Harmony Gold Mining Company Limited, South Africa’s largest gold producer, backed by Patrice Motsepe, Africa’s first Black billionaire, has secured a multicurrency funding package worth more than R20 billion ($1.19 billion) to strengthen its balance sheet, refinance debt and support its growing copper business in Australia.

The financing package includes loan facilities of $500 million, A$500 million ($347 million) and R7 billion ($418 million). Harmony said the new facilities will lower funding costs, improve liquidity and better align its borrowing with the currencies of its expanding international operations.

The refinancing replaces existing U.S. dollar and rand syndicated loans raised in 2022, repays the bridge facility used to acquire MAC Copper and provides additional funding for general corporate purposes.

The transaction attracted strong support from lenders, with about 93% participation and commitments reaching roughly three times the targeted amount. Citi and Nedbank Corporate and Investment Banking acted as joint global coordinators and mandated lead arrangers.

Funding supports Australian copper growth

The refinancing follows Harmony’s $1 billion acquisition of MAC Copper, which gave the company full ownership of the CSA copper mine in Australia. The mine is expected to contribute between 17,500 and 18,500 tonnes of copper in Harmony’s upcoming annual results.

The company is also advancing the Eva Copper Project in Queensland, which is expected to require between $1.55 billion and $1.75 billion in development spending and produce as much as 60,000 tonnes of copper annually once operational.

By introducing Australian dollar-denominated debt alongside U.S. dollar and rand facilities, Harmony is aligning its financing with the currencies in which its Australian assets generate revenue and incur costs.

“The successful conclusion of these facilities reduces Harmony’s funding costs, strengthens liquidity and optimizes our capital structure,” Chief Executive Officer Beyers Nel said.

“Importantly, the transaction extends our maturity profile and provides funding capacity in the currencies most relevant to our growth pipeline. This ensures that our balance sheet remains well-positioned to support disciplined investment in our strategic growth objectives while creating sustainable value for our stakeholders.”

New facilities include sustainability incentives

The refinancing consists of five facilities with maturities ranging from three years to 6.5 years. They include revolving credit facilities in U.S. dollars, Australian dollars and rand, as well as term loans in Australian dollars and rand.

The R3 billion ($179 million) rand term loan has been designated a Green Loan, while four facilities are linked to sustainability performance targets.

Harmony can reduce borrowing costs by five basis points if it meets agreed targets over the next three financial years, including expanding renewable energy capacity, lowering potable water consumption and increasing spending on community development around its mines. Missing all targets would result in a five-basis-point increase in borrowing costs.

Strong gold earnings support expansion

Founded in 1950, Harmony operates mining assets in South Africa, Papua New Guinea and Australia. Alongside the CSA mine and Eva Copper Project, the company also has an interest in the Tier 1 Wafi-Golpu project in Papua New Guinea, expanding its exposure beyond gold.

For the nine months ended March 31, 2026, Harmony returned to a net cash position of R1.33 billion ($79.4 million), compared with net debt of R5.55 billion ($331.2 million) at the end of December 2025. Revenue rose 34% to R68.39 billion ($4.08 billion), driven by a 39% increase in the average gold price received.

Motsepe, Africa’s first Black billionaire, owns an 11.8% stake in Harmony through African Rainbow Minerals and has remained one of the company’s key long-term shareholders since its merger with Avmin in 2003.