Gold mining company Harmony marked its 75th anniversary with a 10th consecutive year of meeting guidance, as a result of operational discipline and consistency.
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In FY25 the company delivered group production of 46 023kg, landing towards the upper end of its guided range, driven by robust contributions from its high-grade South African underground operations and the Hidden Valley mine in Papua New Guinea.
Recovered underground grades improved by 3% to 6.27g/t, exceeding the upwardly revised guidance of 6g/t, supported by an exceptional performance at Mponeng mine in Carletonville.
Through cost management, Harmony maintained all-in sustaining costs at R1 054 346/kg, comfortably within the guided range of R1 020 000/kg to R1 100 000/kg.
Strategy remains centred on value enhancement over volume growth through safe, profitable ounces. By allocating capital to higher-margin, lower-risk assets and prioritising quality ounces over output, the company continues to strengthen margins, improve portfolio resilience, and enhance long-term returns.
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“Gold remains at the core of our business, underpinning our identity and long‑term value proposition. Copper, however, will be a key enhancement and catalyst for future earnings growth – providing diversification, supporting the global energy transition, and helping to secure robust cash flows across commodity cycles.
“By integrating copper into our high‑margin portfolio, we strengthen our ability to generate returns through both favourable and challenging market conditions. We have a proven track record of delivery and a clear plan to enhance portfolio quality.
“With safety, operational excellence and effective capital allocation as non‑negotiable foundations, Harmony is positioned to create enduring value for all stakeholders,” said CEO Beyers Nel.