• Harmony Gold reported a 20% revenue increase to $4.07 billion in FY2025, driven by higher gold prices despite a 5% production decline.

• The average gold price realized by Harmony Gold rose 27% to $2,620/ounce, while overall gold prices increased 30% since Jan 2025.

• Analysts predict continued gold price hikes; Harmony Gold forecasts stable production of 1.4-1.5 million ounces for the current fiscal year.

Harmony Gold, South Africa's leading gold producer, announced a 20% increase in revenue to $4.07 billion for its fiscal year 2025, ending June 2025. This marks a significant rise from the $3.2 billion reported a year earlier, primarily driven by higher gold prices during the period.

Gold prices have surged approximately 30% since January 2025, mirroring the growth observed in 2024. Harmony Gold benefited from a 27% increase in the average gold price realized from its sales, climbing from $1,999 per ounce to $2,620 per ounce over the period. This revenue growth occurred despite a 5% decline in the group's production, which fell from 1.56 million ounces to 1.47 million ounces year-on-year.

The reported results predominantly reflect gold volumes from its South African mining operations, the historical core of its portfolio, including mines in the Witwatersrand basin such as Moab Khotsong, Kusasalethu, and Doornkop. Harmony Gold also maintains operations in Papua New Guinea with the Hidden Valley mine and produces platinum and uranium as by-products.

With gold currently trading at $3,398 per ounce, analysts anticipate continued price increases through the end of 2025, with Goldman Sachs forecasting up to $3,700 per ounce. Harmony Gold projects stable production for the current fiscal year, targeting between 1.4 million and 1.5 million ounces.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum