22
August 2025
Harmony Gold
Pierre Muller
Equity Analyst, PSG Wealth
- In this report, we review Harmony Gold’s most recent released statement on production, grade, and cost guidance for FY25. The information includes: Harmony Gold expects to meet FY25 guidance on production, grade, and costs. FY25 production expected between 1 400 000 and 1 500 000 ounces (in line with guidance). All-in-sustaining costs (AISC) to fall within R1 020 000/kg to R1 100 000/kg guidance range. Underground recovered grades will surpass guided 6g/t. Total capital expenditure will be slightly below the R10.8 billion guidance. Highlights for FY25 include:
- Achieving or beating all guidance metrics for the 10th consecutive year.
- Record interim dividend of R1.4 billion.
- Potential acquisition of MAC Copper in Australia, which would add over 40 000 tonnes of annual copper production (pending conclusion in H2 2025).
- On-time and on-budget completion of Mine Waste Solutions extension project (Phase 1).
- MSCI ESG rating upgraded to BB (from B) in June 2025 due to sustainable mining practices.