Harmony Gold

What Harmony Gold does

Harmony Gold Mining Company Limited is a publicly-listed gold and copper mining company headquartered in Randfontein, South Africa, with a 75-year operating history and listings on the Johannesburg Stock Exchange (JSE:HAR) and the New York Stock Exchange (NYSE:HMY). It is South Africa's largest gold producer by volume, operating nine deep-level underground mines (including Mponeng, the world's deepest mine), one open-pit operation, and an extensive surface retreatment portfolio across the Free State, Gauteng, and North-West provinces. Beyond South Africa, the company operates the Hidden Valley gold mine in Papua New Guinea (more than 96% PNG workforce) and is a 50:50 partner with Newmont in the Wafi-Golpu copper-gold project. The business sells gold and copper concentrate to refiners, bullion banks, and commodity traders at prevailing spot market prices, with FY26 gold production guidance of 1.4–1.5 million ounces and H1FY26 AISC of approximately US$2,115/oz.

The company is in the midst of a strategic transformation from a South African underground gold specialist into a diversified gold-copper producer with international reach. In October 2025 it completed the US$1.01 billion acquisition of MAC Copper Limited, gaining full ownership of the CSA copper mine in New South Wales, Australia, which delivered maiden copper production in H1 FY26. In November 2025 the board approved a US$1.55–1.75 billion final investment decision on the Eva Copper Project in Queensland, expected to produce approximately 60,000 tonnes of copper annually over a 15-year mine life starting H2 2028, supported by long-term infrastructure contracts with Aggreko (15-year renewable hybrid power) and ABB (grinding mill drives). Revenue reached R44.4 billion (US$2.56 billion) in H1FY26, up 20% year-on-year, with operating profit up 61% to R16.1 billion. Management has revised the dividend policy to return up to 50% of net free cash (from 20–30%) and reported a record interim dividend of 530 SA cents per share.

The company serves institutional shareholders via dual listing, commodity buyers via direct sales channels, and host communities in South Africa, PNG, and Australia via corporate social investment programmes. Its value proposition rests on a portfolio of world-class orebodies, a position on the lower half of the global gold cost curve, growing copper exposure tied to energy-transition demand, and a strengthened balance sheet (net debt/EBITDA 0.18x, liquidity R14.8 billion). Key risks include commodity-price volatility, deep-level mining safety (multiple fatalities at Moab Khotsong, Mponeng, and Target 1), execution risk on a multi-billion-dollar Australian buildout, sovereign/permit risk (Mali permit revocations demonstrate exposure), and occupational disease liabilities managed through the Tshiamiso Trust.

Name

Harmony Gold

Legal name

Harmony Gold Mining Company Limited

Website

https://harmony.co.za

Company type

Public

Founded year

1950

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Harmony Gold Mining Company Limited is South Africa's largest gold producer by volume, operating nine deep-level underground mines plus surface operations, with growing copper exposure through the CSA mine and Eva Copper Project in Australia and the Hidden Valley mine and Wafi-Golpu JV in Papua New Guinea.

Ownership category

akta.pro rank

Product category

Gold and Copper Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230), Other Metal Ore Mining (212290)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Silver Mining (IMAKAEAB), Precious Metals Smelting & Refining (IMAKAEAE)

Keywords

• Gold mining operations
• Copper concentrate production
• Underground mining services
• Mineral resources extraction
• Precious metals mining

Headquarters

HQ city

Randfontein

HQ country

South Africa

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Gold Production and Sales: Harmony Gold generates the majority of its revenue from mining and selling gold. The company operates underground and surface gold mines in South Africa and Papua New Guinea, producing gold at an annual rate of approximately 1.4–1.5 million ounces (FY26 guidance). Gold is sold at prevailing market prices.
2. Copper Production and Sales: Following the acquisition of MAC Copper Limited in October 2025, Harmony generates copper revenue from the CSA copper mine in Australia (New South Wales). Guidance for FY26 is 17,500–18,500 tonnes. The Eva Copper Project in Queensland is under development with first production expected in H2 2028.
3. Streaming Arrangements: Harmony has copper and silver streaming arrangements with OR Royalties Inc. that generate additional revenue, with embedded derivatives measured at fair value through profit or loss.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels11 records

Core offering

Harmony Gold Mining Company Limited is a precious and base-metals miner that extracts and sells gold and copper from operations located in South Africa, Papua New Guinea, and Australia. Its portfolio includes nine deep-level underground gold mines and surface gold operations in South Africa (notably the Moab Khotsong, Mponeng, and Tshepong complexes), the Hidden Valley open-pit gold-silver mine and Wafi-Golpu copper-gold joint venture in PNG, and the CSA copper mine along with the Eva Copper Project in Queensland, Australia. Harmony produces gold bullion and copper concentrate for sale to refiners, traders, and industrial buyers.

Product overview

Harmony Gold is a gold mining specialist with a growing copper footprint, operating as South Africa's largest gold producer by volume with 75 years of industry experience. The company operates a multi-asset portfolio across three countries: South Africa (gold underground and surface operations), Papua New Guinea (gold and copper projects), and Australia (copper mines and projects). The core product portfolio centers on gold and copper extraction and sale. South African underground mines form the production backbone, while Australian copper assets (CSA Copper Mine and Eva Copper Project) represent strategic growth initiatives. Papua New Guinea operations include the producing Hidden Valley gold mine and the Wafi-Golpu copper-gold project (50:50 joint venture with Newmont).

Differentiator

Problem solved

Functional benefit

Brands

• Harmony ReConnect: Program addressing unpaid benefits for past and present Harmony mineworkers, working with the Tshiamiso Trust for silicosis and TB compensation
• Hidden Valley Mine
• CSA Copper Mine
• Eva Copper Project

Products and services

• Gold (bullion and doré)

Quantifiable outcome

• H1FY26 revenue of R44.4 billion, up 20% year-on-year; operating profit increased 61% to R16.1 billion.
• +6 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Creamer Media (Copper Insight Series)minorGTM or Marketing Partner · 4 June 2026Creamer Media has partnered with Harmony Gold to present the 'IN FOCUS: Copper Insight Series' – a five-episode series starting June 4, 2026 featuring perspectives from industry leaders including CEO Beyers Nel on copper's pivotal role in Harmony's growth.
• Water Security Africa / Enlit Africa 2026minorGTM or Marketing Partner · 19 May 2026Harmony participates as a speaker at Water Security Africa 2026, co-located with Enlit Africa 2026 at the Cape Town International Convention Centre. The event brings together mining, manufacturing, property, and other sector leaders to present scalable water reduction strategies.
• ABBcoreTechnology or Integration · 15 April 2026ABB was awarded a contract to supply gearless mill drive (GMD) and ring-geared mill drive (RMD) technology for Harmony Gold's Eva Copper Mine Project in Queensland, Australia. ABB will deliver a 24MW GMD system for a 40-foot SAG mill and an 18MW RMD for a 27-foot ball mill. This is a key equipment contract supporting the mine's ore processing infrastructure.
• AggrekocoreStrategic or Co-development Partner · 7 April 2026Aggreko signed a 15-year power purchase agreement with Harmony Gold to develop Australia's largest off-grid hybrid renewable power facility at the Eva Copper Mine in Queensland. The system integrates 104MVA low-emissions thermal generation, 118MWp solar PV, and 250MWh battery energy storage. Power generation is scheduled to begin by mid-2028 ahead of the mine's production ramp-up. The project will reduce fossil fuel dependence and carbon emissions while providing reliable power.
• Newcrest Mining Limited (Newmont)coreStrategic or Co-development Partner · 1 July 2025The Wafi-Golpu copper-gold mining project in Papua New Guinea's Morobe Province is a 50:50 joint venture between Harmony Gold and Newmont (via its subsidiary Newcrest Mining). The project contains estimated resources of 15 million ounces of gold and 5 billion pounds of copper, targeting commercial production with projected annual output of ~400,000 ounces of gold and over 100,000 tonnes of copper.
• Minerals Council South AfricaminorStrategic or Co-development Partner · 1 June 2025Harmony is a member of the Minerals Council South Africa, contributing to industry-wide initiatives and policy advocacy to address illegal mining collectively. The council coordinates responses to regulatory issues and structural bottlenecks affecting the South African mining sector.
• Tshiamiso TrustcoreStrategic or Co-development Partner · 1 January 2020The Tshiamiso Trust (Setswana for 'to make good') administers compensation claims and payments to eligible mineworkers affected by silicosis and TB. Harmony was central to the R5.2 billion class action settlement between gold mining companies. The Trust has compensated over 25,557 mineworkers totaling R2.45 billion since inception in 2020. Harmony developed the paperless CCMS to facilitate claims processing.
• Department of Health's Medical Bureau for Occupational Diseases (MBOD) and Compensation Commissioner for Occupational Diseases (CCOD)coreStrategic or Co-development Partner · 1 January 2020Harmony collaborates with the MBOD, CCOD, Mineworkers Provident Fund, and various compensation funds to assist and guide mineworkers and/or their beneficiaries through occupational disease claims processes. The CCMS system developed by Harmony has been operational at the Tshiamiso Trust since November 2020 and at the MBOD since July 2021, reducing claim processing time from 500 to 90 days.

Scale indicators13 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Gold Fields Limited: Major South African gold miner with comparable deep-level underground operations and a growing international footprint. Directly cited alongside Harmony in industry revenue and cost comparisons.
• AngloGold Ashanti plc: One of the world's largest gold miners with significant South African legacy assets transitioning into international operations. Directly comparable to Harmony in terms of SA underground gold exposure and diversification strategy.
• Sibanye-Stillwater Limited: South African-headquartered precious metals miner with gold, PGM, and battery metal operations. Comparable as a fellow JSE-listed South African miner undergoing diversification beyond traditional gold.
• Newmont Corporation: World's largest gold miner and Harmony's JV partner in Wafi-Golpu. Highly comparable given its gold-copper portfolio focus, scale of operations, and shared exposure to PNG through Wafi-Golpu.
• Kinross Gold Corporation: Mid-to-large cap gold producer with operations across the Americas and West Africa. Comparable mid-tier gold miner included in Harmony's industry peer revenue analysis.
• Eldorado Gold Corporation: Mid-tier gold producer with a portfolio of assets in Turkey, Greece, Canada, and Brazil. Comparable as a similarly sized gold miner in sub-$45 gold producer peer benchmarking.
• First Quantum Minerals Ltd. Mid-to-large copper miner with diversified global operations and gold byproduction. Comparable as a copper-focused miner whose C1 cost profile and growth pipeline parallel Harmony's CSA and Eva Copper assets.

Broad incumbents

• Barrick Mining Corporation: Global gold and copper major with diversified operations across multiple continents. Cited alongside Harmony in sub-$45 gold producer comparisons and represents a comparable large-scale diversified gold-copper operator.
• Freeport-McMoRan Inc. Largest publicly traded copper producer globally, with significant gold byproduction. Comparable as a major gold-copper operator that benefits from the same energy-transition copper demand thesis driving Harmony's copper pivot.

Emerging players

• Capricorn Metals Ltd. Australian-listed gold producer with a single-asset focus. Provides a smaller-cap comparable for Harmony's Hidden Valley gold operation and Australian asset context.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/harmonygoldnews
• YouTubeyoutube.com/channel/UCevNv7cDCrkbZcHrAEn7u6w
• Facebookfacebook.com/Harmony-Gold-Mining-Company-Limited-347406308946315
• LinkedInlinkedin.com/company/harmony-gold
• Instagraminstagram.com/official_harmonygold

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Harmony Gold