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

Strategic direction and portfolio evolution

• Focus on building a resilient, diversified portfolio with gold as the foundation and deliberate copper growth to protect cash flows and drive long-term value.

• Four strategic pillars guide operations: responsible stewardship, operational excellence, cash certainty, and capital allocation.

• Portfolio includes assets in South Africa, Papua New Guinea, and Australia, with 136 million ounces of Mineral Resources and 37 million ounces of Mineral Reserves.

• By FY 2035, production mix may reach 60% gold and 40% copper, enhancing resilience and margins.

• No fixed gold-to-copper ratio; decisions are based on fundamentals, economic value, and reserve strength.

Operational and financial performance

• Produced 724,000 ounces of gold in H1; underground recovered grades at 5.7g/t due to lower recoveries, but face grades are on plan.

• All-in sustaining cost rose to ZAR 1.18 million/kg ($2,115/oz) due to lower volumes and higher royalties.

• Operating profit increased by 61%, and basic earnings rose 24% to $0.90/share in H1.

• Interim dividend more than doubled to $204 million; revised policy allows up to 50% of net free cash as dividends.

• Strong free cash flow generation and significant headroom with $900 million in cash and undrawn facilities.

Copper growth projects and capital allocation

• Eva Copper Project in Australia is under construction, targeting first production before end-2028, with 65,000 tons/year copper output for first five years.

• Eva's capital spend is $1.55–$1.7 billion over three years, with competitive capital intensity and C1 cash costs of ~$2.07/lb.

• CSA Mine integration progressing, with reserve grade above 3.4% and over 12 years of reserve life; optimization expected in 18–24 months.

• CSA expected to produce 17,500–18,500 tons copper in FY 2026 at C1 cash costs of $2.65–$2.80/lb.

• Extensive drilling at CSA planned to unlock further value and regional synergies.