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
 
 
Nine months ended March 2020

Nine months ended March 2019

% Variance

March 2020 Quarter

March 2019 Quarter

% Variance

Gold produced
kg
30 814

33 673

(8
)
9 403

10 314

(9
)
oz
990 691

1 082 611

(8
)
302 312

331 603

(9
)
Underground grade
g/t
5.40

5.60

(4
)
5.68

5.48

4

Gold price received
R/kg
704 965

579 778

22

754 870

595 814

27

US$/oz
1 470

1 278

15

1 528

1 324

15

Cash operating costs
R/kg
520 041

438 452

(19
)
567 637

457 911

(24
)
US$/oz
1 085

966

(12
)
1 149

1 017

(13
)
Total costs and capital
R/kg
620 427

539 182

(15
)
659 421

569 775

(16
)
US$/oz
1 294

1 188

(9
)
1 335

1 266

(5
)
All-in sustaining costs
R/kg
622 458

543 432

(15
)
660 323

578 785

(14
)
US$/oz
1 298

1 198

(8
)
1 336

1 286

(4
)
Production profit
R million
5 946

4 813

24

1 836

1 428

29

US$ million
399

341

17

119

102

17

Exchange rate
R/US$
14.91

14.11

6

15.37

14.00

10

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

 
 
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)

 
 
 
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
1,211

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