Gold and copper producer Harmony Gold Mining Company delivered a solid operational performance for the three months ended September 30 – the first quarter of its 2026 financial year – which CEO Beyers Nel says was driven by an improvement in safety, consistent operational excellence, higher recovered grades at Hidden Valley and a higher gold price received.

"We are encouraged to report a loss-of-life-free quarter – affirming that safe mines are profitable mines," he says, stating that the company's long-term improvement in its safety performance reflects the success of proactive programmes and robust safety infrastructure.

"As operators of some of the world’s deepest mines, we know this demands excellence at all times. We remain committed to zero harm through a culture of accountability and continuous improvement," he states.

During the September quarter, Harmony's lost-time injury frequency rate improved to 4.29, from 5.57 in the first quarter of the 2025 financial year.

Other notable safety achievements for the quarter included that its South African gold operations achieved three-million loss-of-life-free shifts for the period under review, while five of the company's underground mines achieved millionaire status during the quarter, with Masimong recording over four-million loss-of-life free shifts.

Further, the Hidden Valley mine, in Papua New Guinea, has operated for over ten years without a loss of life.

Meanwhile, in line with plan, group production for the quarter under review decreased by 8% year-on-year to 389 923 oz.

In South Africa, the Doornkop mine's production declined year-on-year as a result of shaft water-handling constraints, which have now been resolved, while production at Moab Khotsong decreased by 20% year-on-year due to challenging ground conditions and fluctuating face grades.

Harmony maintains its production guidance for the full-year at between 1.4-million and 1.5-million oz of gold.

Gold revenue for the quarter increased by 20% year-on-year to R21.69-billion, driven primarily by a 34% increase in the average gold price.

COPPER
Nel says Harmony's strategy remains gold-first, with copper a complementary metal.

The company in October completed the acquisition of MAC Copper, the owner and operator of the CSA copper mine, in New South Wales, Australia. 

"The integration of CSA mine and advancement of Eva Copper will strengthen medium-term resilience – timeously mitigating the Moab Khotsong ore gap. Pending the approval of Eva Copper, copper production of about 100 000 t/y is expected within three to five years, enhancing margins and diversifying cash flow," he notes.

Preliminary site works at the Eva copper project, in Queensland, Australia, are under way.

"The feasibility study update is largely complete, with front-end engineering and design advancing. We are engaging with the Queensland government to secure a power solution aligned with both the Project’s needs and the state’s long-term energy roadmap," says Nel.

PROJECTS
Harmony's capital expenditure for the September quarter increased by 31% year-on-year to R2.87-billion, "reflecting investment in high-return, long-life projects and ongoing development capital across our underground mines to maintain flexibility." 

The increase was primarily owing to the life-of-mine extensions at Mponeng, Moab Khotsong and Hidden Valley, as well as the 100 MW solar project at Moab Khotsong to reduce long-term energy costs, derisk energy supply and lower the company's carbon footprint.

Construction of the 100 MW solar plant remains on track for completion by the end of calendar year 2026.