UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a16 OR 15d16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For May 6, 2020
Harmony Gold Mining Company Limited
Randfontein Office Park
Corner Main Reef Road and Ward Avenue Randfontein, 1759
South Africa
(Address of principal executive offices)
*-
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20 F or Form 40F.)
Form 20F ☒ Form 40F ☐
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing
the information to the Commission pursuant to Rule 12g32(b) under the Securities Exchange Act of 1934.)
Yes ☐ No ☒
Harmony Gold Mining Company Limited
("Harmony" or "Company")
Incorporated in the Republic of South Africa
Registration number 1950/038232/06
JSE share code: HAR NYSE share code: HMY
ISIN: ZAE000015228
OPERATIONAL UPDATE for the nine months ended 31 March 2020
OPERATING FREE CASH FLOW MARGIN MORE THAN DOUBLES
Johannesburg, South Africa. Wednesday, 6 May 2020. Harmony Gold Mining Company Limited ("Harmony" or "the Company") is pleased to report that its operating free cash flow margin for the nine months ended 31 March 2020 more than doubled to 13% from 6% for the nine months ended 31 March 2019.
This was due largely to a 21.6% increase in the average Rand gold price received for the period to R704 965/kg. Operating free cash flow increased by more than 100%, from R1.3 billion to R3.0 billion.
Total gold production was 8.5% lower at 30 814kg (or 990 691oz), affected by South Africa's COVID-19 national lockdown regulations, compliance with which resulted in six full days of operation lost at the company's nine South African underground mines at the end of the reporting period, and loadshedding by Eskom earlier in the quarter.
The average underground recovered grade was 3.6% lower at 5.40g/t, due primarily to the negative impact of Kusasalethu's previously reported geological challenges and seismicity. Quarter on quarter, however, Kusasalethu mined above the planned grade, reporting an increase of approximately 14% to 5.08g/t, reflecting the positive impact of ongoing remedial actions to address the afore-mentioned geological challenges and seismicity.
Harmony achieved a recovered grade of 5.68g/t for its underground operations for the March 2020 quarter. The grade performance at most of the South African operations was good with an overall increase of 0.37g/t or 7% quarter on quarter.
Production at Hidden Valley in the March quarter was impacted by a 14-day mill stoppage in January 2020, due to a fault in the mill's electronic management system, which has since been resolved.
For the nine months, Harmony's all-in sustaining unit costs were 14.5% higher at R622 458/kg (8.3% higher at US$1 298/oz) due to the lower production recorded.
Balance sheet and liquidity
In the nine months, the Company's net debt position increased by R697 million to R5.0 billion (decreased by US$26 million to US$280 million), increasing our net debt to EBITDA ratio from 0.7x at the end of December 2019 to only 0.8x at the end of March 2020.
At the end of the quarter, Harmony had combined cash balances of R1.65 billion (US$ 92 million). In addition, the Company drew down approximately R1.8 billion (US$100 million) on its existing loan facilities shortly after the March 2020 quarter end to ensure it has sufficient liquidity to see through the disruption caused by the COVID-19 lockdown period.
In terms of our bank covenants we have to comply with the following covenants:
- Net debt to EBITDA must be below 2.5
- EBITDA to net interest paid must be above 5
- Tangible Net Worth ("TNW") to net debt must be above 4
Harmony believes the first two covenants will comfortably be complied with, as the benefit from the higher Rand gold price supports the Company's EBITDA significantly.
Given the volatility in the financial markets, Harmony is engaging with its lenders to relax the TNW covenant as a precautionary measure.
Responsible stewardship
The principles of sustainable development are embedded in our business strategy and decision-making. Responsible stewardship is our fourth pillar of our strategy and underpins our operating philosophy, which is profit with purpose and hinges on maintaining strong relationships by engaging and collaborating
with stakeholders.
Harmony's response to the COVID-19 pandemic has further demonstrated the Company's commitment to involving all of its stakeholders in risk management and the application of environmental, social and governance practices ("ESG").
Harmony's own COVID-19 Standard Operating Procedure ("SOP") is aimed at ensuring a safe return to work for each of its employees and meeting the conditions contained in the amended lockdown regulations published in the South African Government Gazette on 16 April 2020 for the safe resumption of operations. It has been informed by guidelines provided by the Department of Mineral Resources and Energy ("DMRE"), the National Council for Infectious Diseases ("NCID"), and the World Health Organisation ("WHO"), and by discussions with our trade unions and the Minerals Council South Africa. We remain committed to protecting the health of our employees and ensuring a safe working environment.
In the nine months to date, the fatal injury frequency rate for the period remained constant at 0.08. We have, however, seen an improvement in the lost time injury frequency rates as they relate to falls of ground and seismicity. During the March 2020 quarter, Moab Khotsong recorded 2 million and Tshepong Operations 1 million fatality free shifts. These achievements took them 475 and 165 days respectively to achieve.
OPERATING RESULTS
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Nine months ended March 2020
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Nine months ended March 2019
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% Variance
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March 2020 Quarter
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March 2019 Quarter
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% Variance
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Gold produced
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kg
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30 814
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|
33 673
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|
(8
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)
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9 403
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|
10 314
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|
(9
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)
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oz
|
990 691
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1 082 611
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(8
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)
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302 312
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331 603
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(9
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)
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Underground grade
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g/t
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5.40
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|
5.60
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(4
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)
|
5.68
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5.48
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4
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Gold price received
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R/kg
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704 965
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|
579 778
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|
22
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|
754 870
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|
595 814
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|
27
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US$/oz
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1 470
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1 278
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|
15
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1 528
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1 324
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|
15
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|
Cash operating costs
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R/kg
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520 041
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438 452
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(19
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)
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567 637
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457 911
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(24
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)
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US$/oz
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1 085
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966
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(12
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)
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1 149
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1 017
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(13
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)
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Total costs and capital
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R/kg
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620 427
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|
539 182
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|
(15
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)
|
659 421
|
|
569 775
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|
(16
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)
|
|
US$/oz
|
1 294
|
|
1 188
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|
(9
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)
|
1 335
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|
1 266
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|
(5
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)
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|
All-in sustaining costs
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R/kg
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622 458
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543 432
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(15
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)
|
660 323
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578 785
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(14
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)
|
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US$/oz
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1 298
|
|
1 198
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(8
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)
|
1 336
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|
1 286
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|
(4
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)
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Production profit
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R million
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5 946
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4 813
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|
24
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1 836
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|
1 428
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|
29
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|
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US$ million
|
399
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|
341
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|
17
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|
119
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|
102
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|
17
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|
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Exchange rate
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R/US$
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14.91
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14.11
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6
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15.37
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14.00
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10
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The operational update report has not been reviewed or audited by the company's external auditors. Detailed financial and operational results are provided on a six-monthly basis at the end of December and June.
Papua New Guinea ("PNG") – Wafi-Golpu
Discussions with the PNG Government on securing a special mining lease for the Wafi-Golpu project were delayed during 2019 by a national court stay order. The order was uplifted in February 2020, but the resumption of discussions has been constrained by the COVID-19 pandemic and ongoing uncertainties regarding the provisions and application to the project of proposed new PNG mining legislation.
The Prime Minister of PNG has notified Harmony of the Government's desire to progress permitting discussions on Wafi-Golpu as one of three priority projects in the country, and Harmony has indicated its willingness to do so. However, given the above constraints, it is difficult to estimate what the permitting timeline for the Wafi-Golpu project will be.
Acquisition of Mponeng and Mine Waste Solutions
On 12 February 2020, the Company announced that it had agreed to acquire AngloGold Ashanti's South African business, thereby consolidating Harmony's position as South Africa's primary gold producer.
The acquisition, which will see Mponeng and Mine Waste Solutions incorporated into the Harmony portfolio, enhances Harmony's near-term production by adding annual gold production of approximately 350 000oz per annum; increases Harmony's South African reserves by 8.27 million ounces (excluding Mponeng below infrastructure reserves) and improves Harmony's portfolio mix between surface and underground
operations.
A natural strategic fit with its existing asset base, the acquisition of Mponeng and Mine Waste Solutions represents a compelling opportunity to enhance Harmony's position as a robust cash-generative gold mining company, particularly at current gold price levels.
During April 2020, the Competition Commission approved the transaction. It is anticipated that the transaction will conclude in the coming months, subject to Section 11 approval from the Department of Minerals and Energy and other customary conditions precedent.
US$200 million of the acquisition consideration is payable on the date of fulfilment of the last of the conditions precedent, which is expected to be in the coming months. Harmony is taking proactive steps by seeking authority from its shareholders to issue ordinary shares for cash (pursuant to a general authority to issue ordinary shares for cash and/or by way of a vendor consideration placing), for a maximum aggregate subscription consideration of up to $200 million. The subscription proceeds will be used by the Company to fund part of the consideration payable for the acquisition. In doing so, Harmony will stand to significantly benefit from balance sheet flexibility and optionality given the current uncertainty caused by the COVID-19 pandemic.
Notice to shareholders of the proposed Extraordinary General Meeting ("EGM") was given to shareholders today in a separate announcement. The EGM will be held entirely by electronic communication, on Thursday, 11 June 2020 at 11:00 (SAST) in order for shareholders to consider and, if deemed fit, pass, with or without modification, the resolutions set forth in the Notice of EGM (which forms part of the Circular posted today).
To ensure the transaction is concluded timeously, Harmony is also in the process of arranging a bridging finance facility in the event any delays or disruptions are experienced in the equity capital markets.
FY2020 guidance update
As of the date of this operating update, Harmony's South African operations had attained an estimated 50% return to operational capacity permitted in terms of the eased lockdown regulations pertaining to the mining sector announced by the South African Government on 16 April 2020. The return to and resumption of work are in strict compliance with our COVID-19 SOP and has progressed smoothly. Surface operations and Hidden Valley continued to operate during the lockdown period. During April 2020, we managed sales of approximately 1 tonne of gold in South Africa.
Due to the impact of COVID-19 and the continued uncertainty as to when our mines will be allowed to return to full production, we have decided to withdraw our annual production guidance of 1.4Moz for FY20 as previously provided. Harmony's gold production for the nine months ended 31 March 2020 was 30 814kg (or 990 681 ounces).
Hedging update
As previously announced, Harmony has restructured its hedge book and rolled forward some hedging transactions. The COVID-19 lockdown for the South African mines has resulted in reduced gold production during the June 2020 quarter and the restructure was done to better match the hedges to the gold production profile.
The US$ gold and US$ silver hedges were not restructured as they relate to the Hidden Valley mine which continued operating during this time.
HARMONY GOLD HEDGE POSITION AS AT 31 MARCH 2020
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|
|
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FY2020
|
FY2021
|
FY2022
|
TOTAL
|
|
|
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
|
Rand Gold
|
|
|
|
|
|
|
|
|
|
|
|
Forward Contracts
|
koz
|
96
|
|
80
|
|
78
|
|
77
|
|
71
|
|
60
|
|
42
|
|
14
|
|
518
|
|
|
|
R’000/kg
|
661
|
|
675
|
|
682
|
|
694
|
|
737
|
|
802
|
|
842
|
|
880
|
|
719
|
|
|
Dollar Gold
|
|
|
|
|
|
|
|
|
|
|
|
Forward Contracts
|
koz
|
12
|
|
12
|
|
12
|
|
12
|
|
12
|
|
12
|
|
12
|
|
5
|
|
89
|
|
|
|
US$/oz
|
1 370
|
|
1 413
|
|
1 442
|
|
1 489
|
|
1 521
|
|
1 561
|
|
1 606
|
|
1 661
|
|
1 496
|
|
|
Total Gold
|
koz
|
108
|
|
92
|
|
90
|
|
89
|
|
83
|
|
72
|
|
54
|
|
19
|
|
607
|
|
|
Currency Hedges
|
|
|
|
|
|
|
|
|
|
|
|
Rand Dollar
|
|
|
|
|
|
|
|
|
|
|
|
Zero Cost Collars
|
$m
|
93
|
|
99
|
|
98
|
|
82
|
|
65
|
|
47
|
|
36
|
|
21
|
|
541
|
|
|
|
Floor R/$
|
15.03
|
|
15.38
|
|
15.43
|
|
15.48
|
|
15.91
|
|
16.32
|
|
16.59
|
|
17.71
|
|
15.66
|
|
|
|
Cap R/$
|
16.01
|
|
16.47
|
|
16.62
|
|
16.68
|
|
17.28
|
|
17.90
|
|
18.18
|
|
19.35
|
|
16.90
|
|
|
Forward Contracts
|
$m
|
52
|
|
59
|
|
37
|
|
29
|
|
12
|
|
9
|
|
9
|
|
8
|
|
215
|
|
|
|
R/$
|
15.57
|
|
15.92
|
|
15.88
|
|
16.20
|
|
16.93
|
|
18.18
|
|
18.41
|
|
18.71
|
|
16.16
|
|
|
Total Rand Dollar
|
$m
|
145
|
|
158
|
|
135
|
|
111
|
|
77
|
|
56
|
|
45
|
|
29
|
|
756
|
|
|
Dollar Silver
|
|
|
|
|
|
|
|
|
|
|
|
Zero Cost Collars
|
$m
|
360
|
|
360
|
|
340
|
|
300
|
|
270
|
|
230
|
|
90
|
|
10
|
|
1 960
|
|
|
|
Floor $/oz
|
17.16
|
|
17.47
|
|
17.87
|
|
18.01
|
|
18.17
|
|
18.21
|
|
17.86
|
|
18.40
|
|
17.77
|
|
|
|
Cap $/oz
|
18.57
|
|
18.92
|
|
19.37
|
|
19.50
|
|
19.70
|
|
19.75
|
|
19.44
|
|
20.15
|
|
19.26
|
|
Board approved hedging limits:
25% currency (R/US$) over a 24 month period; 20% gold over a 24 month period; 50% silver over a 24 month period.
Conclusion
There is much about the future that remains unknown, but we are grateful we mine a commodity from which people continue to derive confidence in times of turmoil. We will continue to mine with the safety and health of our employees uppermost, as productively and cost-effectively as the global recovery from the pandemic allows.
We have been and continue to be encouraged by the support we have received from all of our stakeholders for the cautious journey we have mapped – employees, trade unions, regulators, investors and communities – and know we will have to call on their further support, collectively and individually, to manage the uncertainties lying ahead.
Harmony will host a conference call to address questions as they relate to its operational performance for the nine months ended 31 March 2020.
Date: Wednesday, 6 May 2020
Time: 14:00 South African time (US EST: 08:00; UK 13:00; Sydney 22:00)
Conference call access:
Participants can register for the conference by navigating to: http://www.diamondpass.net/4099255
Please note that only registered participants will receive the dial-in details. These will be supplied upon registration.
OPERATING RESULTS - NINE MONTHS ON NINE MONTHS (RAND/METRIC)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
South Africa
|
Hidden
Valley
|
|
TOTAL HARMONY
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|
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|
|
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Underground production
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Surface production
|
TOTAL SOUTH AFRICA
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|
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|
|
Nine months ended
|
Tshepong operations
|
|
Moab Khotsong
|
|
Bambanani
|
|
Joel
|
|
Doornkop
|
|
Target 1
|
|
Kusasalethu
|
|
Masimong
|
|
Unisel
|
|
TOTAL UNDER-GROUND
|
|
Phoenix
|
|
Central
plant
reclamation
|
|
Dumps
|
|
Kalgold
|
|
TOTAL SURFACE
|
|
|
|
|
|
Ore milled
|
t'000
|
Mar-20
|
1,211
|
|
644
|
|
171
|
|
306
|
|
561
|
|
445
|
|
497
|
|
431
|
|
192
|
|
4,458
|
|
4,711
|
|
3,005
|
|
2,946
|
|
1,175
|
|
11,837
|
|
16,295
|
|
2,936
|
|
19,231
|
|
|
Mar-19
|
1,211
|
|
763
|
|
176
|
|
319
|
|
578
|
|
446
|
|
546
|
|
458
|
|
189
|
|
4,686
|
|
4,612
|
|
2,884
|
|
3,249
|
|
1,220
|
|
11,965
|
|
16,651
|
|
2,848
|
|
19,499
|
|
|
Yield
|
g/tonne
|
Mar-20
|
5.10
|
|
8.77
|
|
10.68
|
|
3.87
|
|
4.34
|
|
4.02
|
|
4.83
|
|
4.06
|
|
4.43
|
|
5.40
|
|
0.131
|
|
0.160
|
|
0.363
|
|
0.79
|
|
0.26
|
|
1.67
|
|
1.25
|
|
1.60
|
|
|
Mar-19
|
4.94
|
|
8.07
|
|
10.80
|
|
3.50
|
|
4.62
|
|
4.80
|
|
6.64
|
|
3.70
|
|
4.90
|
|
5.60
|
|
0.121
|
|
0.149
|
|
0.350
|
|
0.74
|
|
0.25
|
|
1.76
|
|
1.55
|
|
1.73
|
|
|
Gold produced
|
kg
|
Mar-20
|
6,180
|
|
5,646
|
|
1,827
|
|
1,185
|
|
2,435
|
|
1,789
|
|
2,400
|
|
1,751
|
|
851
|
|
24,064
|
|
618
|
|
480
|
|
1,068
|
|
924
|
|
3,090
|
|
27,154
|
|
3,660
|
|
30,814
|
|
|
Mar-19
|
5,985
|
|
6,156
|
|
1,901
|
|
1,115
|
|
2,673
|
|
2,143
|
|
3,628
|
|
1,694
|
|
926
|
|
26,221
|
|
557
|
|
429
|
|
1,136
|
|
904
|
|
3,026
|
|
29,247
|
|
4,426
|
|
33,673
|
|
|
Gold sold
|
kg
|
Mar-20
|
6,268
|
|
5,875
|
|
1,852
|
|
1,202
|
|
2,492
|
|
1,813
|
|
2,501
|
|
1,775
|
|
861
|
|
24,639
|
|
628
|
|
483
|
|
1,091
|
|
930
|
|
3,132
|
|
27,771
|
|
3,798
|
|
31,569
|
|
|
Mar-19
|
5,910
|
|
6,121
|
|
1,872
|
|
1,143
|
|
2,664
|
|
2,171
|
|
3,687
|
|
1,667
|
|
917
|
|
26,152
|
|
552
|
|
427
|
|
1,127
|
|
915
|
|
3,021
|
|
29,173
|
|
4,430
|
|
33,603
|
|
|
Gold price received
|
R/kg
|
Mar-20
|
708,239
|
|
711,606
|
|
709,628
|
|
707,239
|
|
714,900
|
|
672,331
|
|
710,827
|
|
676,132
|
|
676,473
|
|
703,969
|
|
685,495
|
|
710,725
|
|
715,927
|
|
709,814
|
|
707,208
|
|
704,334
|
|
709,583
|
|
704,965
|
|
|
Mar-19
|
585,776
|
|
565,171
|
|
586,755
|
|
587,488
|
|
589,464
|
|
586,967
|
|
586,219
|
|
586,893
|
|
585,347
|
|
581,691
|
|
568,899
|
|
587,417
|
|
580,913
|
|
587,439
|
|
581,614
|
|
581,683
|
|
567,230
|
|
579,778
|
|
|
Gold revenue
|
(R'000)
|
Mar-20
|
4,439,241
|
|
4,180,686
|
|
1,314,231
|
|
850,101
|
|
1,781,530
|
|
1,218,936
|
|
1,777,779
|
|
1,200,135
|
|
582,443
|
|
17,345,082
|
|
430,491
|
|
343,280
|
|
781,076
|
|
660,127
|
|
2,214,974
|
|
19,560,056
|
|
2,694,998
|
|
22,255,054
|
|
|
Mar-19
|
3,461,935
|
|
3,459,409
|
|
1,098,405
|
|
671,499
|
|
1,570,331
|
|
1,274,305
|
|
2,161,391
|
|
978,351
|
|
536,763
|
|
15,212,389
|
|
314,032
|
|
250,827
|
|
654,689
|
|
537,507
|
|
1,757,055
|
|
16,969,444
|
|
2,512,827
|
|
19,482,271
|
|
|
Cash operating cost (net of by-product credits)
|
(R'000)
|
Mar-20
|
3,314,981
|
|
2,529,544
|
|
809,489
|
|
778,436
|
|
1,319,027
|
|
1,155,162
|
|
2,008,493
|
|
984,765
|
|
462,693
|
|
13,362,590
|
|
274,416
|
|
172,891
|
|
545,883
|
|
544,369
|
|
1,537,559
|
|
14,900,149
|
|
1,124,400
|
|
16,024,549
|
|
|
Mar-19
|
2,991,577
|
|
2,368,840
|
|
734,150
|
|
715,004
|
|
1,204,495
|
|
1,122,001
|
|
1,764,188
|
|
914,899
|
|
427,880
|
|
12,243,034
|
|
254,070
|
|
163,417
|
|
517,656
|
|
508,942
|
|
1,444,085
|
|
13,687,119
|
|
1,076,867
|
|
14,763,986
|
|
|
Inventory movement
|
(R'000)
|
Mar-20
|
39,407
|
|
94,789
|
|
12,128
|
|
9,667
|
|
38,745
|
|
15,059
|
|
44,068
|
|
11,884
|
|
5,242
|
|
270,989
|
|
4,884
|
|
1,744
|
|
5,092
|
|
1,727
|
|
13,447
|
|
284,436
|
|
(109)
|
|
284,327
|
|
|
Mar-19
|
(48,186)
|
|
(26,352)
|
|
(20,503)
|
|
15,102
|
|
(10,269)
|
|
12,699
|
|
24,783
|
|
(17,570)
|
|
(8,882)
|
|
(79,178)
|
|
(3,272)
|
|
(219)
|
|
(5,250)
|
|
2,544
|
|
(6,197)
|
|
(85,375)
|
|
(9,150)
|
|
(94,525)
|
|
|
Operating costs
|
(R'000)
|
Mar-20
|
3,354,388
|
|
2,624,333
|
|
821,617
|
|
788,103
|
|
1,357,772
|
|
1,170,221
|
|
2,052,561
|
|
996,649
|
|
467,935
|
|
13,633,579
|
|
279,300
|
|
174,635
|
|
550,975
|
|
546,096
|
|
1,551,006
|
|
15,184,585
|
|
1,124,291
|
|
16,308,876
|
|
|
Mar-19
|
2,943,391
|
|
2,342,488
|
|
713,647
|
|
730,106
|
|
1,194,226
|
|
1,134,700
|
|
1,788,971
|
|
897,329
|
|
418,998
|
|
12,163,856
|
|
250,798
|
|
163,198
|
|
512,406
|
|
511,486
|
|
1,437,888
|
|
13,601,744
|
|
1,067,717
|
|
14,669,461
|
|
|
Production profit
|
(R'000)
|
Mar-20
|
1,084,853
|
|
1,556,353
|
|
492,614
|
|
61,998
|
|
423,758
|
|
48,715
|
|
(274,782)
|
|
203,486
|
|
114,508
|
|
3,711,503
|
|
151,191
|
|
168,645
|
|
230,101
|
|
114,031
|
|
663,968
|
|
4,375,471
|
|
1,570,707
|
|
5,946,178
|
|
|
Mar-19
|
518,544
|
|
1,116,921
|
|
384,758
|
|
(58,607)
|
|
376,105
|
|
139,605
|
|
372,420
|
|
81,022
|
|
117,765
|
|
3,048,533
|
|
63,234
|
|
87,629
|
|
142,283
|
|
26,021
|
|
319,167
|
|
3,367,700
|
|
1,445,110
|
|
4,812,810
|
|
|
Capital expenditure
|
(R'000)
|
Mar-20
|
842,486
|
|
456,406
|
|
42,011
|
|
134,700
|
|
236,849
|
|
282,625
|
|
170,902
|
|
20,384
|
|
6,071
|
|
2,192,434
|
|
3,210
|
|
5,272
|
|
1,359
|
|
46,023
|
|
55,864
|
|
2,248,298
|
|
845,000
|
|
3,093,298
|
|
|
Mar-19
|
830,211
|
|
418,618
|
|
46,917
|
|
134,225
|
|
216,360
|
|
227,527
|
|
238,760
|
|
80,086
|
|
30,226
|
|
2,222,930
|
|
3,495
|
|
4,664
|
|
6,435
|
|
41,391
|
|
55,985
|
|
2,278,915
|
|
1,112,982
|
|
3,391,897
|
|
|
Cash operating costs
|
R/kg
|
Mar-20
|
536,405
|
|
448,024
|
|
443,070
|
|
656,908
|
|
541,695
|
|
645,703
|
|
836,872
|
|
562,401
|
|
543,705
|
|
555,294
|
|
444,039
|
|
360,190
|
|
511,126
|
|
589,144
|
|
497,592
|
|
548,728
|
|
307,213
|
|
520,041
|
|
|
Mar-19
|
499,846
|
|
384,802
|
|
386,191
|
|
641,259
|
|
450,615
|
|
523,566
|
|
486,270
|
|
540,082
|
|
462,073
|
|
466,917
|
|
456,140
|
|
380,925
|
|
455,683
|
|
562,989
|
|
477,226
|
|
467,984
|
|
243,305
|
|
438,452
|
|
|
Cash operating costs
|
R/tonne
|
Mar-20
|
2,737
|
|
3,928
|
|
4,734
|
|
2,544
|
|
2,351
|
|
2,596
|
|
4,041
|
|
2,285
|
|
2,410
|
|
2,997
|
|
58
|
|
58
|
|
185
|
|
463
|
|
130
|
|
914
|
|
383
|
|
833
|
|
|
Mar-19
|
2,470
|
|
3,105
|
|
4,171
|
|
2,241
|
|
2,084
|
|
2,516
|
|
3,231
|
|
1,998
|
|
2,264
|
|
2,613
|
|
55
|
|
57
|
|
159
|
|
417
|
|
121
|
|
822
|
|
378
|
|
757
|
|
|
Cash operating cost
and Capital
|
R/kg
|
Mar-20
|
672,729
|
|
528,861
|
|
466,065
|
|
770,579
|
|
638,963
|
|
803,682
|
|
908,081
|
|
574,043
|
|
550,839
|
|
646,402
|
|
449,233
|
|
371,173
|
|
512,399
|
|
638,952
|
|
515,671
|
|
631,526
|
|
538,087
|
|
620,427
|
|
|
Mar-19
|
638,561
|
|
452,803
|
|
410,872
|
|
761,640
|
|
531,558
|
|
629,738
|
|
552,080
|
|
587,358
|
|
494,715
|
|
551,694
|
|
462,415
|
|
391,797
|
|
461,348
|
|
608,775
|
|
495,727
|
|
545,903
|
|
494,769
|
|
539,182
|
|
|
All-in sustaining cost
|
R/kg
|
Mar-20
|
674,655
|
|
523,449
|
|
484,252
|
|
767,403
|
|
631,683
|
|
786,269
|
|
914,614
|
|
592,811
|
|
569,317
|
|
647,461
|
|
449,857
|
|
369,068
|
|
506,264
|
|
652,848
|
|
517,322
|
|
632,406
|
|
549,724
|
|
622,458
|
|
|
Mar-19
|
629,215
|
|
458,121
|
|
424,890
|
|
740,118
|
|
531,049
|
|
623,679
|
|
567,756
|
|
604,363
|
|
506,850
|
|
554,392
|
|
460,676
|
|
390,770
|
|
460,374
|
|
622,681
|
|
499,750
|
|
547,994
|
|
513,391
|
|
543,432
|
|
|
Operating free cash flow margin1
|
%
|
Mar-20
|
6
|
%
|
29
|
%
|
35
|
%
|
(7
|
)%
|
13
|
%
|
(18
|
)%
|
(23
|
)%
|
16
|
%
|
20
|
%
|
10
|
%
|
36
|
%
|
48
|
%
|
30
|
%
|
11
|
%
|
28
|
%
|
12
|
%
|
21
|
%
|
13
|
%
|
|
Mar-19
|
(10
|
)%
|
19
|
%
|
29
|
%
|
(26
|
)%
|
10
|
%
|
(6
|
)%
|
7
|
%
|
(2
|
)%
|
15
|
%
|
5
|
%
|
18
|
%
|
33
|
%
|
20
|
%
|
(3
|
)%
|
15
|
%
|
6
|
%
|
10
|
%
|
6
|
%
|
1Excludes run of mine costs for Kalgold (Mar-20:R0.982m, Mar-19:-R0.760m) and Hidden Valley (Mar-20:-R167.966m, Mar-19:-R70.590m).
OPERATING RESULTS - NINE MONTHS ON NINE MONTHS (US$/IMPERIAL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Africa
|
Hidden
Valley
|
|
TOTAL HARMONY
|
|
|
|
|
|
Underground production
|
Surface production
|
TOTAL SOUTH AFRICA
|
|
|
|
|
Nine months ended
|
Tshepong operations
|
|
Moab Khotsong
|
|
Bambanani
|
|
Joel
|
|
Doornkop
|
|
Target 1
|
|
Kusasalethu
|
|
Masimong
|
|
Unisel
|
|
TOTAL UNDER-GROUND
|
|
Phoenix
|
|
Central
plant
reclamation
|
|
Dumps
|
|
Kalgold
|
|
TOTAL SURFACE
|
|
|
|
|
|
Ore milled
|
t'000
|
Mar-20
|
1,335
|
|
710
|
|
189
|
|
337
|
|
618
|
|
490
|
|
548
|
|
475
|
|
212
|
|
4,914
|
|
5,194
|
|
3,314
|
|
3,249
|
|
1,296
|
|
13,053
|
|
17,967
|
|
3,237
|
|
21,204
|
|
|
Mar-19
|
1,335
|
|
841
|
|
194
|
|
352
|
|
637
|
|
493
|
|
601
|
|
505
|
|
209
|
|
5,167
|
|
5,085
|
|
3,180
|
|
3,582
|
|
1,345
|
|
13,192
|
|
18,359
|
|
3,140
|
|
21,499
|
|
|
Yield
|
oz/ton
|
Mar-20
|
0.15
|
|
0.26
|
|
0.31
|
|
0.11
|
|
0.13
|
|
0.12
|
|
0.14
|
|
0.12
|
|
0.13
|
|
0.16
|
|
0.004
|
|
0.005
|
|
0.011
|
|
0.02
|
|
0.01
|
|
0.05
|
|
0.04
|
|
0.05
|
|
|
Mar-19
|
0.14
|
|
0.24
|
|
0.32
|
|
0.10
|
|
0.14
|
|
0.14
|
|
0.19
|
|
0.11
|
|
0.14
|
|
0.16
|
|
0.004
|
|
0.004
|
|
0.010
|
|
0.02
|
|
0.01
|
|
0.05
|
|
0.05
|
|
0.05
|
|
|
Gold produced
|
oz
|
Mar-20
|
198,691
|
|
181,523
|
|
58,739
|
|
38,099
|
|
78,287
|
|
57,517
|
|
77,161
|
|
56,296
|
|
27,361
|
|
773,674
|
|
19,869
|
|
15,432
|
|
34,337
|
|
29,707
|
|
99,345
|
|
873,019
|
|
117,672
|
|
990,691
|
|
|
Mar-19
|
192,423
|
|
197,920
|
|
61,119
|
|
35,847
|
|
85,939
|
|
68,899
|
|
116,643
|
|
54,464
|
|
29,771
|
|
843,025
|
|
17,908
|
|
13,792
|
|
36,523
|
|
29,064
|
|
97,287
|
|
940,312
|
|
142,299
|
|
1,082,611
|
|
|
Gold sold
|
oz
|
Mar-20
|
201,520
|
|
188,885
|
|
59,543
|
|
38,645
|
|
80,119
|
|
58,289
|
|
80,409
|
|
57,067
|
|
27,682
|
|
792,159
|
|
20,190
|
|
15,528
|
|
35,077
|
|
29,901
|
|
100,696
|
|
892,855
|
|
122,108
|
|
1,014,963
|
|
|
Mar-19
|
190,011
|
|
196,795
|
|
60,186
|
|
36,748
|
|
85,649
|
|
69,799
|
|
118,539
|
|
53,595
|
|
29,483
|
|
840,805
|
|
17,747
|
|
13,728
|
|
36,233
|
|
29,417
|
|
97,125
|
|
937,930
|
|
142,427
|
|
1,080,357
|
|
|
Gold price received
|
$/oz
|
Mar-20
|
1,477
|
|
1,484
|
|
1,480
|
|
1,475
|
|
1,491
|
|
1,402
|
|
1,483
|
|
1,410
|
|
1,411
|
|
1,468
|
|
1,430
|
|
1,482
|
|
1,493
|
|
1,480
|
|
1,475
|
|
1,469
|
|
1,480
|
|
1,470
|
|
|
Mar-19
|
1,291
|
|
1,246
|
|
1,293
|
|
1,295
|
|
1,299
|
|
1,294
|
|
1,292
|
|
1,293
|
|
1,290
|
|
1,282
|
|
1,254
|
|
1,295
|
|
1,280
|
|
1,295
|
|
1,282
|
|
1,282
|
|
1,250
|
|
1,278
|
|
|
Gold revenue
|
($'000)
|
Mar-20
|
297,688
|
|
280,350
|
|
88,130
|
|
57,006
|
|
119,466
|
|
81,740
|
|
119,215
|
|
80,479
|
|
39,058
|
|
1,163,132
|
|
28,868
|
|
23,020
|
|
52,378
|
|
44,267
|
|
148,533
|
|
1,311,665
|
|
180,722
|
|
1,492,387
|
|
|
Mar-19
|
245,305
|
|
245,126
|
|
77,830
|
|
47,581
|
|
111,270
|
|
90,294
|
|
153,151
|
|
69,324
|
|
38,034
|
|
1,077,914
|
|
22,252
|
|
17,773
|
|
46,390
|
|
38,086
|
|
124,501
|
|
1,202,415
|
|
178,053
|
|
1,380,468
|
|
|
Cash operating cost (net of by-product credits)
|
($'000)
|
Mar-20
|
222,297
|
|
169,627
|
|
54,283
|
|
52,201
|
|
88,452
|
|
77,463
|
|
134,686
|
|
66,037
|
|
31,027
|
|
896,073
|
|
18,402
|
|
11,594
|
|
36,606
|
|
36,504
|
|
103,106
|
|
999,179
|
|
75,400
|
|
1,074,579
|
|
|
Mar-19
|
211,976
|
|
167,850
|
|
52,020
|
|
50,664
|
|
85,348
|
|
79,502
|
|
125,006
|
|
64,828
|
|
30,319
|
|
867,513
|
|
18,003
|
|
11,579
|
|
36,680
|
|
36,062
|
|
102,324
|
|
969,837
|
|
76,304
|
|
1,046,142
|
|
|
Inventory movement
|
($'000)
|
Mar-20
|
2,643
|
|
6,356
|
|
813
|
|
648
|
|
2,598
|
|
1,010
|
|
2,955
|
|
797
|
|
352
|
|
18,172
|
|
328
|
|
117
|
|
341
|
|
116
|
|
902
|
|
19,074
|
|
(7)
|
|
19,067
|
|
|
Mar-19
|
(3,414)
|
|
(1,867)
|
|
(1,453)
|
|
1,070
|
|
(728)
|
|
900
|
|
1,756
|
|
(1,245)
|
|
(629)
|
|
(5,610)
|
|
(232)
|
|
(16)
|
|
(372)
|
|
180
|
|
(439)
|
|
(6,049)
|
|
(648)
|
|
(6,698)
|
|
|
Operating costs
|
($'000)
|
Mar-20
|
224,940
|
|
175,983
|
|
55,096
|
|
52,849
|
|
91,050
|
|
78,473
|
|
137,641
|
|
66,834
|
|
31,379
|
|
914,245
|
|
18,730
|
|
11,711
|
|
36,947
|
|
36,620
|
|
104,008
|
|
1,018,253
|
|
75,393
|
|
1,093,646
|
|
|
Mar-19
|
208,562
|
|
165,983
|
|
50,567
|
|
51,734
|
|
84,620
|
|
80,402
|
|
126,762
|
|
63,583
|
|
29,689
|
|
861,902
|
|
17,771
|
|
11,564
|
|
36,308
|
|
36,243
|
|
101,885
|
|
963,788
|
|
75,656
|
|
1,039,444
|
|
|
Production profit
|
($'000)
|
Mar-20
|
72,748
|
|
104,367
|
|
33,034
|
|
4,157
|
|
28,416
|
|
3,267
|
|
(18,426)
|
|
13,645
|
|
7,679
|
|
248,887
|
|
10,138
|
|
11,309
|
|
15,431
|
|
7,647
|
|
44,525
|
|
293,412
|
|
105,329
|
|
398,741
|
|
|
Mar-19
|
36,743
|
|
79,142
|
|
27,263
|
|
(4,153)
|
|
26,650
|
|
9,892
|
|
26,389
|
|
5,741
|
|
8,345
|
|
216,012
|
|
4,481
|
|
6,209
|
|
10,082
|
|
1,844
|
|
22,615
|
|
238,627
|
|
102,397
|
|
341,024
|
|
|
Capital expenditure
|
($'000)
|
Mar-20
|
56,496
|
|
30,606
|
|
2,817
|
|
9,033
|
|
15,883
|
|
18,952
|
|
11,460
|
|
1,367
|
|
407
|
|
147,021
|
|
215
|
|
354
|
|
91
|
|
3,086
|
|
3,746
|
|
150,767
|
|
56,664
|
|
207,431
|
|
|
Mar-19
|
58,827
|
|
29,662
|
|
3,324
|
|
9,511
|
|
15,331
|
|
16,122
|
|
16,918
|
|
5,675
|
|
2,142
|
|
157,512
|
|
248
|
|
330
|
|
456
|
|
2,933
|
|
3,967
|
|
161,479
|
|
78,863
|
|
240,342
|
|
|
Cash operating costs
|
$/oz
|
Mar-20
|
1,119
|
|
934
|
|
924
|
|
1,370
|
|
1,130
|
|
1,347
|
|
1,746
|
|
1,173
|
|
1,134
|
|
1,158
|
|
926
|
|
751
|
|
1,066
|
|
1,229
|
|
1,038
|
|
1,145
|
|
641
|
|
1,085
|
|
|
Mar-19
|
1,102
|
|
848
|
|
851
|
|
1,413
|
|
993
|
|
1,154
|
|
1,072
|
|
1,190
|
|
1,018
|
|
1,029
|
|
1,005
|
|
840
|
|
1,004
|
|
1,241
|
|
1,052
|
|
1,031
|
|
536
|
|
966
|
|
|
Cash operating costs
|
$/t
|
Mar-20
|
167
|
|
239
|
|
287
|
|
155
|
|
143
|
|
158
|
|
246
|
|
139
|
|
146
|
|
182
|
|
4
|
|
3
|
|
11
|
|
28
|
|
8
|
|
56
|
|
23
|
|
51
|
|
|
Mar-19
|
159
|
|
200
|
|
268
|
|
144
|
|
134
|
|
161
|
|
208
|
|
128
|
|
145
|
|
168
|
|
4
|
|
4
|
|
10
|
|
27
|
|
8
|
|
53
|
|
24
|
|
49
|
|
|
Cash operating cost
and Capital
|
$/oz
|
Mar-20
|
1,403
|
|
1,103
|
|
972
|
|
1,607
|
|
1,333
|
|
1,676
|
|
1,894
|
|
1,197
|
|
1,149
|
|
1,348
|
|
937
|
|
774
|
|
1,069
|
|
1,333
|
|
1,076
|
|
1,317
|
|
1,122
|
|
1,294
|
|
|
Mar-19
|
1,407
|
|
998
|
|
906
|
|
1,679
|
|
1,172
|
|
1,388
|
|
1,217
|
|
1,294
|
|
1,090
|
|
1,216
|
|
1,019
|
|
864
|
|
1,017
|
|
1,342
|
|
1,093
|
|
1,203
|
|
1,090
|
|
1,188
|
|
|
All-in sustaining cost
|
$/oz
|
Mar-20
|
1,407
|
|
1,092
|
|
1,010
|
|
1,601
|
|
1,318
|
|
1,640
|
|
1,908
|
|
1,236
|
|
1,187
|
|
1,350
|
|
938
|
|
770
|
|
1,056
|
|
1,362
|
|
1,079
|
|
1,319
|
|
1,147
|
|
1,298
|
|
|
Mar-19
|
1,387
|
|
1,010
|
|
936
|
|
1,631
|
|
1,170
|
|
1,375
|
|
1,251
|
|
1,332
|
|
1,117
|
|
1,222
|
|
1,015
|
|
861
|
|
1,015
|
|
1,372
|
|
1,101
|
|
1,208
|
|
1,131
|
|
1,198
|
|
|
Operating free cash flow margin1
|
%
|
Mar-20
|
6
|
%
|
29
|
%
|
35
|
%
|
(7
|
)%
|
13
|
%
|
(18
|
)%
|
(23
|
)%
|
16
|
%
|
20
|
%
|
10
|
%
|
36
|
%
|
48
|
%
|
30
|
%
|
11
|
%
|
28
|
%
|
12
|
%
|
21
|
%
|
13
|
%
|
|
Mar-19
|
(10
|
)%
|
19
|
%
|
29
|
%
|
(26
|
)%
|
10
|
%
|
(6
|
)%
|
7
|
%
|
(2
|
)%
|
15
|
%
|
5
|
%
|
18
|
%
|
33
|
%
|
20
|
%
|
(3
|
)%
|
15
|
%
|
6
|
%
|
10
|
%
|
6
|
%
|
1Excludes run of mine costs for Kalgold (Mar-20:US$0.054m, Mar-19:-US$0.056m) and Hidden Valley (Mar-20:-US$11.477m, Mar-19:-US$5.002m).
DIRECTORATE AND ADMINISTRATION
HARMONY GOLD MINING COMPANY LIMITED
Harmony Gold Mining Company Limited was incorporated and registered
as a public company in South Africa on 25 August 1950
Registration number: 1950/038232/06
CORPORATE OFFICE
Randfontein Office Park
PO Box 2
Randfontein 1760
South Africa
Corner Main Reef Road and Ward Avenue
Randfontein, 1759
South Africa
Telephone: +27 11 411 2000
Website: www.harmony.co.za
DIRECTORS
PT Motsepe* (chairman)
JM Motloba* (deputy chairman)
M Msimang*^ (lead independent director)
PW Steenkamp (chief executive officer)
B Lekubo (financial director)
F Abbott (executive director)
HE Mashego (executive director)
JA Chissano*#^
FFT De Buck*^
KV Dicks*^
Dr DSS Lushaba*^
HG Motau*^
KT Nondumo*^
VP Pillay*^
GR Sibiya*^
MV Sisulu*^
JL Wetton*^
AJ Wilkens*
* Non-executive
^ Independent
# Mozambican
INVESTOR RELATIONS
E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 2314
Website: www.harmony.co.za
ACTING COMPANY SECRETARIAT
Shela Mohatla
Randfontein Office Park
Corner Main Reef Road and Ward Avenue
Randfontein, 1759
South Africa
(PO Box 2, Randfontein 1760, South Africa)
E-mail: companysecretariat@harmony.co.za
TRANSFER SECRETARIES
Link Market Services South Africa (Proprietary) Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House,
Ameshoff Street, Braamfontein
PO Box 4844
Johannesburg, 2000
South Africa
Telephone: 0861 546 572
E-mail: info@linkmarketservices.co.za
Fax: +27 86 674 4381
ADR* DEPOSITARY
Deutsche Bank Trust Company Americas
c/o American Stock Transfer and Trust Company
Operations Centre, 6201 15th Avenue
Brooklyn, NY11219
E-mail queries: db@astfinancial.com
Toll free (within US): +1-886-249-2593
Int: +1 718 921 8137
Fax: +1 718 921 8334
*ADR: American Depositary Receipts
SPONSOR
JP Morgan Equities South Africa (Pty) Ltd
1 Fricker Road, corner Hurlingham Road, Illovo,
Johannesburg, 2196
Private Bag X9936, Sandton, 2146
Telephone: +27 11 507 0300
Fax: +27 11 507 0503
TRADING SYMBOLS
JSE Limited: HAR
New York Stock Exchange, Inc.: HMY
ISIN: ZAE 000015228
FORWARD LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of the safe harbour 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, 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: overall economic and business conditions in South Africa, Papua New Guinea, Australia and elsewhere; estimates of future earnings, and the sensitivity of earnings to gold and other metals prices; estimates of future gold and other metals production and sales; estimates of future cash costs; estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; estimates of provision for silicosis settlement; statements regarding future debt repayments; estimates of future capital expenditures; the success of our business strategy, exploration and development activities and other initiatives; future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing plans; estimates of reserves statements regarding future exploration results and the replacement of reserves; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations; fluctuations in the market price of gold; the occurrence of hazards associated with underground and surface gold mining; the occurrence of labour disruptions related to industrial action or health and safety incidents; power cost increases as well as power stoppages, fluctuations and usage constraints; supply chain shortages and increases in the prices of production imports and the availability, terms and deployment of capital; our ability to hire and retain senior management, sufficiently technically-skilled employees, as well as our ability to achieve sufficient representation of historically disadvantaged HDSAs in management positions; our ability to comply with requirements that we operate in a sustainable manner and provide benefits to affected communities; potential liabilities related to occupational health diseases; changes in government regulation and the political environment, particularly tax and royalties, mining rights, health and safety, environmental regulation and business ownership including any interpretation thereof; court decisions affecting the South African mining industry, including, without limitation, regarding the interpretation of mining rights; our ability to protect our information technology and communication systems and the personal data we retain; risks related to the failure of internal controls; the outcome of pending or future litigation or regulatory proceedings; fluctuations in exchange rates any further downgrade of South Africa's credit rating; and currency devaluations and other macroeconomic monetary policies; the adequacy of the Group's insurance coverage; and socio-economic or political instability in South Africa, Papua New Guinea, Australia and other countries in which we operate.
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 Annual 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
Harmony Gold Mining Company Limited
|
|
|
|
|
Date: May 6, 2020
|
By: /s/ Boipelo Lekubo
|
|
|
Name: Boipelo Lekubo
|
|
|
Title: Financial Director
|