Harmony’s underground gold mines producing at 38% free cash margin - Mining Weekly

AI desk brief

Harmony reported FY26 underground gold output of 15t at 9g/t from Mponeng and Moab Khotsong, generating a 38% free cash flow margin; the South African underground optimized assets produced 17t with margins up to 25%, lifting adjusted free cash flow 284% to about R9bn. Surface and retreatment assets added 7t at a 46% margin, underscoring how high gold prices are translating into cash at the margin for the producer.

Management said the group delivered record FY26 revenue of nearly R100bn, net profit up 102% to R30bn, and adjusted free cash flow up 54% to a record R17bn, supporting a record final dividend. Hidden Valley produced almost 6t of gold at an AISC of about R660,000/kg ($1,200/oz) with a 68% adjusted free cash flow margin, while Harmony reiterated its 1.4Moz-1.5Moz annual gold/gold-equivalent production target.