On 23 June 2025, Beyers Nel, chief executive officer of Harmony Gold Mining Company Limited, provided a pre-year-end update ahead of the financial year-end on 30 June 2025 (FY25). The company announced, “Another landmark year underpinned by exceptional operating free cash flows, improved recovered grades, while advancing the copper-gold growth strategy to meet annual production, grade and cost guidance for FY25.”

Nel said, “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.”

He noted that the company has a firm grip on costs, which are predominantly rand-based and comprise mainly labour, consumables and electricity, while it continues to benefit from the high rand per kilogramme gold price, maintaining a high level of certainty and predictability as it relates to planning parameters.

Some of the highlights achieved during this financial year include:

  • Meeting or beating all guidance metrics for the 10th consecutive year
  • The company’s JSE share price hitting a record high in April 2025
  • 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 the company’s embedded sustainable mining practices.

Nel emphasised, “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.”

He pointed out that the plans for financial year 2026 include allocating most of the company’s project capital to higher-grade, higher-quality, and lower-risk assets. This includes the extension projects at Hidden Valley, Moab Khotsong and Mponeng. Harmony is also in the process of finalising the Eva Copper project’s feasibility study and will provide an update on the outcome thereof when year-end results are released in August 2025. The permitting of the Wafi-Golpu copper-gold project will continue as this Tier 1 asset remains core to the company’s longer-term strategy.

The company plans to present its year-end results and to provide a comprehensive update on FY26 plans on the 28 August 2025.

Please note: The financial information on which this update is based has not been reviewed nor reported on by the company’s external auditors.

Source: supplied by Harmony Gold Mining Company