What the results said
Harmony's results for the year ended 30 June 2025, published on 28 August 2025, described value-driven growth with strong margins, record cash flows, high grades, and strategic copper expansion, and included a final dividend declaration.
The fundamentals lesson
Harmony's shift toward copper, alongside a mature South African gold base, is a rare example of a legacy producer using a strong precious metals cycle to fund optionality in a different commodity. Whether that pays off depends on capital discipline through the next copper cycle.
Sources