinea. Our recent strategic copper acquisition in Australia has accelerated our transition to a more diversified asset portfolio.
Lower risk
profile
- Prioritising safety
- Embedding ESG through clear, sustainable development strategy
- Continuous skills development
- Experienced management
- Renewable energy
- De-risking emerging market gold story through Australian copper
Strong
operational metrics
- Operational excellence and good momentum at each mine
- Better efficiencies through various business improvement initiatives
- Project execution discipling
- Geared exposure to Rand/kg gold price
Quality, long-life and diversified production profile
- Significant gold-copper Resources and Reserves
- Excellent Resource to Reserve conversion potential
- Investing in opportunities that lower risk and increase margins
- Gold and copper production
- Tier 1 copper-gold porphyry
Robust, flexible
balance sheet
- Strong cash generation with excellent liquidity
- Ability to fund capital and approved projects internally at current gold prices
- Consistent hedging strategy
Clear capital allocation framework
- Investing in projects that improve deliver value and strong returns on invested capital
- Balancing growth aspirations with shareholder returns
- Consistent dividends in-line with policy
FY25 performance
FY25 was a year of strong performance marking our 10th consecutive year of meeting production guidance. This is testament to our operational excellence and world-class leadership.
These metrics illustrate our consistency, and our continued commitment to creating long-term value through operational excellence and effective capital allocation.
Gold produced
1.48Moz
Revenue generated
R73.9bn
Production profit
R30.7bn
All-in sustaining cost
R1 054 346/kg
Capital expenditure
R11.0bn
Dividend Paid
R2.4bn
A solid investment case and compelling gold-copper story
Our strategic pillars
and four business areas
Harmony’s strategy is centred on delivering safe, profitable and predictable production and on improving margins through operational excellence and value-accretive acquisitions.
By translating our purpose into action, we are creating a resilient business that generates sustainable returns through our focus on value over volume as we become an international gold and copper producer. We remain agile in our response to risks and stakeholder needs, and we are aware of the complexity of our operating environment and the material factors that influence our business performance.
- Safety is always prioritised
- Embedded ESG, supported by a clear sustainability framework
- Largest tailings retreatment operator globally
- Specialised and skilled underground and open-pit operators
- Leadership continuity and broad management experience
- Exceptional culture
- Partner of choice.
- Continuous improvement in quality of portfolio
- Investment in higher-quality orebodies drives margin expansion
- Balancing growth aspirations with shareholder returns
- Consistent dividends in line with policy
- Diversifying into copper
- Diversified geographical exposure.
- Increased grade quality through acquisition and optimisation of existing portfolio
- Long-life assets
- Significant Mineral Resource base
- Excellent resource-to-reserve conversion potential
- Pipeline of projects to lower risk and increase margins
- Significant operator of gold tailings retreatment facilities
- Near-term copper production plus a Tier 1 copper-gold porphyry.
- Consistently meeting production guidance for the 10th consecutive year
- Exceptional performance from our high-grade South African underground mines
- Strong contributions from complementary and diversified assets including Hidden Valley and our tailings reclamation programmes
- Predictable and stable cost structure
- Better efficiencies through various business improvement initiatives
- Demonstrated responsible project execution.
- Consistent positive free cash flow generation
- Net cash position with excellent liquidity
- Geared exposure to rand/kg gold price
- Internally fund capital and approved projects at current gold prices
- Conservative and clear hedging strategy aimed at margin protection.
