Harmony Gold produces first copper as firm widens metal mix

Harmony Gold Mining Co. announced its maiden copper output during the first fiscal half as the firm expands into the metal that’s key to the energy transition.

The Johannesburg-listed gold miner said the CSA mine in Australia produced 3,913 tons of copper in the six months through December. That represents a little over two months of operations after Harmony completed the purchase of the asset on Oct. 24.

Harmony, the biggest producer of South African gold, is increasing its exposure to copper via a pair of projects in Australia to capitalize 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.

“Gold is what give us stability and we are adding copper for durability,” Harmony chief executive officer Beyers Nel said in an interview. “Typically, in times of uncertainty, gold is strong. Typically, in times of good economic growth, copper is strong.”

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

Net income jumped almost a quarter to 9.7 billion rand ($597 million) as Harmony benefited from bullion’s record-breaking rally. That increase was less than some other gold producers, including Gold Fields Ltd. and AngloGold Ashanti Plc.

Harmony shares fell as much as 7.9%, making it the worst performer on Johannesburg’s nine-member precious metals and mining index.

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

The firm also co-owns the huge Wafi-Golpu project in Papua New Guinea with Newmont Corp. If that mine is developed as planned, copper will account for about 40% of Harmony’s production by 2035, the company said in a presentation.

Harmony — which is also investing to extend the lives of its two flagship underground gold mines in South Africa — declared a record interim payout to shareholders of 3.4 billion rand.

(By William Clowes)