Key figures FY20

  • Gold produced
    increase 1.22Moz

    (FY19: 1.44Moz)

    increase R29.2bn

    (FY19: R26.9 billion)

  • Production profit
    increase R7.2bn

    (FY19: R6.6 billion)

  • Grade recovered
    increase 5.45g/t

    (FY19: 5.59g/t)

  • Headline loss per share
    increase 154 SA cents

    (FY19: Headline earnings of 204 SA cents)

  • Operating free cash flow
    increase R3.6bn

    (FY19: R1.7 billion)

  • Group FIFR

    (FY19: 0.13)

  • Employees and contractors
    decrease39 714

    (FY19: 39 773)

  • Water used
    increase19 692 000

    (FY19: 23 158 000m³)

  • Total CO2 emissions
    increase 4 012 110t

    (FY19: 3 858 566t)

  • Energy consumption
    increase3 171 000MWh

    (FY19: 3 340 677MWh)

  • Economic value distributed

    (FY19: R26.8 billion)

  • Gold price received
    increaseR735 569/kg

    (FY19: R586 653/kg)

  • All-in sustaining costs
    increaseUS$1 293/oz

    (FY19: US$1 207)

Where we operate

Headquartered in Randfontein, South Africa, Harmony has its primary listing on the Johannesburg Stock Exchange (HAR). It also has an American Depositary Receipt programme that is listed on the New York Stock Exchange (HMY). At 30 June 2020, our market capitalisation was R43.3 billion (US$2.5 billion) (30 June 2019: R17.1 billion; US$1.2 billion).

South Africa

Production split

~1.1Moz (87%)

Located on the Witwatersrand Basin and the Kraaipan Greenstone Belt, our South African operations accounted for 62% of group Mineral Resources (gold and gold equivalent ounces) and 48% of group Mineral Reserves at year end.



  • * Closure is currently underway at Unisel, where stoping activities are scaling down
  • ** Includes the Tswelopele Beneficiation Operation (Proprietary) Limited in which Harmony has a holding of 75%

Papua New Guinea

Production split

~157 000oz (13%)

Located on the New Guinea Mobile Belt, in the Morobe Province, our Papua New Guinea operation accounted for 38% of group Mineral Resources (gold and gold equivalent ounces) and 52% of group Mineral Reserves at year end



For the past 70 years Harmony has, more than any other gold mining company in South Africa, demonstrated true sustainability. From our enduring history, to the product we mine and the way in which it is mined, to the care we take to preserve the environment and the support we provide to our communities, Harmony has illustrated, time and again, that sustainability is the driving force of our business.

Our story:1950 – 2020

1950 – 1995THE EARLY YEARS

  • Established on 25 August 1950 as a public company with the purpose of operating the Harmony mine, a single mine lease in the Free State; it was formed as a subsidiary of the mining finance house Rand Mines
  • Listed on the Johannesburg Stock Exchange in 1951
  • First gold poured in September 1954
  • Production of uranium began in 1955
  • On 31 May 1961, South Africa officially became a Republic

  • In 1972, ownership of Harmony was transferred to Barlow Rand Group following the merger of Barlow and Rand Mines, which effectively created one of the largest industrial corporations in South Africa
  • In 1973, Harmony merged with the Anglovaal-owned Merriespruit and Virginia mines to formally establish Harmony Gold Mining Company Limited. The amalgamated operation had a lease area of 9 933.67ha
  • In 1992, the gold interests of Barlow Rand, including Harmony, were spun out into the newly-incorporated Randgold & Exploration
  • South Africa held its first non-racial democratic elections in 1994

  • In late 1994, Randgold canceled its management agreement with Harmony and entered into a service agreement to supply executive and administrative services at market rates


Over the past seven decades, Harmony has grown from a single-lease mine into a multinational entity that has the resources, skills and fortitude to endure all conditions.

But our most telling sign of sustainability is not our longevity, but rather the way in which we are able to turn our assets to account by extracting the maximum value over a longer life-of-mine. Many of the assets we have owned and mined over the decades would have closed much earlier under previous owners. By applying our business acumen and a responsible mindset, Harmony has prolonged the lives of these assets, to the sustained benefit of employees, communities, shareholders and other stakeholders.


  • Harmony’s era of growth and expansion began with the its initial listing on the Nasdaq in 1996
  • The Constitution of the Republic of South Africa, widely considered as one of the most progressive in the world, was approved by the Constitutional Court on 4 December 1996, taking effect on 4 February 1997
  • The service agreement with Randgold & Exploration was terminated in 1997 at which point Harmony began operating as a completely independent gold mining company
  • From 1997, Harmony embarked on an acquisition strategy to expand the company from being a single-lease mining operation to becoming an independent, multi-operation, worldclass gold producer, commencing with the acquisition of Lydenburg Exploration Limited, as well as the Unisel, Grootvlei and Consmodder operations
  • Between 1998 and 2000 Harmony acquires additional mining rights in the Free State, Mpumalanga, Gauteng and North West provinces in South Africa:
    • Evander and Masimong in 1998
    • Kalgold in 1999
    • Randfontein in 2000
    • Elandskraal in 2001


The enduring value of the product we mine is unquestionable.

Its principal characteristics of being highly corrosion-resistant, malleable and highly-conductive make gold one of the most superior of the mined commodities. More significantly, it is viewed as a store of wealth, on which the true value of gold has been based for the past 6 000 years. Demand for gold is as sustainable as its characteristics and for as long as the precious metal remains that most coveted of commodities, we will continue to supply the market.


  • Legislation governing the South African mining industry was overhauled with the promulgation of the Mineral Resources and Petroleum Development Act 28 of 2002

  • Harmony transferred its listing from Nasdaq to the New York Stock Exchange in November 2002
  • Acquired a 50% share of Freegold which included the Joel, Phakisa, Tshepong and Bambanani mines
  • In 2002, Harmony entered Papua New Guinea, acquiring an initial stake in the Hidden Valley exploration project


True sustainability can only be achieved with the proper management of the environment and the support of the host communities that are impacted by mining activities.

It is for this reason that Harmony takes its role as a responsible corporate citizen seriously. We have evolved our approach to mining to one that is co-operative and responsible. We pursue a myriad of programmes and initiatives that aim to uplift and develop our host communities, while mitigating our environmental impact as far as feasibly possible, to ensure that we leave a positive and lasting socio-enviro-economic legacy in the areas we operate.

  • In 2003, a landmark deal was successfully concluded whereby black economic empowerment firm African Rainbow Minerals Gold acquired a 20% stake in Harmony. This was hailed as one of the most important empowerment deals of South Africa’s first decade of democracy, being a microeconomic reflection of the country’s political miracle of 1994
  • Through this empowerment deal, Harmony fully acquired the Freegold operations
  • On 1 October 2003, Dr Patrice Motsepe was appointed chairman
  • The first iteration of the Mining Charter was released in 2004

  • Harmony’s acquisition campaign continues into 2004 with the purchase of Avgold, which owned the Target mine
  • Harmony began a prefeasibility study, based on the resource defined at that time, as well as a substantial exploration campaign on the Wafi- Golpu prospect in Papua New Guinea
  • In 2007 and 2008, Harmony buys back royalties over Hidden Valley and Wafi-Golpu held by Rio Tinto
  • In 2008, the Morobe Mining Joint Venture, a 50:50 partnership between Harmony and Australian mining company, Newcrest Mining Limited, was established


  • In 2010, Hidden Valley, Harmony’s first offshore greenfields project in a joint venture with Newcrest Mining Limited, was officially opened
  • By June 2010, 26% of Harmony’s shareholders were based in the United States
  • In 2011, exploration and feasibility study results confirmed the viability of the Wafi-Golpu project held by the joint venture between Harmony and Newcrest
  • In 2012, Harmony launched its first employee share ownership plan – the Tlhankanelo Employee Share Trust – benefitting 33 000 Harmony employees
  • In 2013 we vendor-financed the disposal of 25% of Free State-based Phoenix Tailings operations; an additional 5% was given to the Community Trust, controlled by Harmony
  • First-ever fatality free period reported by our South African operations for the December 2014 quarter
  • Full ownership of Hidden Valley acquired in October 2016
  • First ever fatality-free period for Harmony as a group for the June 2017 quarter
  • Moab Khotsong acquired in March 2018
  • The third iteration of the Mining Charter was gazetted on 27 September 2018


Our future path remains clear and Harmony, as a multi-national entity, continues to grow and develop.

While our 70th anniversary has been celebrated at a time of almost unprecedented global uncertainty – and certainly unprecedented in the history of this company – we remain resolute in our objective to grow and develop our people and assets, and provide sustainable value to all our stakeholders through responsible operation and economic regeneration.


Given our focus on growing ounces to ensure the long-term sustainability of our business, we will:

  • embed the newly-acquired Mponeng and Mine Waste Solutions operations
  • secure the Wafi-Golpu mining permit

We remain committed to conducting our business in a safe and sustainable manner, creating value for all our stakeholders

About this report

Harmony’s 2020 Integrated Annual Report is for the financial year ending 30 June 2020 (FY20).

This report, which is aimed primarily at investors, covers all our operations and activities in South Africa and Papua New Guinea, their impacts and most material matters during this period. Significant events occurring after year-end and before the date on which this report was approved are also reported.


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This report contains forward-looking statements within the meaning of the safe harbor provided by Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

These forward-looking statements, including, among others, those relating to our future business prospects, revenues, and the potential benefit of acquisitions (including statements regarding growth and cost savings) wherever they may occur in this report and the exhibits to this report, are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:

For a more detailed discussion of such risks and other factors (such as availability of credit or other sources of financing), see the Company’s latest Integrated Report and Form 20-F which is on file with the Securities and Exchange Commission, as well as the Company’s other Securities and Exchange Commission filings. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events, except as required by law. The foregoing factors and others described under “Risk Factors” should not be construed as exhaustive. The forward-looking financial information has not been reviewed and reported on by the Company’s auditors.