Say goodbye to Harmony Gold as you know it

Harmony Gold is now officially a gold-copper producer, having completed its pivot to a diversified portfolio in the 2026 financial year.

The pivot was driven by Harmony’s acquisition of the CSA copper mine in Australia, from which the company has now produced 18,207 tonnes of copper.

This was revealed in Harmony’s results for the year through June 2026, which were released on Thursday, 27 August.

Harmony is South Africa’s largest gold producer by volume and has operated in the country for 75 years. It also has operations in Australia and Papua New Guinea.

However, since 2022, Harmony has started to develop a growing international copper footprint, starting with the Eva Copper open-pit project.

Harmony acquired Eva Copper for $170 million (R2.71 billion) in 2022 to secure faster, lower-risk copper production in a top-tier mining jurisdiction of Queensland, Australia.

This near-surface, open-pit project has been greenlit for development and is on track for target production by 2028. It is expected to contribute 100,000 tonnes of copper annually.

In 2025, Harmony also acquired Mac Copper and its high-grade CSA underground mine in New South Wales, Australia.

It is this mine that has now officially turned Harmony into a gold-copper producer, with the miner having extracted its maiden output of 3,913 tonnes in early 2026.

During the 2026 financial year, the group produced 18,207 tonnes of copper, which falls at the higher end of its guidance.

“The financial year ended 30 June 2026 was a defining year in Harmony’s evolution from a gold producer to a diversified gold and copper company,” CEO Beyers Nel said.

“Gold is the foundation of our company, generating the cash flows that have supported our growth for close to eight decades.” 

“Copper is now adding an important new dimension to that foundation, providing greater diversification, increased resilience, and exposure to long-term structural demand.” 

He said that, together, these two metals form a more balanced portfolio, with greater flexibility, durability, and long-term growth potential.

“Today, Harmony is better positioned than at any time in its history,” Nel said, adding that the company has a stronger asset base, visible copper growth, and a long pipeline of organic opportunities.

“We are a gold and copper producer capable of generating sustainable cash flows, delivering attractive returns, and creating long-term value for shareholders.”

Harmony’s financial highlights

Harmony’s pivot in the 2026 financial year paid off for the mining giant, resulting in strong financial results.

For the year through June 2026, Harmony reported a 103% increase in basic earnings per share to 4,701 cents.

Its headline earnings rose by 87% to R27.24 billion, while headline earnings per share reached 4,363 cents.

The group’s revenue increased by 34% to R99.24 billion, while its adjusted free cash flow increased by 54% to R17.15 billion.

Harmony also maintained a robust balance sheet, ending the year with net debt of R852 million, compared to a net cash position of R11.15 billion at the end of the 2025 financial year.

This was due to Harmony’s all-cash acquisition of MAC Copper. However, the group’s liquidity remained strong at R17.10 billion, comprising cash and undrawn committed facilities.

By the end of the 2026 financial year, Harmony’s net debt to EBITDA was 0.02x.

“This conservative leverage position provides substantial financial flexibility to fund approved growth projects, meet capital commitments and pursue value-enhancing opportunities,” the group said.

The group attributed its strong results to the benefits of its higher-quality portfolio, consistent operational delivery, disciplined cost management, and a supportive commodity price environment.