In mining, growth requires more than ambition. It requires access to capital, confidence from investors and financing partners capable of structuring solutions that align commercial performance with long-term sustainability objectives.

That is why Nedbank CIB’s role in Harmony's USD1.3 billion multi-currency, multi-tranche financing represents more than a successful transaction.

It is a demonstration of how sophisticated financing structures, coupled with deep capital markets and sector knowledge, can support global growth, strengthen balance sheets and accelerate the transition towards more sustainable mining operations.

Nedbank CIB acted as Joint Global Co-ordinator, Bookrunner, Sustainability Co-ordinator and Mandated Lead Arranger, while also fulfilling key roles including Global Facility Agent, Sustainability Agent and Lender.

The financing supports Harmony's strategic growth ambitions across South Africa, Australia and Papua New Guinea, including the development of the Eva Copper Mine in Queensland, Australia, capital expenditure at the CSA Mine in New South Wales, Australia and broader operational requirements across the group.

Importantly, the transaction was significantly oversubscribed, reflecting Nedbank CIB’s ability to source liquidity across a diverse funding base and strong support from a globally diversified lending group, reinforcing market confidence in Harmony's strategy, asset portfolio and future growth prospects.

Financing the future of mining

The transaction was concluded at a time when mining companies are balancing two critical imperatives: securing the resources required to meet future demand while simultaneously reducing environmental impact and strengthening sustainability performance.

The International Energy Agency estimates that demand for critical minerals required for the global energy transition could more than double by 2040 under current policy scenarios, placing increased importance on responsible resource development and sustainable mining practices.

At the same time, investors are placing greater emphasis on sustainability performance, with sustainability-linked financing being an important tool for aligning access to capital with measurable sustainability outcomes.

The Harmony financing reflects this evolution.

Structured as sustainability-linked facilities and a green use-of-proceeds loan, the funding package incorporates sustainability performance measures linked to renewable energy deployment, water stewardship and mine community development outcomes.

The dedicated green loan further supports renewable energy initiatives in South Africa, reinforcing Harmony's commitment to decarbonisation while supporting long-term operational resilience.

Structuring capital for growth and sustainability

Delivering a transaction of this scale required more than funding.

It required a financing structure capable of supporting growth across multiple jurisdictions, accommodating diverse operational requirements and aligning with evolving sustainability priorities. 

"This transaction demonstrates how financing can be structured to support both commercial objectives and long-term sustainability outcomes," says Calum Kearley, Associate Principal: Mining & Critical Minerals, Nedbank CIB.

"Our role extended beyond arranging capital. We worked closely with the client to design a financing solution that strengthens the group's capital structure, supports strategic growth initiatives and embeds sustainability considerations into the financing framework itself.

That combination of financial and sustainability objectives is increasingly shaping the future of mining finance."

A long-standing partnership built on trust

The financing also reflects the strength of the long-standing relationship between Nedbank CIB and Harmony.

As the third major arranging mandate awarded to Nedbank CIB by Harmony, the transaction underscores the value of consistent execution, sector expertise and a deep understanding of client strategy.

In an increasingly complex global operating environment, mining companies are seeking banking partners capable of delivering insight, certainty and innovative funding solutions across multiple markets.

"Long-term partnerships are built through consistent delivery and an understanding of what clients need to achieve over time," says Karabo Moeletsi, Principal: Mining & Critical Minerals, Nedbank CIB.

"This transaction is the result of years of collaboration and trust. It reflects our ability to support clients through different phases of their growth journey while providing solutions tailored to their evolving strategic priorities."

Demonstrating cross-border financing expertise

The financing further highlights Nedbank CIB's ability to originate, structure and execute complex cross-border transactions for leading mining companies operating across international markets.

With assets spanning South Africa, Australia and Papua New Guinea, Harmony required a solution capable of accommodating multiple jurisdictions, currencies and stakeholder requirements.

The transaction showcases Nedbank CIB's ability to combine sector expertise, sustainability capabilities and global financing experience into a seamless client solution.

"Our involvement across multiple roles in the transaction demonstrates the breadth of capabilities that Nedbank CIB brings to clients operating in complex sectors such as mining," says Karabo Moeletsi.

"Whether acting as arranger, sustainability co-ordinator, lender or agent, our focus remains the same: delivering certainty, creating value and supporting our clients' long-term success."

Supporting sustainable growth

For Harmony, this financing provides a strong platform for future investment and operational growth while advancing key sustainability objectives.

"The successful conclusion of these facilities reduces Harmony’s funding costs, strengthens liquidity and optimises our capital structure," says Beyers Nel, Chief Executive Officer of Harmony.

"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."

Boipelo Lekubo, Financial Director, of Harmony, added: "This financing supports Harmony's long-term growth strategy while reinforcing our commitment to responsible and sustainable mining practices.

The facility provides the flexibility required to support growth across our portfolio while aligning funding with measurable sustainability outcomes. We value Nedbank CIB's partnership, expertise and commitment in helping us deliver a financing solution that supports both our business objectives and our sustainability ambitions."

Advancing the future of mining finance

As mining companies navigate evolving investor expectations, energy transition requirements and increasingly complex operating environments, the ability to structure innovative financing solutions will become a critical competitive advantage.

The Harmony transaction demonstrates how capital can be deployed not only to fund growth, but to accelerate sustainability outcomes, strengthen resilience and create long-term value.

For Nedbank CIB, it is another example of the bank's ability to deliver sophisticated mining finance solutions that support clients, investors and broader economic development objectives.

Because the future of mining will not be defined by production alone.

It will be defined by how effectively capital, sustainability and growth are brought together to create lasting value.