6-K 1 sens_operationalupdatefort.htm 6-K Document


 



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 November 9, 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
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE share code: HAR NYSE share code: HMY
ISIN: ZAE000015228
(“Harmony” or “Company”)

OPERATIONAL UPDATE FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2020

STRONG OPERATIONAL PERFORMANCE BOOSTS PRODUCTION PROFIT, INCREASES OPERATING FREE CASH FLOW MARGIN

TOTAL GOLD PRODUCTION INCREASED BY 38%
FREE OPERATING CASH FLOW MARGIN INCREASED BY 20%
NET DEBT TO EBITDA REDUCED FROM 0.8X TO 0.5X NORMALISED# 
#Net debt to EBITDA ratio normalised to exclude the capital raise.

Johannesburg. Monday, 9 November 2020. Harmony Gold Mining Company Limited ("Harmony" or "the Company") is pleased to report a strong operational performance in the first quarter of financial year 2021 ("FY21").

"A solid operational performance, further aided by the gold price, has significantly strengthened our balance sheet, allowing us to achieve an operating free cash flow margin of 20%. We are in the process of integrating our newly acquired assets in line with our growth strategy and believe that we will be able to unlock further value through increased ounces and various surface and service synergies", said Peter Steenkamp, chief executive officer of Harmony.

OPERATING RESULTS
 


Quarter
September
2020


Quarter
June
2020
Quarter-on-
 quarter variance
%


Quarter September
2019
Comparative quarter-on-
quarter* variance
%
Gold produced
kg
9 758
7 049
38
11 231
(13)
oz
313 725
226 632
38
361 085
(13)
Underground grade
g/t
5.31
5.72
(7)
5.26
1
Gold price received
R/kg
922 398
875 341
5
683 572
35
US$/oz
1 698
1 518
12
1 449
17
Cash operating costs
R/kg
627 830
699 829
10
484 216
(30)
US$/oz
1 156
1 213
5
1 026
(13)
All-in sustaining costs
R/kg
728 465
783 336
7
589 597
(24)
US$/oz
1 341
1 358
1
1 250
(7)
Production profit
R million
2 782
1 251
122
2 384
17
 
US$ million
165
70
136
162
2
Exchange rate
R/US$
16.90
17.94
(6)
14.68
15
*September 2020 quarter and September 2019 quarter comparison.
Quarter-on-quarter operating results tables have been included on pages 4 to 5 (R/metric) and 6 to 7 (US$/imperial).
This operational update is the responsibility of the directors and has not been reviewed or audited by the Company’s auditors. Detailed financial and operational results are provided on a six-monthly basis at the end of December and June.

SAFETY

The Company continues to be vigilant in its management and response to the COVID-19 pandemic at all of its operations and to adhere to the strict protocols put in place.






Regrettably, three Harmony employees died in work-related incidents during the September 2020 quarter. Harmony has adopted global best practice safety standards, developed and implemented a four-layered risk management based approach, introduced modernised safety systems and intensified its focus on leadership development and training to address behaviour.

OPERATIONAL PERFORMANCE

Quarter-on-quarter, production increased by 38% from 7 049kg (226 632oz) to 9 758kg (313 725oz), with a 64% increase in gold production at the South African underground operations from 4 578kg (147 187oz) in the June 2020 quarter to 7 528kg (242 029oz) at the end of September 2020. This is mainly as a result of all underground operations resuming work at 100% of capacity after the COVID-19 lockdown restrictions were lifted.

During the COVID-19 lockdown, Harmony mined higher grade panels, which impacted the quarter-on-quarter performance of the South African underground operations and resulted in a 7.2% decrease quarter-on-quarter. The September 2020 quarter reflects a return to a more normalised grade of 5.31g/t, which is more or less in line with the underground recovered grade achieved in the comparable period in September 2019.

Gold production at Hidden Valley decreased by 19% quarter-on-quarter to 983kg (31 604oz) from 1 212kg (38 967oz). Production was impacted by a planned major shut down of the processing plant as well as a result of lower mined grade as the mine transitioned between various stages of the open pit. The key focus in FY21 will be to safely mine the current cutback to produce between 172 300 to 177 700 ounces, while starting the next planned pushback of the main Hidden Valley pit.

Operational excellence boosts production

graphssep21.jpg

All-in sustaining costs ("AISC") were 7% lower at R728 465/kg (US$1 341/oz) compared to R783 336/kg (US$1 358/oz) in the previous quarter, due to higher production.

Harmony's operating free cash flow almost tripled quarter-on-quarter to R1.8 billion, compared to R603 million in the previous quarter, due to higher production and a 5.4% increase in the R/kg price of R922 398/kg (US$1 698/oz, 12% higher) quarter-on- quarter. The Company's operating free cash flow margin doubled in the same period, from 10% to 20%.

BALANCE SHEET AND LIQUIDITY

Stronger production cash flows enabled us to reduce our net debt to EBITDA ratio from normalised 0.8x in June 2020 to 0.5x by quarter end. Before normalising for the equity placement, the ratio stood at 0.2x at 30 June 2020. Net debt at 30 September 2020 was at R3.25 billion (US$194 million) after paying for the newly acquired assets.






In June 2020, Harmony raised US$200 million (R3 466 million) by way of a share placement to fund the US$200 million cash portion of the consideration price relating to the acquisition of the Mponeng mine and Mine Waste Solutions. The cash from the placement, combined with the cash generated by the operations, resulted in net debt of R1 361 million (US$79 million) as at the end of June 2020. The inclusion of the newly acquired assets will increase our future EBITDA meaningfully.

With current favourable market prices and current levels of production prevailing, we expect to be in a net cash position by the end of March 2021.

INTEGRATION OF MPONENG MINE, MINE WASTE SOLUTIONS AND RELATED ASSETS

Harmony assumed full ownership of Mponeng mine, Mine Waste Solutions and related assets on 1 October 2020. Integration of these assets is currently under way. We expect cash flows to be boosted, as we unlock value through potential synergies with existing surface and service infrastructure, as well as adding quality replacement ounces to the Company's reserves and resources.

Harmony will provide an update to its current market guidance of producing between 1.26Moz and 1.3Moz at an all-in sustaining cost of R690 000/kg to R710 000/kg at the Company's half year results in February 2021.

WAFI-GOLPU ("THE PROJECT")

Harmony, together with its Wafi-Golpu Joint Venture partner Newcrest Mining Limited, looks forward to re-engaging with the State of Papua New Guinea (PNG) and progressing discussions on the Special Mining Lease for the Wafi-Golpu Project.

With regard to the permitting of the Project under the Environment Act of 2000, we are awaiting a decision by the Minister for Environment, Conservation and Climate Change regarding the assessment of the Environment Impact Statement for the Project. Harmony considers Deep Sea Tailings Placement to be the safest and most environmentally and socially responsible tailings management solution for the Project for the duration of its operations and beyond mine closure, which conclusion is supported by industry leading scientific studies and extensive data gathered by over four years of oceanographic investigations.

We continue to engage with all stakeholders concerned to ensure that we agree on the safest and most environmentally and socially responsible tailings management solution for Wafi-Golpu.

HEDGING

Harmony completed additional hedging to cover the newly acquired ounces at prices in excess of R1 million per kilogram, increasing the average forward Rand gold price on the hedge book from R743 000/kg in the previous quarter, to R846 000/kg in the September 2020 quarter. Our commodity price and exchange rate hedging derivative strategy and programme is implemented for a limited portion of production and foreign exchange. The programme is intended to reduce Harmony's exposure to a strengthening rand/US dollar exchange rate and lower commodity prices. These programmes are topped up as and when opportunities arise to lock-in attractive margins for the business.

Harmony's hedge position as at 30 September 2020:





 
FY2021
FY2022
FY2023

TOTAL
Q2
Q3
Q4
Q1
Q2
Q3
Q4

Q1

Rand gold
 
 
 
 
 
 
 
 
 
Forward contracts koz
95
94
80
73
64
52
42

23

523
R’000/kg
712
724
772
847
921
1 021
1 077

1 117

846
Dollar gold
 
 
 
 
 
 
 
 
 
Forward contracts koz
12
12
12
12
12
11
10

3

84
US$/oz
1 442
1 489
1 521
1 561
1 606
1 723
1 802

1 921

1 597
Total gold koz
107
106
92
85
76
63
52

26

607
Currency hedges
Rand dollar
 
 
 
 
 
 
 
 
 
Zero cost collars $m
115
99
65
47
42
27


394
Floor R/$
15.40
15.44
15.91
16.32
16.93
17.99


15.94
Cap R/$
16.58
16.62
17.28
17.90
18.54
19.65


17.28
Forward contracts $m
44
35
12
9
9
8


118
R/$
15.82
16.13
16.93
18.18
18.41
18.71


16.68
Total rand dollar $m
159
134
77
56
51
35


512
Dollar silver
 
 
 
 
 
 
 
 
 
Zero cost collars $m

375
375
375
365
335
315
285

125

2 550
Floor R/$
18.07
18.29
18.42
18.61
19.52
20.05
20.32

22.69

19.16
Cap R/$
19.60
19.84
20.02
20.26
21.35
22.05
22.49

24.89

20.91
HARMONY’S ANNUAL REPORTS
Harmony’s suite of annual reports, including its annual report filed on a Form 20F with the United States’ Securities and Exchange Commission for the financial year ended 30 June 2020 are available on the website (www.harmony.co.za/invest).




OPERATING RESULTS - QUARTER-ON-QUARTER (RAND/METRIC)
 
Three months ended
SOUTH AFRICA
Hidden Valley
TOTAL HARMONY
UNDERGROUND PRODUCTION
SURFACE PRODUCTION
TOTAL SOUTH AFRICA
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
Sep-20
344
213
58
84
224
139
195
114
46
1 417
1 547
1 008
1 196
381
4 132
5 549
843
6 392
Jun-20
206
102
29
43
120
98
118
58
27
801
1 516
1 015
1 530
366
4 427
5 228
970
6 198
Yield
- g/tonne
Sep-20
4.64
8.29
8.95
3.86
4.39
4.22
5.65
3.91
4.48
5.31
0.132
0.140
0.477
0.87
0.30
1.58
1.17
1.53
Jun-20
5.40
9.27
10.52
4.79
4.66
4.64
5.21
4.28
4.85
5.72
0.132
0.143
0.448
0.63
0.28
1.12
1.25
1.14
Gold produced
- kg
Sep-20
1 595
1 766
519
324
984
587
1 101
446
206
7 528
204
141
570
332
1 247
8 775
983
9 758
Jun-20
1 113
946
305
206
559
455
615
248
131
4 578
200
145
685
229
1 259
5 837
1 212
7 049
Gold sold
- kg
Sep-20
1 552
1 704
505
315
931
595
1 051
434
200
7 287
203
141
547
325
1 216
8 503
1 058
9 561
Jun-20
1 131
924
310
210
546
424
584
252
133
4 514
195
142
689
221
1 247
5 761
1 151
6 912
Gold price received
- R/kg
Sep-20
927 352
929 144
928 943
928 479
924 352
929 661
918 190
812 129
927 125
919 545
847 729
927 191
924 612
929 911
913 493
918 680
952 278
922 398
Jun-20
895 500
895 026
893 358
891 343
895 081
720 118
881 589
797 992
738 165
866 659
813 344
880 141
881 032
880 222
870 202
867 426
914 960
875 341
Gold revenue
(R'000)
Sep-20
1 439 251
1 583 261
469 116
292 471
860 572
553 148
965 018
352 464
185 425
6 700 726
172 089
130 734
505 763
302 221
1 110 807
7 811 533
1 007 510
8 819 043
Jun-20
1 012 810
827 004
276 941
187 182
488 714
305 330
514 848
201 094
98 176
3 912 099
158 602
124 980
607 031
194 529
1 085 142
4 997 241
1 053 119
6 050 360
Cash operating cost (net of by- product credits)
(R'000)
Sep-20
1 281 309
978 613
303 233
284 065
532 743
428 045
793 095
344 372
141 391
5 086 866
101 192
73 058
257 932
210 766
642 948
5 729 814
396 552
6 126 366
Jun-20
936 967
752 960
215 193
220 335
380 464
349 770
553 599
256 223
110 082
3 775 593
88 753
60 733
307 464
129 234
586 184
4 361 777
571 319
4 933 096
Inventory movement
(R'000)
Sep-20
(31 430)
(12 932)
(11 837)
(6 947)
(29 305)
(695)
(33 343)
(10 568)
(4 411)
(141 468)
(1 659)
(658)
(9 517)
(6 495)
(18 329)
(159 797)
70 799
(88 998)
Jun-20
6 884
(33 782)
3 317
1 598
(8 084)
(20 813)
(29 014)
5 204
2 261
(72 429)
(2 162)
(929)
2 224
(3 561)
(4 428)
(76 857)
(56 456)
(133 313)
Operating costs
(R'000)
Sep-20
1 249 879
965 681
291 396
277 118
503 438
427 350
759 752
333 804
136 980
4 945 398
99 533
72 400
248 415
204 271
624 619
5 570 017
467 351
6 037 368
Jun-20
943 851
719 178
218 510
221 933
372 380
328 957
524 585
261 427
112 343
3 703 164
86 591
59 804
309 688
125 673
581 756
4 284 920
514 863
4 799 783
Production profit
(R'000)
Sep-20
189 372
617 580
177 720
15 353
357 134
125 798
205 266
18 660
48 445
1 755 328
72 556
58 334
257 348
97 950
486 188
2 241 516
540 159
2 781 675
Jun-20
68 959
107 826
58 431
(34 751)
116 334
(23 627)
(9 737)
(60 333)
(14 167)
208 935
72 011
65 176
297 343
68 856
503 386
712 321
538 256
1 250 577
Capital expenditure
(R'000)
Sep-20
167 516
112 948
13 302
34 295
84 165
83 606
28 823
2 779
0
527 434
0
2 978
5 170
29 297
37 445
564 879
228 187
793 066
Jun-20
87 194
41 222
7 869
16 193
43 845
64 208
17 482
3 393
1 416
282 822
3 673
6 603
401
52 575
63 252
346 074
114 141
460 215
Cash operating costs
- R/kg
Sep-20
803 329
554 141
584 264
876 744
541 405
729 208
720 341
772 135
686 364
675 726
496 039
518 142
452 512
634 837
515 596
652 970
403 410
627 830
Jun-20
841 839
795 941
705 551
1 069 587
680 615
768 725
900 161
1 033 157
840 321
824 725
443 765
418 848
448 853
564 341
465 595
747 263
471 385
699 829
Cash operating costs
- R/tonne
Sep-20
3 725
4 594
5 228
3 382
2 378
3 079
4 067
3 021
3 074
3 590
65
72
216
553
156
1 033
470
958
Jun-20
4 548
7 382
7 420
5 124
3 171
3 569
4 692
4 418
4 077
4 714
59
60
201
353
132
834
589
796
Cash operating cost
and Capital
- R/kg
Sep-20
908 354
618 098
609 894
982 593
626 939
871 637
746 520
778 365
686 364
745 789
496 039
539 262
461 582
723 081
545 624
717 344
635 543
709 104
Jun-20
920 181
839 516
731 351
1 148 194
759 050
909 842
928 587
1 046 839
851 130
886 504
462 130
464 386
449 438
793 926
515 835
806 553
565 561
765 117
All-in sustaining cost
- R/kg
Sep-20
928 984
639 717
628 283
1 013 547
603 082
842 757
771 949
812 287
719 524
760 131
490 310
534 596
463 592
742 288
550 773
729 854
717 309
728 465
Jun-20
926 827
843 486
754 418
1 167 919
728 268
948 751
959 197
1 100 184
898 648
900 221
467 077
459 484
450 057
847 586
524 244
818 924
605 280
783 336
Operating free cash flow margin¹
%
Sep-20
(1%)
31%
33%
(9%)
28%
8%
15%
2%
24%
16%
41%
42%
48%
21%
39%
19%
28%
20%
Jun-20
(1%)
4%
19%
(26%)
13%
(36%)
(11%)
(29%)
(14%)
(4%)
42%
46%
49%
7%
40%
6%
30%
10%
¹Excludes run of mine costs for Kalgold (Sep-20:R0.644m, Jun-20:R0.222m) and Hidden Valley (Sep-20:-R95.73m, Jun-20:-R54.45m).




OPERATING RESULTS - QUARTER ON QUARTER (US$/IMPERIAL)
 
Three months ended
SOUTH AFRICA
Hidden Valley
TOTAL HARMONY
UNDERGROUND PRODUCTION
SURFACE PRODUCTION
TOTAL SOUTH AFRICA
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
Sep-20
379
235
64
93
247
153
215
126
51
1 563
1 706
1 112
1 319
420
4 557
6 120
930
7 050
Jun-20
227
112
32
47
132
108
130
64
30
882
1 672
1 119
1 687
404
4 882
5 764
1 070
6 834
Yield
- oz/ton
Sep-20
0.135
0.242
0.261
0.112
0.128
0.123
0.165
0.114
0.130
0.155
0.004
0.004
0.014
0.025
0.009
0.046
0.034
0.045
Jun-20
0.158
0.272
0.306
0.141
0.136
0.135
0.152
0.125
0.140
0.167
0.004
0.004
0.013
0.018
0.008
0.033
0.036
0.033
Gold produced
- oz
Sep-20
51 280
56 778
16 686
10 417
31 636
18 872
35 398
14 339
6 623
242 029
6 559
4 533
18 326
10 674
40 092
282 121
31 604
313 725
Jun-20
35 784
30 415
9 806
6 623
17 972
14 629
19 773
7 973
4 212
147 187
6 430
4 662
22 023
7 363
40 478
187 665
38 967
226 632
Gold sold
- oz
Sep-20
49 898
54 785
16 236
10 127
29 932
19 130
33 790
13 953
6 430
234 281
6 527
4 533
17 586
10 449
39 095
273 376
34 015
307 391
Jun-20
36 362
29 707
9 967
6 752
17 554
13 632
18 776
8 102
4 276
145 128
6 269
4 565
22 152
7 105
40 091
185 219
37 005
222 224
Gold price received
- $/oz
Sep-20
1 707
1 710
1 710
1 709
1 701
1 711
1 690
1 495
1 707
1 693
1 560
1 707
1 702
1 712
1 681
1 691
1 753
1 698
Jun-20
1 553
1 552
1 549
1 545
1 552
1 249
1 529
1 384
1 280
1 503
1 410
1 526
1 528
1 526
1 509
1 504
1 586
1 518
Gold revenue
($'000)
Sep-20
85 172
93 694
27 761
17 308
50 927
32 734
57 108
20 858
10 973
396 535
10 184
7 737
29 930
17 885
65 736
462 271
59 622
521 893
Jun-20
56 458
46 101
15 438
10 434
27 243
17 020
28 700
11 210
5 473
218 077
8 841
6 967
33 839
10 844
60 491
278 568
58 705
337 273
Cash operating cost (net of by- product credits)
($'000)
Sep-20
75 825
57 913
17 944
16 811
31 527
25 331
46 934
20 379
8 367
301 031
5 988
4 323
15 264
12 472
38 047
339 078
23 468
362 546
Jun-20
52 231
41 974
11 996
12 282
21 209
19 497
30 860
14 283
6 136
210 468
4 947
3 385
17 139
7 204
32 675
243 143
31 849
274 992
Inventory movement
($'000)
Sep-20
(1 860)
(765)
(700)
(411)
(1 734)
(41)
(1 973)
(625)
(261)
(8 370)
(98)
(39)
(563)
(384)
(1 084)
(9 454)
4 190
(5 264)
Jun-20
384
(1 883)
185
89
(451)
(1 160)
(1 617)
290
126
(4 037)
(121)
(52)
124
(199)
(248)
(4 285)
(3 147)
(7 432)
Operating costs
($'000)
Sep-20
73 965
57 148
17 244
16 400
29 793
25 290
44 961
19 754
8 106
292 661
5 890
4 284
14 701
12 088
36 963
329 624
27 658
357 282
Jun-20
52 615
40 091
12 181
12 371
20 758
18 337
29 243
14 573
6 262
206 431
4 826
3 333
17 263
7 005
32 427
238 858
28 702
267 560
Production profit
($'000)
Sep-20
11 207
36 546
10 517
908
21 134
7 444
12 147
1 104
2 867
103 874
4 294
3 453
15 229
5 797
28 773
132 647
31 964
164 611
Jun-20
3 843
6 010
3 257
(1 937)
6 485
(1 317)
(543)
(3 363)
(789)
11 646
4 015
3 634
16 576
3 839
28 064
39 710
30 003
69 713
Capital expenditure
($'000)
Sep-20
9 913
6 685
788
2 030
4 982
4 948
1 706
164
0
31 216
0
176
306
1 734
2 216
33 432
13 503
46 935
Jun-20
4 861
2 299
439
902
2 444
3 580
975
190
79
15 769
205
368
22
2 930
3 525
19 294
6 363
25 657
Cash operating cost
- $/oz
Sep-20
1 479
1 020
1 075
1 614
997
1 342
1 326
1 421
1 263
1 244
913
954
833
1 168
949
1 202
743
1 156
Jun-20
1 460
1 380
1 223
1 854
1 180
1 333
1 561
1 791
1 457
1 430
769
726
778
978
807
1 296
817
1 213
Cash operating costs
- $/t
Sep-20
200
246
280
181
128
166
218
162
164
193
4
4
12
30
8
55
25
51
Jun-20
230
375
375
261
161
181
237
223
205
239
3
3
10
18
7
42
30
40
Cash operating cost
and Capital
- $/oz
Sep-20
1 672
1 138
1 123
1 809
1 154
1 604
1 374
1 433
1 263
1 373
913
992
850
1 331
1 004
1 320
1 170
1 305
Jun-20
1 595
1 456
1 268
1 991
1 316
1 577
1 610
1 815
1 476
1 537
801
805
779
1 376
894
1 398
981
1 327
All-in sustaining cost
- $/oz
Sep-20
1 710
1 177
1 156
1 866
1 110
1 551
1 421
1 495
1 324
1 399
902
984
853
1 366
1 014
1 343
1 321
1 341
Jun-20
1 607
1 462
1 308
2 025
1 263
1 645
1 663
1 908
1 558
1 561
810
797
780
1 470
909
1 420
1 046
1 358
Operating free cash flow margin¹
%
Sep-20
(1%)
31%
33%
(9%)
28%
8%
15%
2%
24%
16%
41%
42%
48%
21%
39%
19%
28%
20%
Jun-20
(1%)
4%
19%
(26%)
13%
(36%)
(11%)
(29%)
(14%)
(4%)
42%
46%
49%
7%
40%
6%
30%
10%

¹Excludes run of mine costs for Kalgold (Sep-20:US$0.038m, Jun-20:US$0.012m) and Hidden Valley (Sep-20:-US$5.665m, Jun-20:-US$3.035m).




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
Dr PT Motsepe* (chairman)
JM Motloba* (deputy chairperson)
M Msimang*^ (lead independent director)
PW Steenkamp** (chief executive officer)
BP Lekubo** (financial director)
HE Mashego** (executive director)
JA Chissano*#^
FFT De Buck*^
Dr DS Lushaba*^
HG Motau*^
KT Nondumo*^
VP Pillay*^
GR Sibiya*^
JL Wetton*^
AJ Wilkens*

* Non-executive
** Executive
^ Independent
# Mozambican

INVESTOR RELATIONS
E-mail: HarmonyIR@harmony.co.za
Telephone:
+27 11 411 2314 or
+27 82 759 1775
Website: www.harmony.co.za

GROUP COMPANY SECRETARY
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

JSE Investor Services (Pty) Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House,
Ameshoff Street, Braamfontein
PO Box 4844
Johannesburg, 2000
South Africa
Telephone: +27 861 546 572
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,
NY 11219, United States
E-mail queries: db@astfinancial.com
Toll free (within the 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) Limited
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 to this report, are necessarily estimates reflecting the
best judgement 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
(including as a result of the coronavirus disease ("Covid-19") pandemic)
- 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 and the spread of other contagious diseases, such as Covid-19
- Estimates of future tax liabilities under the Carbon Tax Act (South Africa)
- 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 persons 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, safety, environmental regulation and business ownership including any interpretation thereof;
court decisions affecting the 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 and currency devaluations and other macroeconomic monetary policies
- The adequacy of the Group's insurance coverage
- Any further downgrade of South Africa's credit rating
- Socio-economic or political instability in South Africa, Papua New Guinea 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 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.

Johannesburg
9 November 2020



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: November 9, 2020
By: /s/ Boipelo Lekubo
 
Name: Boipelo Lekubo
 
Title: Financial Director