LE BRIEF

Harmony Gold: output falls 12% as higher prices support revenue

LE BRIEF • 2026-11-09

The group produced 342,758 ounces in the quarter ended 30 September 2026. Higher realised prices supported gold revenue despite lower volumes and rising unit costs.

Harmony Gold recorded a 12% decline in gold production in the first quarter of its 2027 financial year, ended 30 September 2026. The South African mining group produced 342,758 ounces during a period affected by operating constraints at several assets. The decline reflects planned lower output at Moab Khotsong as it moves through a gap between ore zones. Hidden Valley in Papua New Guinea was also affected by a regulatory stoppage. The company says the interruption has been resolved and normal production has resumed. Gold prices support revenue despite lower volumes Gold revenue nevertheless increased by approximately 3% to R22.3 billion. Higher average realised prices offset the fall in physical production. This financial resilience should not be confused with an increase in extracted volumes. All-in sustaining costs, or AISC, increased year on year. Lower volumes, development spending and rising expenses weigh on the cost of each unit produced. The reported level nevertheless remains at the lower end of the group’s annual guidance range. Annual outlook remains unchanged Harmony is maintaining its financial-year targets. Industrial priorities are to manage Moab Khotsong’s transition and consolidate performance across other operations while controlling expenditure and meeting safety requirements. The results illustrate the distinction between industrial and financial performan...