Harmony Gold Mining Company (HAR) Mining Forum Americas 2026 summary

Strategic overview and performance

• Achieved exceptional operational and financial performance, underpinned by disciplined delivery, portfolio progression, and enduring value.

• Focus shifted from acquisitions (up to 2025) to execution and value unlocking (2026–2030).

• Beyond 2030, expects cash inflection, stronger margins, lower unit costs, and growing free cash flow.

• Achieved lowest ever lost time injury frequency rate of 5.05, emphasizing safety.

Financial and operational highlights

• Met gold production guidance for the 11th consecutive year, producing 1.43 million oz gold and 18,200 tons copper.

• All-in sustaining cost for gold just under $2,200/oz; copper C1 costs at $2.47/lb.

• Headline earnings per share doubled to ZAR 258; record final dividend of ZAR 47/share, totaling ~$500 million.

• Gold price received rose 46% to $3,800/oz; all-in sustaining cost margin increased to 42%.

Cost management and capital allocation

• Margin expansion driven by cost discipline and improved portfolio quality.

• Cash operating cost growth at 7%, below planned mining inflation; labor relations and wage inflation remain controlled.

• Diesel exposure limited to 1% of costs; renewable energy strategy mitigates power risks.

• FY 2026 all-in cost margin at 36%; capital intensity at gold operations around $650/oz.