By Tarryn-Leigh Solomons
As it marks its 75th anniversary, Harmony Gold Mining Company Limited has reported record free cash flows, stronger margins, and major progress in its copper expansion strategy for the year ended 30 June 2025.
Despite second-half operational challenges, the company achieved production guidance for the tenth consecutive year, strengthened its balance sheet, and declared a record R2.4 billion in shareholder returns.
FY25 Performance Highlights
- Production: 46 023kg (1.48Moz), down 5% year-on-year due to safety stoppages and weather disruptions
- Grades: Underground grades up 3% to 6.27g/t; Mponeng up 13% to 11.27g/t
- Revenue: R73.9 billion (US$4.1bn), up 20% on a 27% higher gold price received
- Adjusted free cash flow: Record R11.1 billion (US$614m), up 54%
- Margins: Free cash flow margin at 16%; standout performers were Hidden Valley (48%) and Mponeng (44%)
- Balance sheet: Net cash of R11.1 billion (US$628m) and liquidity of R20.9 billion (US$1.18bn)
- Dividend: Final dividend of 155c per share, with total shareholder returns of R2.4 billion (US$133m)
Strategy: Quality Ounces and Copper Growth
“FY25 demonstrates the strength of our strategy: quality ounces over volume, embedded safety, and disciplined reinvestment,” said Beyers Nel, CEO of Harmony Gold.
While gold remains Harmony’s core business, the company is accelerating its copper growth plans. Strong cash flows will help fund copper expansion, including the acquisition of MAC Copper and progress on the Eva Copper Project.
Investment and Sustainability
Harmony’s capital expenditure rose 32% to R11 billion (US$606m), focused on extensions at Mponeng and Moab Khotsong, alongside a 100MW renewable energy project at Moab Khotsong.
The company advanced its renewable energy programme, aiming for 600MW by 2028, and reduced potable water use by 12% against its 2016 baseline. Its commitment to the Science Based Targets initiative (SBTi) — cutting Scope 1 and 2 emissions by 63% by 2036 — remains on track.
Looking Ahead
Harmony will leverage its record-breaking cash flows to balance shareholder returns, sustainability investments, and copper expansion projects. With gold as its foundation and copper as a growth driver, the company is positioning itself for long-term resilience and value creation.
