JOHANNESBURG (miningweekly.com) – In financial year 2026 (FY26), Mponeng and Moab Khotsong, the high-grade South African underground operations of Harmony Gold, produced 15 t at 9 g/t with a 38% free cash flow margin.
Mponeng, the world’s deepest mine, was the primary driver of this performance as Moab Khotsong moves into an ore gap.
Moreover, performance from the South African underground optimised operations has also strengthened year-on-year. These assets produced 17 t of gold and margins expanded to 25%, lifting adjusted free cash flow by a phenomenal 284% to around R9-billion. (Also watch attached Creamer Media video.)
In addition, Harmony’s surface and retreatment assets contributed 7 t at an excellent 46% margin.
Harmony’s big gold retreatment operations provide “low-risk, high-margin ounces that generate meaningful cash flow by recycling old tailings storage facilities”, Harmony CEO Beyers Nel reported at the results presentation of the Johannesburg Stock Exchange-listed company for the 12 months to June 30.
