Harmony to meet annual production, grade, and cost guidance for FY25. Another landmark year underpinned by exceptional operating free cash flows, improved recovered grades whilst advancing our copper-gold growth strategy.
Johannesburg, 23 June 2025. Beyers Nel, chief executive officer of Harmony Gold Mining Company Limited (“Harmony” and/or the “Company”), provides a pre-year-end update ahead of the financial year-end on 30 June 2025 (“FY25”).
“At Harmony, everything begins with safety, and I must re-emphasise our unwavering commitment to improving safety across all Harmony’s operations. Responsible Stewardship is the first of our four strategic pillars, and it is non-negotiable that each employee returns home safely daily. Harmony has implemented a comprehensive safety strategy (Thibakotsi) to achieve zero harm and foster a proactive safety culture. Our aim remains to stop significant unwanted events and prevent any loss of life by reinforcing this strategy. This is further supported through Personal Ownership, our Risk Response Protocol, Learning from Incidents, and a clear Accountability Model. Zero harm is possible.
Over the past three years, Harmony has transformed into a geographically diversified specialist mining company with a compelling gold and copper story. We continue creating meaningful value for our stakeholders through safe, profitable ounces and improving margins by delivering on our strategic objectives. This has only been possible through an embedded approach to sustainability, disciplined and responsible capital allocation and consistent, predictable production underpinned by operational excellence. This enabled Harmony to improve the quality of its portfolio, extend the life of its mines and deliver stellar cash flow generation.
As we near the end FY25, total production for the group is expected to meet the FY25 guidance of between 1 400 000 to 1 500 000 ounces, while all-in-sustaining costs will come in comfortably between the guided range of R1 020 000/kg to R1 100 000/kg. Underground recovered grades will be higher than the guided 6g/t while total capital expenditure for the year will be slightly below the guided R10.8 billion.
We have a firm grip on our costs, which are predominantly rand-based and comprise mainly labour, consumables and electricity. We continue to benefit from the high rand per kilogramme gold price and maintain a high level of certainty and predictability as it relates to our planning parameters.
Some of the highlights achieved during this financial year include:
- Meeting or beating all guidance metrics for the 10th consecutive year
- Our JSE share price hit a record high in April 2025
- We made a record interim dividend payout of R1.4 billion
- The announcement of the potential acquisition of MAC Copper in New South Wales, Australia which, pending conclusion in the second half of 2025, will bring over 40 000 tonnes of annual copper production and contribute immediately towards increasing free cash flow generation
- Delivering phase 1 of the Mine Waste Solutions extension project on time and on budget, and
- MSCI upgrading Harmony’s ESG rating to a BB from a B in June 2025 for our embedded sustainable mining practices.
These excellent operational achievements are a result of collaborative dedication, expertise, and collaboration of every member of the Harmony team.
We extend our sincere gratitude to all our stakeholders – both internal and external – for their continued trust, partnership, and unwavering support in driving Harmony’s success.
Looking ahead to our planning for financial year 2026, we will continue to allocate most of our project capital to our higher-grade, higher-quality, and lower-risk assets. This includes the extension projects at Hidden Valley, Moab Khotsong and Mponeng. We are also in the process of finalising the Eva Copper project’s feasibility study and will provide an update on the outcome thereof when we release our year-end results in August 2025. The permitting of the Wafi-Golpu copper-gold project continues as this Tier 1 asset remains core to our longer-term strategy.
Please join me and my management team on 28 August 2025, at 10:00 South African time, at the NH Hotel in Sandton, for an in-person year-end results presentation where we will also provide a comprehensive update on our FY26 plans.”
The financial information on which this update is based has not been reviewed or reported on by the Company’s external auditors.
For more details, contact:
Jared Coetzer
Head: Investor Relations
+27 (0) 82 746 4120
Johannesburg, South Africa
20 June 2025
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited