• Gold$4,390.40▲ 0.55%
FinancingGold

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

Harmony Gold refinanced its debt in July 2026 with syndicated facilities of $500m, A$500m and R7bn, about R21bn in total. The loans were heavily oversubscribed and are designed to match funding to its growing Australian copper business.

Deal valueCompleted

$1.3bn

BuyerBank syndicate led by Citi and Nedbank

TargetHarmony Gold

  1. Announced28 Jul 2026
  2. Approvals
  3. Completed28 Jul 2026
Harmony Gold raises about R21bn in new multi-currency bank facilities

Term sheet

Value
$1.3bn
Type
Financing
Status
Completed
Buyer / funder
Bank syndicate led by Citi and Nedbank
Target / asset
Harmony Gold
Commodity
Gold
Region
South Africa, Australia
Announced
28 July 2026
Closing
28 July 2026

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

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

Was this useful?

Discussion

Comments are moderated. Keep it on topic.

Loading comments…