Harmony Gold is expected to meet its annual production guidance for the 11th consecutive year, reinforcing the company’s operational consistency while advancing its strategy to build a diversified gold and copper portfolio.
In a pre-year-end operational update for the financial year ending 30 June 2026, Harmony forecasts gold production of between 1.4 million and 1.5 million ounces, with underground recovered grades of approximately 5.80g/t. All-in sustaining costs are expected to remain within guidance, while capital expenditure is projected to come in slightly below plan.
CEO Beyers Nel attributed the performance to disciplined execution, robust cash generation and continued investment in higher-margin assets.
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The company’s Australian-based CSA Copper Mine is also expected to deliver towards the upper end of its production guidance of 17 500 to 18 500 tonnes, supported by recovered grades above guidance and cash costs below forecast.
Harmony continues to advance the mine’s ventilation project, which is expected to support its long-term objective of increasing production to 40 000 tonnes of copper annually.
Meanwhile, construction of the Eva Copper project in Queensland remains on track despite a temporary pause in land-clearing activities following the discovery of a protected species. Harmony says work has continued on other project components while environmental assessments and stakeholder engagements are underway.
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Strong operational performance enabled the group to return a record R4.4 billion to shareholders through dividends over the past 12 months, while maintaining investment in its growth pipeline. Harmony also received an upgraded MSCI ESG rating of ‘A’, reflecting progress in its environmental, social and governance performance.
Looking ahead, the company says it enters FY27 with a strong balance sheet, high-margin gold operations and an expanding copper business that is expected to support long-term growth.