JOHANNESBURG (miningweekly.com) – The operating free cash flow of gold and copper mining company Harmony increased by 54% to a record R17 148-million on higher average gold price received and copper sales from the CSA mine following the acquisition of MAC Copper.

This has enabled the Johannesburg Stock Exchange-listed Harmony to declare a record final dividend of R4.8-billion, lifting the full-year dividend to R8.2-billion, a yield of about 3.5%.

Importantly, this was achieved while continuing to invest in reserve conversion, life extension, and future growth.

Despite a tragic loss of life in financial year 2026 (FY26), the group achieved an all-time low lost-time injury frequency rate of 5.05 from 5.39 per million hours worked, highlighting continued progress in its journey towards zero harm.

“Through safe, consistent operational delivery, disciplined execution and strategic investment, we achieved gold production guidance for the eleventh consecutive financial year and delivered on all key operating guidance metrics,” Harmony CEO Beyers Nel stated.

Group gold production of 44 464 kg (1 429 551 oz) was in line with guidance and all-in sustaining costs (AISC) of R1 191 698/kg ($2 195/oz) remained within guidance.

Underground recovered grade of 5.83 g/t exceeded guidance, Mining Weekly confirmed during the media call.

CSA mine contributed 18 207 t of copper at a recovered grade of 3.75% and a C1 cash cost of $2.47/lb, all within guidance, a performance that drove growth in earnings per share, cash generation and record dividends, while Harmony continued investing in reserve conversion, life extension and future growth.

Up to 2025, Harmony focused on portfolio progression and improvement. Between 2026 and 2030, it will focus on execution and unlocking the value already embedded in its assets, Nel outlined.

Beyond 2030, it expects a cash flow inflection as margins strengthen, costs decline and free cash flow expands.

“We look ahead with confidence. Our gold and copper portfolio provides optionality. Our balance sheet provides resilience. Our people provide the capability to deliver.

“Together, these strengths position Harmony to generate cash today, deliver growth tomorrow and create enduring value through the cycle. We remain committed to safe, profitable production and sustainable returns for all our shareholders and stakeholders,” Nel emphasised.

Headline earnings per share soared by 87% to 4 363c a share and earnings per share by 103%.

Total gold production fell by 3% to 44 464 kg (1 429 551 oz) while 18 207 t of copper production was achieved by CSA mine at an above-guidance recovered grade of 3.75%.

AISC was up 3% at R1 191 698/kg.

The balance sheet has net cash of R11 148-million with liquidity of R17 101-million in cash and undrawn facilities.

Tshepong North mine life has been extended to 15 years from six years and Eva Copper construction advanced, with key infrastructure and process plant milestones achieved.