Who Harmony is
Harmony is a gold-mining and exploration company, with over six decades of experience, with operations in South Africa and Papua New Guinea, one of the world’s most well-known gold mining regions and one of the world’s premier new gold regions respectively. In 2014, Harmony was the third largest producer of gold in South Africa and the eleventh largest gold producer in the world.
At Harmony, we understand the significant impact that our company has on the lives of people, the environment and the communities that surround our mines, and the economic strength of the countries we operate in. We measure, we measure up and we deliver.
OUR OPERATIONS AND PROJECTS
In South Africa our operations are focused on the world-renowned Witwatersrand Basin, as well as the Kraaipan Greenstone Belt. We operate nine underground mines, one open-pit mine and several surface operations.
Our operations in Papua New Guinea form part of a 50% joint venture with Newcrest Mining Limited. These operations include the Hidden Valley open-pit gold and silver mine, the Wafi-Golpu project and significant exploration tenements. In addition to our joint venture work, Harmony also has a 100%-owned exploration portfolio that focuses on highly prospective areas in Papua New Guinea.
In FY14, our South African operations accounted for 91% of our total production of 1.17Moz, with 9% coming from Papua New Guinea. At the same time, our South African holdings represent 70% of our mineral resource base, while those in Papua New Guinea represent 30%.
Looking ahead, the Golpu project is a differentiating feature for Harmony. This project is one of the best gold copper porphyries in South East Asia with an expected life-span of 40 years. It has a diameter of 600 metres and a proven depth of 1 700 metres so far, and is an asset that will contribute to the growth of Harmony for years to come.
Where we operate
Our strategy is to be a globally competitive gold mining company that delivers true long-term benefits to a broad range of stakeholders. We rely on experienced, skilled teams who live our values and play their role in maintaining stakeholder relationships, growing profits, and maintaining a sustainable company.
At the end of FY14, Harmony employed 34 686 people (28 991 employees and 5 695 contractors) in South Africa as well as 60 employees in Papua New Guinea (excluding employees from the Morobe Mining Joint Venture). Our employees are drawn from communities around our operations, and from other provinces in South Africa and other southern African countries. Our corporate offices are located in Randfontein, South Africa, close to some of our South African operations, while our South-East Asia office is located in Brisbane, Queensland, Australia.
The company is governed by a board of directors comprising diverse skills and experience, which is committed to maintaining the highest levels of corporate governance. In turn, they entrust the management of Harmony to skilled management teams who work to ensure the company remains sustainable by creating healthy margins and earnings, while preserving low debt levels.
OUR VALUES AND THEIR ROLE IN CREATING VALUE
Harmony lives its values. These are the compass for our actions, ensuring that in addition to achieving strategic goals we seek to make the right decisions and support the members of our teams in doing so. These values are ingrained in training initiatives and decision-making processes, ensuring that they are at the forefront of employees’ minds and actions. Our values extend beyond our gates. They guide how we interact with external stakeholders, from shareholders and the media to local communities and those from which our employees are drawn. Our hope is that through a commitment to these values we can build a company which people want to be associated with, and which will generate shared value into the future.
As a company Harmony understands that long-term value is about more than the gold we produce and the profits we make. These are fundamental to our ability to create value in the broadest sense, but our value is better reflected in the impact we make on the lives of people, now and in the future.
Our actions are guided by this understanding as well as our values, which are part of everyday behaviour at Harmony, and used as stepping stones on our path to achieving strategic goals.
Harmony is listed on the Johannesburg Stock Exchange and New York Stock Exchange. The company’s shares are quoted in the form of American Depositary Receipts on the New York Stock Exchange and as International Depositary Receipts on the Berlin exchange.
In FY14, Harmony was once again admitted to the Johannesburg Stock Exchange’s Socially Responsible Investment Index, as we have been since the inception of that index. We were also awarded platinum status in the Johannesburg Stock Exchange top 100 companies for Carbon Disclosure Project with a score of 98% for disclosure.
In addition, we were ranked eighth on the Nedbank BGreen Exchange Traded Fund and were given the Govan Mbeki National Award for best housing development project for the Masimong housing development in 2013, as well as the Govan Mbeki National Award for Best Community Residential Units project in 2014.
Our FY13 Integrated Report was awarded an excellent rating by Ernst&Young (EY), while we were one of 22 companies to receive an ‘A’ rating, as well as joint 10th place in the top 100 Integrated Reporting awards by Nkonki Inc.
These awards all speak to our ongoing commitment to building a sustainable business, and we are proud to have been recognised.