Harmony Gold Mining Company Limited (HMY): Business Model Canvas [Dec-2025 Updated]

You're looking at Harmony Gold Mining Company Limited (HMY) and wondering how they're balancing deep-level gold extraction with their big copper ambitions. Honestly, the numbers from FY25 tell a compelling story: they hit a record R2.4 billion in dividends while keeping their operational streak alive for the 10th year running, all while sitting on a net cash pile of R11.1 billion. This isn't just about digging up high-grade ounces like the 11.27g/t from Mponeng anymore; it's about strategically pivoting into copper, like that Wafi-Golpu Joint Venture, to secure future growth. Dive into the full Business Model Canvas below to see exactly how they structure their value creation across gold, copper, and investor returns.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Key Partnerships

The Key Partnerships for Harmony Gold Mining Company Limited (HMY) in late 2025 are centered on major project development, essential utility supply, and skills development initiatives.

Newmont Corporation:

Harmony Gold Mining Company Limited maintains a 50:50 participation interest in the unincorporated Wafi-Golpu Joint Venture with Newmont Corporation in Papua New Guinea. Negotiations with the Papua New Guinea Government regarding the terms of a Mining Development Contract, required for a Special Mining Lease, were continuing, with anticipated completion in October 2025. The Chairman indicated that this Tier 1 copper-gold asset investment might require as much as four or five billion dollars to be invested down the line. The Wafi-Golpu project boasts an estimated copper resource of 4,400,000 tons.

Metso:

Metso was selected as the key equipment supplier for the Eva Copper project in Queensland, Australia. The order value for this equipment was approximately €55 million, booked in the Minerals segment's third-quarter 2025 orders received. The Eva Copper project, which received a positive final investment decision, is expected to cost between US$1.55 billion and US$1.75 billion over a three-year construction period, targeting first production in H2 2028. The mine life is estimated at 15 years, with a forecast production of about 60,000 tonnes/y of copper and 14,000 oz/y of gold annually.

The specific equipment supplied by Metso under this partnership includes:

Mining Qualifications Authority (MQA):

Harmony Gold Mining Company Limited partners with the Mining Qualifications Authority (MQA) to support skills development. This collaboration is specifically noted for enabling employees through the MQA's Adult Education and Training (AET) programme.

• Partner for skills development and Adult Education and Training (AET).
• Focus on enhancing employee literacy and career building.
• The partnership was highlighted in October 2025 communications.

Eskom/South African Government:

Eskom remains the critical supplier of bulk electricity for Harmony Gold Mining Company Limited's South African operations. Higher electricity tariffs imposed by the state-owned utility were cited as a factor contributing to increased all-in sustaining costs in FY25. Harmony is actively mitigating this reliance.

• Critical supplier of bulk electricity.
• Partner in regulatory compliance.
• Progressing a 100-megawatt renewable solar plant at Moab Khotsong to reduce reliance on Eskom.

Local Contractors:

Local Contractors are essential for project execution and operational support at various mines, including the Moab Khotsong operation. No specific financial or statistical data for this partnership category was available in the latest reports.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Key Activities

You're looking at the core actions Harmony Gold Mining Company Limited takes to generate revenue and build its future portfolio as of late 2025. This involves running complex, high-grade underground mines, managing an international open-pit operation, and integrating a major new copper platform.

Deep-level underground gold mining in South Africa (e.g., Mponeng, Moab Khotsong)

These South African high-grade assets are the engine room, focusing on quality ounces and life extension. For the financial year ending June 30, 2025 (FY25), production from these high-grade mines increased by 8% to 16.5 tonnes. The recovered grade for this segment was 9.89 grams per tonne (g/t), a 10% improvement. Mponeng, in particular, delivered a phenomenal underground recovered grade of 11.27 g/t in FY25. The company is actively extending the life of both Mponeng and Moab Khotsong to around 20 years each through disciplined, high-return projects. Furthermore, Moab Khotsong is progressing a 100-megawatt renewable solar plant to mitigate energy costs.

The overall group underground recovered grade for FY25 was 6.27 g/t, exceeding the upwardly revised guidance. These assets generated ZAR 8.8 billion in adjusted free cash flow in FY25, achieving an excellent 35% margin.

Open-pit gold and silver mining in Papua New Guinea (Hidden Valley)

The Hidden Valley mine provides crucial geographic diversification. In FY25, this operation delivered production of 5.1 tonnes at a recovered grade of 1.35 g/t. The operation maintained exceptional margins, generating ZAR 3.8 billion in adjusted free cash flow with a 48% margin. The All-in Sustaining Cost (AISC) for the mine increased by 7% to ZAR 868,000/kg. As of June 30, 2024, the reserves stood at 0.869Moz for gold and 13.52Moz for silver.

The operational performance across the South African underground and Hidden Valley is summarized below:

Copper asset development and integration (Eva Copper, MAC Copper acquisition completed October 2025)

Harmony Gold Mining Company Limited finalized the acquisition of MAC Copper Limited on October 24, 2025. This landmark deal valued MAC Copper at US$1.01 billion (approximately R18.4 billion). The transaction was funded using cash reserves and a US$1.25 billion bridge facility. The acquired CSA copper mine has an annual production capacity of 41,000 tonnes of copper. This, combined with the Eva Copper project, positions Harmony to reach a target of 100,000 tonnes of copper output annually within five years. Harmony has approved construction for the $1.6 billion Eva copper project, with first production anticipated in the second half of 2028. Eva is expected to produce 65,000 tonnes of copper annually during its first five years.

Hedging gold price exposure to lock in margins and manage volatility

Harmony uses hedging to secure margins against gold price swings. The gold hedge book was consistently maintained at between 10% and 30% of production over a rolling 36-month period. As of the September 2025 update (Q1 FY26), the average floor and ceiling price on the rand gold zero-cost collar book covering 484,000 oz stood at R1,820,000/kg and R2,062,000/kg, respectively.

Exploration and mineral reserve replacement for long-term sustainability

The focus is on securing future ounces through existing high-quality assets and new projects. The FY26 guidance projects underground recovered grades to remain strong at above 5.8 g/t. The company emphasizes its significant Mineral Resource base and the potential for resource-to-reserve conversion. The life extension projects at Mponeng aim to secure production for another 20 years.

• The company is advancing exploration activities at the CSA mine up until December 2025.
• Harmony is progressing the Zaaiplaats project as a focus area for Moab Khotsong.
• The Kareerand extension project is underway.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Key Resources

You're looking at the core assets that power Harmony Gold Mining Company Limited's operations as of late 2025. These aren't just line items; they are the physical and intellectual foundations generating the company's record cash flows.

The company's resource base is globally significant, with declared Mineral Reserves totaling 36.8Moz in gold and gold equivalents as of the year ended 30 June 2025. This resource quality underpins the strategy focused on value enhancement over pure volume growth.

The portfolio is evolving beyond its gold core, strategically adding copper to de-risk the business and align with energy transition trends.

Here are the hard numbers defining these key resources:

The specialized technical capability is best exemplified by the flagship Mponeng asset. This operation is recognized as the deepest level shaft in the world, mining at depths reaching up to 3 891 metres below datum.

The portfolio's diversification is evident in its commodity mix and asset structure:

• Gold remains the core, underpinned by high-grade South African underground assets.
• Strategic addition of copper, with the Eva Copper Mineral Resource increasing 31% to 1.93Mt of contained copper.
• The portfolio includes surface retreatment operations and exposure to other commodities, as seen by a 17% decrease in uranium production in FY25.
• The Wafi-Golpu project is a Tier 1 copper-gold block cave asset, currently a 50:50 joint venture.

This combination of deep-level mining expertise, high-grade ore bodies, and commodity diversification is what drives the strong financial results. Finance: draft 13-week cash view by Friday.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Value Propositions

Harmony Gold Mining Company Limited delivers value through a focused portfolio of high-quality gold assets and strategic diversification into copper.

High-margin, profitable gold ounces from high-grade South African mines remain central to the value proposition. The underground recovered grade for FY25 increased by 3% to 6.27g/t compared to the prior year. The Mponeng mine delivered exceptional recovered grades of 11.27g/t in FY25. This focus on quality ounces drove strong margin performance, with standout performers like Mponeng achieving an adjusted free cash flow margin of 44% and Hidden Valley at 48% in FY25.

The portfolio diversification into copper is a critical value driver, positioning Harmony Gold Mining Company Limited as a producer of a metal essential for the global energy transition. The company is advancing its copper strategy, with the MAC Copper acquisition expected to conclude in October 2025, which will bring over 40,000 tonnes of annual copper production. Furthermore, the Eva Copper Mineral Resource saw a 31% increase, reaching 1.93Mt of contained copper.

Consistency in operations underpins stakeholder confidence. Harmony Gold Mining Company Limited met its production guidance for the 10th consecutive year in FY25. Total gold production for FY25 was 46,023kg or 1,479,671oz, which fell within the guided range of between 1,400,000 to 1,500,000 ounces.

Responsible mining translates into significant shared value creation for host communities and governments. The total economic contributions to host countries' GDP in FY25 reached a substantial R54.7 billion, an increase from R47.9 billion in FY24.

You can see the breakdown of these economic contributions below:

• Contributions to host countries' GDP in FY25: R54.7 billion
• Income tax paid in FY25: R4.3 billion
• Employees tax paid in FY25: R4.1 billion
• Royalties paid to governments in FY25: R1.8 billion
• Wages and benefits paid in FY25: R20.2 billion

Strong shareholder returns are delivered through a clear policy. Harmony Gold Mining Company Limited declared a record total FY25 dividend payout amounting to R2.4 billion (or US$133 million). The final dividend declared for FY25 was 155 SA cents per ordinary share.

Here's a quick look at the key financial outcomes supporting these value propositions for the year ended 30 June 2025:

Finance: draft the Q1 FY26 cash flow forecast incorporating MAC Copper closing by Friday.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Customer Relationships

Dedicated Investor Relations (IR) for transparent communication of financial results and strategy.

Harmony Gold Mining Company Limited communicates its performance through key financial metrics, demonstrating consistency to its investor base, having achieved its 10th consecutive year of meeting production guidance in FY2025. The Head of Investor Relations during the August 2025 earnings call was Jared Coetzer, with the CEO being Beyers B. Nel and the Financial Director being Boipelo Pride Lekubo.

Community Development Programs: Long-term partnerships focused on local economic and social upliftment.

Harmony Gold Mining Company Limited integrates community upliftment into its operations through structured investment and procurement policies, aiming for long-term resilience in host communities.

• Annual investment in socioeconomic development programs for host communities in FY2025 was R271 million.
• This investment directly impacted over 33,360 lives, with some reports indicating over 50,000 community members reached directly.
• Annual procurement spend is around R39.1 billion.
• 82% of this procurement spend is directed toward empowered entities to build local businesses.
• Annual skills development investment is reported at R859 million.
• The company contributed R6 billion in taxes and royalties to South African government revenues in fiscal year 2025.

Direct engagement with governments for mining licenses and regulatory compliance (e.g., PNG SML).

Harmony Gold Mining Company Limited operates across South Africa, Papua New Guinea, and Australia, necessitating direct engagement on regulatory matters, including mining rights and compliance.

• The company completed the acquisition of MAC Copper Ltd., owner of the CSA copper mine in Australia, on October 24, 2025.
• Operations in Papua New Guinea include the Wafi-Golpu Project, where negotiations for the special mining lease are ongoing.
• The company acknowledges risks related to changes in government regulation, particularly concerning tax, royalties, and mining rights.

Long-term commercial contracts with refiners and metal traders.

While specific long-term sales contracts with refiners are not detailed, Harmony Gold Mining Company Limited manages price risk through hedging, which acts as a forward commercial mechanism.

• Harmony typically hedges between 10% and 30% of production over a 36-month period.
• The average gold price received in FY2025 increased by 27% to R1,529,358 per kilogram (or $2,620/oz).
• The newly acquired CSA copper mine is expected to produce copper with an estimated free cash flow margin of 40% over its life-of-mine.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Channels

Direct sales to global bullion banks and metal refiners for gold and silver.

Commodity markets and exchanges for copper and uranium sales.

Harmony Gold Mining Company Limited is positioning as a gold-copper producer following the MAC Copper acquisition and approval of the Eva Copper Project for development.

• Copper production target: ~100,000 tonnes per year within 3-5 years, pending Eva Copper approval.
• Uranium is produced as a byproduct from operations.

Johannesburg Stock Exchange (JSE: HAR) and New York Stock Exchange (NYSE: HMY) for equity investors.

Integrated Annual Report and Investor Presentations for financial stakeholders.

Harmony Gold Mining Company Limited released its Integrated Annual Report for the financial year ending June 30, 2025, on November 12, 2025.

• Latest Investor Presentation: Investor brief (Nov 25, 2025).
• FY25 Reporting Suite Documents include: Integrated report, Sustainability report, Financial report.
• Shareholders may request a hard copy of the Form 20-F from company secretary, Shela Mohatla.
• Next Scheduled Event: H1FY26 results on Mar 01, 2026.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Customer Segments

You're looking at the core groups Harmony Gold Mining Company Limited serves, which directly influence its revenue generation and operational footprint across South Africa, Papua New Guinea, and now Australia with the copper expansion.

Global Bullion Banks and Refiners

This segment is the primary destination for Harmony Gold Mining Company Limited's main product, gold bullion. The realized price achieved in the market directly reflects the strength of demand from these buyers. For the fiscal year ended June 30, 2025, the average gold price received by Harmony Gold Mining Company Limited increased by 27% year-on-year, reaching US$2,620 per ounce. This strong pricing environment, despite a 5% decrease in total gold production to 1,479,671 oz in FY2025, drove a 20% increase in group revenue to US$4,071 million. Silver, a gold byproduct, is also sold into this market.

Industrial and Manufacturing Consumers

Harmony Gold Mining Company Limited is actively diversifying its customer base beyond precious metals through its growing copper footprint. The acquisition of MAC Copper, which owns the CSA Copper Mine, positions the company to serve industrial consumers needing copper concentrates. The CSA mine produced 41,000 tons of copper in the year prior to acquisition. Furthermore, the Eva Copper Project, approved for development in late 2025, is expected to reach annual production of 55,000-60,000 metric tons starting from 2028. Uranium, another byproduct, also targets industrial consumers.

Institutional and Retail Investors

Investors gain exposure to Harmony Gold Mining Company Limited through its dual listings. The primary listing is on the JSE Limited under the ticker HAR, and it maintains an American Depositary Receipt (ADR) program on the New York Stock Exchange (HMY). As of late 2025, institutional investors and hedge funds owned approximately 31.79% of the company's stock. The largest shareholder base is noted to be in the United States. The company declared a record total dividend payout for FY25 of R2.4 billion (US$133 million).

Host Governments and Local Communities

These stakeholders are crucial as they represent the direct financial obligations and social license to operate for Harmony Gold Mining Company Limited's South African and international assets. The financial contributions are substantial and directly tied to profitability and revenue. For the fiscal year ended June 30, 2025, the taxation expense was approximately R3,500 million (US$200 million). Royalty expenses, calculated on a sliding scale based on revenue and profitability, were R716 million (US$41 million) in the first quarter of fiscal year 2026 (Q1FY26).

Here is a quick look at the financial scale of obligations to governments and the scale of investor returns for FY2025:

The customer base for Harmony Gold Mining Company Limited's primary product, gold, is heavily weighted toward the financial markets, but the strategic copper acquisitions signal a clear intent to broaden this to industrial consumers. The company's operational performance directly impacts the value delivered to these distinct groups:

• Bullion Banks/Refiners: Purchase 1,479,671 oz of gold equivalent production in FY2025.
• Industrial Consumers: Future revenue stream from copper production, targeting 55,000-60,000 metric tons annually from the Eva Copper Project post-2028.
• Investors: Own approximately 31.79% of the company via JSE and NYSE listings.
• Governments: Received tax payments totaling approximately R3,500 million in FY2025.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Cost Structure

You're looking at the cost base for Harmony Gold Mining Company Limited, and honestly, it's dominated by South African realities. The high fixed costs here are heavily weighted toward labour and the tariffs you pay for electricity. Electricity supply in South Africa and Papua New Guinea remains a material risk for Harmony Gold Mining Company Limited.

The cost metrics per unit have seen increases, in line with guidance, driven by inflation. For instance, in the nine months ended March 2025 (9MFY25), total cash operating costs increased by 8% to R29,811 million (US$1,646 million) from R27,497 million (US$1,467 million) the prior year. Production costs in the six months ended December 2024 saw above inflationary increases on labour and electricity tariffs.

Here are the key cost metrics reported:

• All-in Sustaining Costs (AISC) for FY25 is stated as R1,054,346/kg (US$1,806/oz).
• All-in Costs (AIC) for the full year ended 30 June 2025 (FY25) rose by 20% to R1,162,011/kg (US$1,991/oz).
• Group AISC in Q1 FY26 increased 15% to R1,107,486/kg, which was below the lower end of the FY26 guidance range of R1,150,000/kg to R1,220,000/kg.

Capital expenditure (CapEx) is significant because Harmony Gold Mining Company Limited is actively reinvesting in its assets for the long term. This spend supports life-extension projects like Mponeng and Moab Khotsong, alongside growth projects such as Eva Copper.

Governmental take, primarily through royalty payments, is a variable cost that scales with profitability. You see this clearly when the gold price is high. For example, in Q1 FY26, royalty payments in South Africa increased to R716 million (US$41 million), up from R496 million (US$28 million) in the comparable period, representing 6% of total cash operating costs then. In Q1 FY26, royalties accounted for R60,000/kg (US$106/oz) or 5% of AISC.

Environmental stewardship and social expenditure are also material components of the cost base, reflecting Harmony Gold Mining Company Limited's commitment to responsible mining. For the full year FY25, the reported Environmental stewardship expenditure was R1.8 billion (up from R0.7 billion in FY24).

Social expenditure details for FY25 include:

• Socio-economic development initiatives investment: R271 million.
• Employee training investments: R859 million.
• Social expenditure (non-sustaining): R52 million (in a table showing figures in millions).

Finance: draft 13-week cash view by Friday.

Harmony Gold Mining Company Limited (HMY) - Canvas Business Model: Revenue Streams

You're looking at how Harmony Gold Mining Company Limited converts its assets into cash flow as of late 2025. The revenue structure is heavily weighted toward precious metals but is actively diversifying into base metals.

Primary Revenue: Gold Sales

The core revenue driver is the sale of gold ounces. For the fiscal year ended June 30, 2025 (FY25), Harmony Gold drove group revenue to R73.9 billion (US$4.071 billion). This represented a 20% increase from the prior year's R61.4 billion (US$3.282 billion). This substantial revenue growth occurred even as total gold production decreased by 5% to 46,023kg (1,479,671oz) in FY25. The primary factor offsetting the lower volume was a significant increase in the realized gold price, which climbed 27% to R1,529,358/kg (US$2,620/oz) in FY25.

Here's a snapshot of the FY25 performance that underpinned this revenue:

• Group Revenue: R73.9 billion (US$4.071 billion)
• Total Gold Production: 46,023kg (1,479,671oz)
• Average Gold Price Received: R1,529,358/kg (US$2,620/oz)
• All-in Sustaining Costs (AISC): R1,054,346/kg (US$1,806/oz)

Secondary Revenue: By-Product Sales

Harmony Gold generates revenue from the sale of by-products recovered during its gold mining processes. These include silver and uranium. While silver sales were a component of the overall revenue mix, the specific amount of R1.81 billion is not explicitly confirmed in the latest available FY25 reports, so we focus on the known context.

The company's operations, such as the Hidden Valley mine in Papua New Guinea, contribute to this diversified revenue base.

Future Revenue: Copper Diversification

A key strategic shift for Harmony Gold is the acceleration of its copper portfolio to provide diversification and support earnings across commodity cycles. This future revenue stream is built on two main assets:

The MAC Copper acquisition, which owns the producing CSA mine in New South Wales, was expected to conclude in October 2025. The CSA mine produced 41,000 tons of copper in the year prior to the acquisition.

The Eva Copper project in Queensland, which Harmony bought in 2022, received the green light for construction in late 2025. The company sanctioned up to $1.75 billion for its development.

The combined copper production target is ambitious, aiming for up to 100,000 tonnes of annual copper concentrate production within five years.

Here's how the copper assets are projected to contribute to future revenue:

Financial Revenue: Commodity Price Impact

While specific figures for gains from gold price hedging activities are not detailed as a separate revenue line item, the impact of the realized gold price is clearly visible in the primary revenue figures. The 27% increase in the average gold price received was the main factor boosting group revenue in FY25. This demonstrates that the market price realization, whether through spot sales or hedging outcomes, is a critical component of Harmony Gold's top-line performance.