Johannesburg Stock Exchange-listed Harmony, which has 74 years of mining experience in South Africa and two decades in Papua New Guinea (PNG), is not only a mega gold mining specialist with an emerging copper footprint, but on Thursday also flagged the cost-offsetting value of its silver and uranium production.

While 96% of revenue is from gold, byproducts play a role in cost offsetting, with silver produced at Hidden Valley in Papua New Guinea contributing 3% and uranium mined at Moab Khotsong in South Africa 1%.

Silver production rose by 39% to a record 3.7-million ounces, generating revenue of R1.7-billion and uranium production increased by 13% to 590 000 lb, generating revenue of close to R900-million.

Interestingly, Harmony mineral reserves of 130-million ounces of gold and gold equivalents are being boosted significantly by gold recovery from surface tailings, Harmony CEO Peter Steenkamp outlined during Thursday's presentation of superb operational performance that was lifted sky-high by a very strong gold price tailwind. Steenkamp, who has served the company since 2016, will retire at the end of this year.

Interestingly, surface operation production increased by 21% to around 9 000 kg, representing 11% of group production, with all-in sustaining costs declining to R700 000/kg, illustrating how profitable these operations are at current gold prices. They generated R2.6-billion in operating free cash flow at a 2024 financial year margin of 25%.

"South African surface operations delivered a phenomenal performance," Harmony COO Beyers Nel reiterated at the presentation covered by Mining Weekly.

Once the Legacy streaming contract comes to an end before the end of this calendar year, the gold price received for gold sales at Mine Waste Solutions are poised to increase by 20%, generating more than R900-million in additional cash flow.

Moreover, further feasibility studies are underway to determine whether another mega tailings treatment operation can be created in the Free State, where in old tailing dams host a 5.7-million-ounce resource.

"We believe there's good potential to remine our old tailing dams in South Africa for possibly another 100 years," Nel posited.

Nine underground mines, two opencast mines and tailings dumps make up Harmony's gold-heavy portfolio of diversified operating assets that also promise a 20% copper contribution within the next ten years from the Eva copper project in Australia as well as the long-delayed Wafi-Golpu project in PNG.

Capital expenditure of R10.8-billion, more than Harmony has ever spent in one year, has been allocated for South Africa's Moab Khotsong and Mponeng gold mines as well as Wafi-Golpu and Eva.

In the 12 months to June 30, conscientious mining has enabled above-plan output to make the best of the fortuitously high gold price and soar to record revenue, margin and cash flow heights.

Mineworkers are benefiting from a R1.2-billion employee share ownership scheme and the planet is being spared with 30 MW of green power already being generated and more than 500 MW of more renewables wanted.

The 1.65-million ounces of gold produced once again outstripped guidance as did underground gold grades at 6.11g/t and all-in sustaining costs at R901 000/kg. Operational free cash flowed river-like to more than R13-billion.

The Mponeng extension has already put 2% on to mineral reserves and the lives of Mponeng and Moab Khotsong have been extended by at least 20 years and that of surface operation Mine Waste Solutions by 14 years.

Decline work at Moab Khotsong and development of Mponeng's carbon leader section are under way. Rehabilitation of the Tau Tona shaft pillar, which will be mined from Mponeng, has begun.

These projects have together added 5.2-million ounces to gold reserves and ensure steady-state production at each mine of more than 200 000 oz at a recoverable grade of 9 g/t.

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