Harmony delivers record cash generation as gold and copper portfolio gains momentum
The South African gold producer met its production targets for an 11th consecutive year while free cash flow, earnings and shareholder returns surged in FY26
South African gold producer Harmony Gold Mining Company has strongly closed its 2026 financial year. The company ended the FY26 with higher gold prices and the contribution of its newly acquired CSA copper mine helped drive a sharp increase in earnings and cash generation.
Harmony produced 44 464kg (1.43 million ounces) of gold, a 3% decline from the previous year but in line with its guidance. Underground recovered grade came in at 5.83g/t, while all-in sustaining costs (AISC) rose 13% to R1.19 million/kg (US$2 195/oz), remaining within guidance.
The higher gold price environment provided a significant boost. The company’s average gold price increased by 35% to R2.07 million/kg, compared with R1.53 million/kg in FY25.
Harmony’s first full financial year with the CSA copper mine also contributed significantly to its diversification strategy. The Australian operation contributed 18 207 tonnes of copper, at a recovered grade of 3.75% and a C1 cash cost of US$2.47/lb, with the operation performing towards the upper end of its guidance.
That combination of gold and copper production helped push group revenue up 34% to R99.24 billion, while headline earnings per share increased by 87% to 4 363 SA cents. Basic earnings per share more than doubled, rising 103% to 4 701 SA cents.
Perhaps the clearest indication of the year’s performance was cash generation. Harmony’s adjusted free cash flow increased 54% to a record R17.15 billion, driven by the stronger gold price and copper sales following the acquisition of MAC Copper, the owner of CSA.
The stronger cash position has also translated into higher shareholder returns as the company declared a final dividend of 750 cents per share, taking its total FY26 dividend payout to a record R8.1 billion.
Another key highlight for FY26 is that despite tragic fatalities during the year, Harmony recorded its lowest-ever lost-time injury frequency rate at 5.05 per million hours worked, down from 5.39 in FY25.
“FY26 was a defining year in Harmony’s evolution into a diversified gold and copper producer. Through safe, consistent operational delivery, disciplined execution and strategic investment, we achieved gold production guidance for the eleventh consecutive financial year and delivered on all key operating guidance metrics.”
Looking ahead, Harmony expects gold production to moderate in FY27 to between 1.3 million and 1.4 million ounces, at an AISC of between R1.3 million and R1.395 million/kg. Copper production is expected to increase substantially to between 28 000 and 30 000 tonnes, at a C1 cash cost of between US$2.55/lb and US$2.65/lb.
