We are a global, sustainable gold producer, creating shared value for all stakeholders while leaving a lasting positive legacy by:
Creating shared value is the golden thread that links our purpose to our business model to our strategy. It drives our pursuit of operational excellence and ensures an inclusive approach to stakeholders. This guides the way we manage our capitals – ensuring that at all times we create and preserve value, generating infinite opportunities from a finite resource.
production in FY21
to R/kg gold price
focus on a strong balance sheet
In final phases of embedding a proactive safety culture focused on leadership and behaviour
Our health initiatives and Covid-19 protocols embed our commitment to the S in ESG
Covid-19 vaccination drive protecting our employees
Upgraded MSCI score from CCC to B rating
Included in Bloomberg Gender Equality Index 2021
66% increase in production profit to R12bn (US$777m) from R7.2bn (US$459m)
1% increase in underground recovered grade to 5.51g/t from 5.45g/t
26% increase in gold production to 47 755kg (1 535 352oz) from 37 863kg (1 217 323oz)
19% increase in total mineral resources
16% increase in total mineral reserves
43% increase in revenue to R41.7bn (US$2.7bn) from R29.2bn (US$1.9bn)
83% increase in operating free cash flow to R6.5bn (US$424m) from R3.6bn (US$228m)
702% increase in net profit to R5.1bn (US$325m) from a loss of R850m (US$56m)
60% reduction in net debt to R542m (US$38m) from R1.4bn (US$79m)
Net debt to EBITDA at 0.1x from 0.2x
HEPS increased 741% to 987 SA cents (64 US cents) from a net loss per share of 154 SA cents (10 US cents)
Successful integration of Mponeng and related assets
Deleveraged balance sheet provides optionality for projects and acquisitions
Strong pipeline of organic projects to drive production profile and margin expansion
Final dividend of 27 SA cents (1.8 US cents)^ per share declared
Total FY21 dividend yield of 2.4%#
^ Illustrative equivalent based on the closing exchange rate of R14.72/US$1 as at 27 August 2021.
# As at 27 August 2021.
A case study
Achieving our goal of zero loss of life and, ultimately, zero harm is a formidable challenge but one we are determined to achieve. In tandem with improving systems and controls, we are changing behaviour in a complex and high-risk mining environment through an integrated approach to shared responsibility.
This is a cross-functional approach, with initiatives in key disciplines cascading up to a group-wide organisational effectiveness and improvement (OEI) programme that totalled R12.3 million in FY21 alone. This in turn is centred on our core values as an organisation that truly cares. We keenly understand that, without our 48 113 people, Harmony does not exist.
The coherent development of both the systemic and humanistic dimensions, as well as full integration with the Harmony safety strategy, are fundamental principles on which the business improvement programme is based.
Key to the programme over 2021-2023 is the sustainability and full integration of the humanistic transformation output, the Thibakotsi journey, illustrated below . Phases 3 and 4 are being implemented concurrently.
This company culture transformation framework has three key change drivers.
Building on the foundation laid in earlier years, the Thibakotsi journey was initiated in 2021. This focuses on improving employee behaviour as well as team and operational behaviour. Results to date prove that active leadership is making measurable progress in creating a proactive safety culture and an environment where all employees really live our values amid high levels of mutual trust, respect and hope. Working from the top down and bottom up simultaneously, we are entrenching the belief that zero loss of life is possible and that all employees and contracto rs are empowered to deliver it . This is illustrated in the gradual decline in our lost-time injury frequency rate.
"Safety starts with me and I behave safely in everything I do. Zero harm. Zero accidents. Zero fatalities. I am always alert to my colleagues’ safety"
Where we operate
Located on the Witwatersrand Basin and Kraaipan Greenstone Belt, our South African operations accounted for 71% of group Mineral Resources (gold and gold equivalent ounces) and 58% of group Mineral Reserves at year end.
With over 70 years in the industry, Harmony is an experienced emerging-market gold miner and the largest gold producer by volume in South Africa. The company is also a significant operator of gold tailings retreatment facilities. Our operations in Papua New Guinea include the Hidden Valley gold mine and our joint-venture stake in the Wafi-Golpu copper-gold project.
~150 755oz (10%)
Located on the New Guinea Mobile Belt, in Morobe Province, our PNG operation accounted for 29% of group Mineral Resources (gold and gold equivalent ounces) and 42% of group Mineral Reserves at year end.
2021 reporting suite
Harmony’s 2021 integrated annual report is for the financial year ending 30 June 2021 (FY21). Aimed primarily at investors, it covers all our operations and activities in South Africa and Papua New Guinea, their impacts and most material matters during the period. Significant events between year end and the date of approving this report are also noted.
Additional documents for download