Harmony Gold announces maiden copper output as strategy shifts

Harmony Gold Mining produced its first copper during its fiscal first half as the firm expands into the metal that’s key to the energy transition.
The Johannesburg-listed gold miner announced output of 3,913 tons of copper concentrate from the CSA mine in Australia in the six months through December. That represents a little over two months of production after Harmony completed the purchase of the asset on 24 October.

Harmony, the biggest producer of South African gold, is increasing its exposure to copper via a pair of projects in Australia to capitalise on rising prices and soaring consumption for the metal that’s critical for electrification. As well as the acquisition of CSA in New South Wales, the company began construction of the Eva copper mine in Queensland late last year.

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“Gold remains core to Harmony,” the company said in half-year results released Wednesday. The shift to copper positions the miner to “benefit from long-term demand for future-facing metals,” it said.

Harmony’s gold output declined 9% to 724 000 ounces in the last six months of 2025, compared with the preceding period. That was mainly due to a mechanical problem at the Hidden Valley mine in Papua New Guinea and challenges securing cyanide for its South African operations.

Despite the drop in production, net income jumped almost a quarter to R 9.7 billion ($597 million). Bullion has been on a record-breaking rally, almost doubling since the start of last year, amid geopolitical turmoil that’s pushed investors toward haven assets.

Harmony expects CSA to produce up to 18,500 tons of copper concentrate in the 12 months through June. The company plans to spend as much as $1.75 billion over three years to develop the Eva mine. Harmony is targeting an annual copper output of 100,000 tons once the second Australian asset is operational.

The firm – which is also investing to extend the lives of its two flagship gold mines in South Africa – announced a record interim payout to shareholders of R3.4 billion.

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