v3.26.3
Taxation (Tables)
 12 Months Ended
Jun. 30, 2026
Income Taxes [Abstract]  
Disclosure of Taxation (Expense)/Credit
SA Rand
Figures in million
2026
2025
Restated1
2024
Restated1
SA taxation
Mining tax (a)
7 830
3 968
2 309
– current year
7 819
3 968
2 313
– prior year
11
—
(4)
Non-mining tax (b)
295
204
107
– current year
273
202
107
– prior year
22
2
—
Deferred tax1 (c)
2 397
2 459
525
– current year1
2 397
2 459
525
Foreign taxation
Income tax (d)
965
—
—
– current year
923
—
—
– prior year
42
—
—
Deferred tax (c)
(2 582)
—
—
– current year
(2 582)
—
—
Total taxation expense1
8 905
6 631
2 941
1Refer to note 38 for further detail on the restatement
(a)Mining tax on gold mining taxable income in South Africa is determined according to a formula, based on the taxable income
from mining operations. 5% of total revenue is exempt from taxation, while the remainder is taxable at a higher rate (up to a
maximum of 33%) than non-mining income (27%) as a result of applying the gold mining formula.
All qualifying mining capital expenditure is deducted from taxable mining income to the extent that it does not result in an
assessed loss. Accounting depreciation is eliminated when calculating the South African mining taxable income. Excess
capital expenditure is carried forward as unredeemed capital to be claimed from future mining taxable income. The group has
several tax paying entities in South Africa. In terms of the mining ring-fencing application, each ring-fenced mine is treated
separately and deductions can normally only be utilised against mining income generated from the relevant ring-fenced mine.
The increased mining tax expense is mainly attributable to the increased gold price realised, resulting in a significant increase
in the profitability of the group's operations.
11Taxation continued
(a)Mining tax continued
The legal entities contributions to the mining tax expense is as follows:
SA Rand
Figures in million
2026
2025
2024
Golden Core Trade and Invest (Proprietary) Limited (Mponeng)
2 921
1 990
1 129
Freegold (Harmony) (Proprietary) Limited (Freegold)
1564
365
235
Harmony Gold Mining Company Limited (Harmony Company)
725
253
144
Harmony Moab Khotsong Operations (Proprietary) Limited (Moab)
801
688
536
Chemwes Proprietary Limited (Chemwes)
686
51
—
Randfontein Estates Limited (Randfontein)
650
217
42
Tswelopele Beneficiation Operation Proprietary Limited (TBO)
320
269
181
Kalahari Goldridge Mining Company Limited (Kalgold)
163
135
42
Total mining tax expense
7 830
3 968
2 309
The mining tax rate remained unchanged at 33% for the 2026, 2025 and 2024 financial years. Additionally, there is an annual
limitation of assessed loss utilisation to 80% of taxable income applicable for the 2026, 2025 and 2024 financial years.
(b)Non-mining taxable income of mining companies and the taxable income for non-mining companies are taxed at the statutory
corporate rate of 27%. The expense for the 2026, 2025 and 2024 financial years relate mainly to non-mining tax on interest
income received in Harmony Company.
The non-mining tax rate and statutory corporate rate remained unchanged at 27% for the 2026, 2025 and 2024 financial
years. Additionally, there is an annual limitation of assessed loss utilisation to 80% of taxable income applicable for the 2026,
2025 and 2024 financial years.
(c)For the group’s South African gold mining entities, the deferred tax rate used to calculate deferred tax is based on the current
estimate of future profitability when temporary differences will reverse based on tax rates and tax laws that have been
enacted at the balance sheet date. Depending on the profitability of the operations, the deferred tax rate can consequently be
significantly different from year to year. The deferred tax rate for the group’s Australian and PNG entities is 30%.
Following the completion of the annual life-of-mine plans, management revised the weighted average deferred tax rates for all
the South African operations. The higher gold price assumptions used resulted in an increase in the estimated profitability and
consequently higher rates than in the prior year for all the subsidiaries. Refer to note 14 for assumptions used.
Changes to the deferred income tax rates were significant for the following entities:
Percent (%)
2026
2025
Restated1
2024
Restated1
Harmony Company1
23.8
20.3
25.4
Freegold1
19.6
17.2
11.7
Moab
23.6
21.2
19.0
Mponeng
21.0
17.2
8.1
Randfontein1
20.3
15.7
9.9
Kalgold
27.7
26.2
21.5
Chemwes
28.9
26.3
18.1
1 Refer to note 38 for further detail on the restatement.
These changes, together with changes in the temporary differences, had the following impacts:
•Increase in temporary differences related to the carrying value of South African property, plant and equipment resulted in an
increase of R1.6 billion in the deferred tax expense (2025: R1.1 billion) (2024: R510 million).
•A previously unrecognised deferred tax asset of R1.1 billion and R1.5 billion has been recognised by MCG and Harmony
Gold Australia (HGA), respectively. Refer below to deferred tax section for further disclosure with regards to the deferred tax
assets recognised
•The change in deferred tax rates of the group’s South African entities, excluding the effect on hedge accounted derivatives,
resulted in an increase in the deferred tax expense and liability to the amount of R786 million (2025: R1.1 billion)
(2024: R618  million).
11Taxation continued
(c)Deferred tax continued
During the year, management considered whether the unrecognised deferred tax asset related to the group's Papua New
Guinea entity, Morobe Consolidated Goldfields Limited (MCG), should be recognised, partially or in full. Due to the significant
increase in the Hidden Valley operation's estimated future taxable profits a portion of the unrecognised deferred tax asset to
the value of R1.1 billion has now been recognised as at 30 June 2026. Management also considered the recognition of
previously unrecognised deferred tax assets related to Harmony Gold Australia. Due to the acquisition of MAC Copper, which
included the CSA mine, the group's Australian entities moved into a net deferred tax liability including the previously
unrecognised deferred tax asset. Consequently, the full unrecognised deferred tax asset of R1.5 billion has now been
recognised as at 30 June 2026.
(d)The foreign income taxation relates to the group’s PNG and Australian entities, which are both taxed at a standard rate of
30%. Morobe Consolidated Goldfields Limited (MCG) in PNG contributed R934 million to the income tax expense.
(e)The Harmony group is within the scope of the Pillar Two model rules established by the Organisation for Economic
Co-operation and Development (OECD). Harmony is liable to pay a top-up tax for the difference between its Pillar Two
effective tax rate per jurisdiction and the 15% minimum rate. Harmony has applied the exemption to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Harmony operates in the
South African, Australian, Jersey and Papua New Guinea tax jurisdictions. Legislation addressing Pillar Two income tax laws
has been passed and implemented by the governments of South Africa and Australia for an implementation date for years of
assessment beginning on or after 1 January 2024, and by the government of Jersey for an implementation date for years of
assessment beginning on or after 1 January 2025. No announcements regarding Pillar Two income tax laws have been made
by the Papua New Guinean government.
Harmony is therefore subject to Pillar Two income tax laws in the South African and Australian jurisdictions for the 2025
financial year and onwards, and in the Jersey jurisdiction for the 2026 financial year and onwards. Based on the assessment
performed and application of the available transitional safe harbours for the South African jurisdiction, it is assessed that none
of Harmony’s profits in this jurisdiction would be at risk of being subject to Pillar Two taxes for FY25 or FY26. For the
Australian and Jersey jurisdictions, the detailed assessment performed determined that both jurisdictions are in a net Global
Anti-Base Erosion (GloBE) loss position for FY26; as there is no net GloBE income against which an effective tax rate can be
computed, no Pillar Two top-up tax is payable for either jurisdiction. As the Papua New Guinean government has not enacted
Pillar Two legislation, any top-up tax on Harmony’s Papua New Guinean profits would instead be collected through the
Inclusion Rule applied by Harmony, as ultimate parent entity, in South Africa; the detailed assessment performed determined
that the effective tax rate for the Papua New Guinean jurisdiction exceeds 15% for FY26 and FY25, resulting in no such top-
up tax being payable.
Disclosure Of Major Components Of Mining Tax Expense (Income) The legal entities contributions to the mining tax expense is as follows:
SA Rand
Figures in million
2026
2025
2024
Golden Core Trade and Invest (Proprietary) Limited (Mponeng)
2 921
1 990
1 129
Freegold (Harmony) (Proprietary) Limited (Freegold)
1564
365
235
Harmony Gold Mining Company Limited (Harmony Company)
725
253
144
Harmony Moab Khotsong Operations (Proprietary) Limited (Moab)
801
688
536
Chemwes Proprietary Limited (Chemwes)
686
51
—
Randfontein Estates Limited (Randfontein)
650
217
42
Tswelopele Beneficiation Operation Proprietary Limited (TBO)
320
269
181
Kalahari Goldridge Mining Company Limited (Kalgold)
163
135
42
Total mining tax expense
7 830
3 968
2 309
Disclosure of deferred tax rates Changes to the deferred income tax rates were significant for the following entities:
Percent (%)
2026
2025
Restated1
2024
Restated1
Harmony Company1
23.8
20.3
25.4
Freegold1
19.6
17.2
11.7
Moab
23.6
21.2
19.0
Mponeng
21.0
17.2
8.1
Randfontein1
20.3
15.7
9.9
Kalgold
27.7
26.2
21.5
Chemwes
28.9
26.3
18.1
1 Refer to note 38 for further detail on the restatement.
Disclosure Of Net Income Tax Payable/receivable The movement in the net income tax payable/(receivable) recognised in the balance sheet is as follows:
SA Rand
Figures in million
2026
2025
Balance at beginning of year
(10)
117
Expense per income statement
9 090
4 172
Income taxes paid
(8 219)
(4 289)
Acquisition of MAC Copper
45
—
Foreign exchange translation
(94)
—
Other
—
(10)
Balance at end of year
812
(10)
Income taxes payable
874
72
Income taxes receivable
(62)
(82)
Disclosure of Major Items Causing the Income Tax Provision to Differ from the South African Mining Statutory Tax Rate Income and mining tax rates
Major items causing the group's income tax provision to differ from the South African mining statutory tax rate of 33% were:
SA Rand
Figures in million
2026
2025
Restated1
2024
Restated1
Tax expense on net profit at the mining statutory tax rate1
12 658
6 989
3 708
Non-allowable deductions and non-taxable items1
1 340
583
529
Equity-settled share-based payments
251
226
82
Acquisition-related costs
454
—
—
Exploration expenditure
384
201
242
Finance costs
279
87
138
Other1
(28)
69
67
Movement in temporary differences related to property, plant and equipment1
(a)
535
645
1 574
Movements in other temporary differences1
(89)
(189)
(745)
Difference between effective mining tax rate and statutory mining rate on
mining income
(1 195)
(796)
(650)
Difference between non-mining tax rate and statutory mining rate on non-
mining income
(58)
(43)
(23)
Prior year adjustment - mining and non-mining taxes
75
—
—
Effect on temporary differences due to changes in effective tax rates1
805
1 108
(3)
Capital allowances (b)
(1 514)
(1 327)
(1 183)
Utilisation of deferred tax asset previously not recognised (c)
(1 070)
(339)
(266)
Deferred tax asset previously not recognised now recorded (d)
(2 582)
—
—
Income and mining taxation expense1
8 905
6 631
2 941
Effective income and mining tax rate (%)1
23
31
26
1Refer to note 38 for further detail on the restatement.
(a)The amount in 2025 was mainly as a result of the increase in the unredeemed capital expenditure balance of Avgold Limited
(Avgold). This was offset by an increase in the net carrying value of property, plant and equipment for Mponeng, Moab and
Chemwes. The amount in 2024 mainly relates to an increase in the unredeemed capital expenditure balance of Avgold as well
as the impairment of Target North. This was offset by an increase in the net carrying value of property, plant and equipment of
Chemwes.
(b)This relates to the additional capital allowance that may be deducted from taxable income from mining operations in South
Africa. A significant portion relates to Avgold which has a 0% effective tax rate.
(c)This relates to the utilisation of PNG and Australian tax losses for which future taxable profits were previously assessed as
uncertain and were not considered probable.
(d)Relates to the recognition of deferred tax assets related to the group’s PNG and Australian entities. Refer below to deferred
tax section for further disclosure with regards to the deferred tax assets recognised.
Analysis of Deferred Tax Assets and Liabilities and Potential Future Tax Deductions The analysis of deferred tax assets and liabilities is as follows:
SA Rand
Figures in million
2026
2025
Restated1
Deferred tax assets1
(5 674)
(2 320)
Deferred tax asset to be recovered after more than 12 months
(3 544)
(1 121)
Deferred tax asset to be recovered within 12 months1
(2 130)
(1 199)
Deferred tax liabilities1
15 128
6 366
Deferred tax liability to be recovered after more than 12 months1
14 133
5 695
Deferred tax liability to be recovered within 12 months
995
671
Net deferred tax liability1
9 454
4 046
1Refer to note 38 for further detail on the restatement.
11Taxation continued
Deferred tax continued
Deferred tax liabilities and assets on the balance sheet as of 30 June 2026 and 30 June 2025 relate to the following:
SA Rand
Figures in million
2026
2025
Restated1
Gross deferred tax liabilities1
15 128
6 366
Amortisation and depreciation1 (a)
14 475
6 289
Derivative financial instruments
465
26
Other
188
51
Gross deferred tax assets1
(5 674)
(2 320)
Unredeemed capital expenditure (b)
(1 919)
(1 725)
Provisions, including non-current provisions1
(1 738)
(1 436)
Derivative financial instruments
(1 086)
(1 578)
Contingent consideration liability
(588)
(334)
Streaming contract liability
(1 123)
—
Other
(76)
(29)
Tax losses (c)
(1 253)
(1 872)
Deferred tax asset not recognised (d)
2 109
4 654
Net deferred tax liability1
9 454
4 046
1Refer to note 38 for further detail on the restatement.
(a)The increase in amortisation and depreciation year on year is as a result of the increase in the carrying amount of property,
plant and equipment, mainly relating to asset additions and the acquisition of MAC Copper. Refer to note 13 and 14.
(b)Unredeemed capital expenditure mainly consists of Hidden Valley R1.3 billion (2025: R1.4 billion).
(c)The majority of the amount relates to Australia tax losses of R1.2 billion (2025: R1.0 billion).
(d)The deferred tax asset not recognised relates to Harmony's PNG and Australian operations.
Movement in the net deferred tax liability recognised in the balance sheet is as follows:
SA Rand
Figures in million
2026
2025
Restated1
Balance at beginning of year1
4 046
2 522
Expense/(credit) per income statement1
(185)
2 459
Acquisition of MAC Copper and related assets
4 656
—
Foreign exchange translation
73
—
Tax expense/(credit) directly charged to other comprehensive income2
864
(936)
Balance at end of year1
9 454
4 046
Deferred tax assets per balance sheet1
(1 121)
(126)
Deferred tax liabilities per balance sheet1
10 575
4 172
1Refer to note 38 for further detail on the restatement.
2Relates predominantly to hedge-accounted derivative financial instruments. Refer to note 17 and 23.
A deferred tax asset of R39 million continues to be recognised for Harmony Company at 30 June 2026. At 30 June 2026, it is
considered probable that sufficient future taxable profits will be available against which the remaining deductible temporary
differences existing at the reporting date can be utilised.
11Taxation continued
Deferred tax continued
SA Rand
Figures in million
2026
2025
As at 30 June, the group had the following potential future tax deductions:
Unredeemed capital expenditure available for utilisation against future mining taxable income
(a)
50 001
53 889
Tax losses carried forward utilisable against mining taxable income
7 746
9 504
Capital gains tax (CGT) losses available to be utilised against future CGT gains (d)
581
570
As at 30 June, the group has not recognised the following deferred tax asset amounts relating
to the above:
16 420
19 742
The unrecognised temporary differences are:
Unredeemed capital expenditure (c)
46 173
52 361
Tax losses (b)
3 668
9 504
CGT losses (d)
581
570
(a)Includes Avgold R43.4 billion (2025: R38.7 billion), Moab R1.8 billion (2025: R1.1 billion), Mponeng R148 million
(2025: R139 million) and Hidden Valley R4.4 billion (2025: R13.7 billion). These have an unlimited carry-forward period.
(b)Relates mainly to Australia Rnil (2025: R3.4 billion), PNG R2 million (2025: R2.7 billion) and Avgold R3.6 billion (2025:
R3.3 billion). These have an unlimited carry-forward period.
(c)Relates to Avgold and Hidden Valley.
(d)The CGT losses relate to the gross CGT losses available to be utilised against future CGT gains. These have an unlimited
carry-forward period.