Harmony Gold raises about R21bn in new multi-currency bank facilities

Harmony Gold said on 28 July 2026 that it had concluded new syndicated loan facilities comprising a $500m tranche, a A$500m tranche and a R7bn tranche. Business Report put the combined package at roughly R21bn. At an exchange rate of about R16.5 to the dollar at the time, that is about $1.27bn; this is MiningWrap's conversion.

Strong demand

Harmony said 93% of its existing lenders took part and commitments came to about three times the target, forcing a substantial scale-back. Citi and Nedbank acted as joint global coordinators and mandated lead arrangers.

Chief executive Beyers Nel said the refinancing lowers Harmony's funding costs, lengthens its maturity profile and improves liquidity. The Australian-dollar facility is new. Harmony said it wants to borrow in the currencies that match its assets as its copper business in Australia grows alongside its South African gold mines.

Context

Harmony has made two big Australian copper moves. It bought MAC Copper, owner of the CSA mine in New South Wales, for about $1bn in 2025, funding the deal partly with a $1.25bn bridge loan, and it is building the Eva Copper project in Queensland, which Miningmx says carries a capital cost of about $1.75bn. Together they could give the group about 100,000 tonnes of copper a year.

Why it matters

High gold prices have strengthened the balance sheets of South African gold producers, and lenders are competing to fund them. For Harmony, locking in cheaper multi-currency debt reduces reliance on the bridge used for MAC Copper and gives it capacity to fund Eva without diluting shareholders, while its South African gold operations continue to generate cash.

Sources

• Miningmx: Harmony refinances loans, adds Aussie facility, 28 Jul 2026
• Business Report: Harmony Gold boosts liquidity with some R21 billion of new multi-currency loan facilities, 28 Jul 2026
• Mining Review Africa: Harmony secures oversubscribed funding to strengthen growth and liquidity, 30 Jul 2026

Photo: Harmony Gold's Phakisa shaft in the Free State goldfields, South Africa. Bruce Paulmac, Wikimedia Commons, CC BY-SA 3.0.