$HMY · HARMONY GOLD MINING CO LTD
Harmony Gold reported its Q1FY27 operational update (three months ended 30 September 2026). Gold revenue rose 3% to R22.3 billion (US$1.4 billion) on a 17% higher average gold price of US$4,057/oz, while gold production fell 12% to 342,758oz due to the planned Moab Khotsong ore gap and a Hidden Valley regulatory stoppage. Gold AISC rose 17% to US$2,484/oz, at the lower end of guidance. Copper (CSA) contributed R1.3 billion (US$78.6 million) revenue at 7,077 tonnes produced and C1 cash cost of US$2.72/lb. The Group returned to a net cash position of R4.2 billion (US$243 million) and completed a US$500 million convertible bond at a 1.5% coupon. FY27 guidance is unchanged.
- Gold production fell 12% to 342,758oz, in line with guidance.
- Gold AISC rose 17% to US$2,484/oz, at the lower end of guidance.
- Average gold price received rose 17% to US$4,057/oz.
- Net cash position of R4.2 billion (US$243 million), up from net debt of R852 million.
- US$500 million convertible bond issued at a 1.5% coupon.
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Confirms Harmony is executing its gold-to-copper diversification while holding FY27 guidance despite lower gold volumes and higher costs.
Harmony's diversification into copper (CSA, Eva) reduces single-commodity and single-country reliance versus South African gold peers.
Three employee fatalities during the quarter; LTIFR rose to 5.04 from 4.29 a year earlier. Hidden Valley regulatory stoppage (since resolved) and Moab Khotsong ore gap weigh on near-term gold output.