6-K 1 operationalupdatedmarch2021.htm 6-K Operational updated March 2021


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 11, 2021

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 “the Company”)

OPERATIONAL UPDATE
for the nine months ended 31 March 2021
Significant jump in EBITDA margin translates into strong cash generation
Johannesburg, South Africa. Tuesday, 11 May 2021. Harmony Gold Mining Company Limited (“Harmony” or “the Company”) is pleased to report its operational performance for the nine months ended 31 March 2021.
Harmony has delivered another strong set of operational results year-on-year on the back of the successful integration of Mponeng and related assets into its portfolio, and a stronger Rand per kilogram gold price. The combination of a higher gold price received and improved EBITDA margin has resulted in strong cash generation and further strengthening of the Company’s balance sheet. Growing the Company’s ounces and margins in a safe and capital-responsible manner will guide each of its decisions as it continues to invest in both its people and its assets.
With a sturdy balance sheet and astute capital decisions, Harmony is well positioned for the next phase of its growth strategy. The Company has a pipeline of cash-enhancing projects which will boost its cash flow margins and sustain its production for many years to come. In addition, the tier 1 Wafi-Golpu project offers both commodity and geographic diversification, further transforming Harmony’s portfolio as it focuses on becoming a lower risk and higher margin business.
Harmony has a proven track record in sustaining communities, creating jobs and unlocking significant value from assets well beyond their initial life of mine. Environmental, Social and Governance (“ESG”) practices are embedded in how the Company operates and makes decisions to ensure sustainable mining. Through its successful track record, Harmony has become not only the South African gold mining champion, but also an established player in Papua New Guinea.
Harmony has an exciting story to tell and a wealth of emerging market experience. The combination of its existing asset portfolio, Wafi-Golpu and other brownfield projects will allow the Company to build on its copper-gold story while it continues to create value for all shareholders and stakeholders.
Nine months of the financial year 2021 (“FY21”) – Key operational metrics*
UnitY-on-Y
move
Y-on-Y
%
Nine
months
 FY21
Nine
months
 FY20
Comments
Gold priceR/kgé23.3868 964704 965Higher US$ gold price and weaker Rand contributed to a higher Rand gold price received
Underground yieldg/té2.65.54 5.40 Improved grade at Kusasalethu, as well as the introduction of higher grades from Mponeng
Adjusted EBITDA#
Rmé3609 439 2 050 Increased due to an improved Rand gold price received and higher average grade and production post acquisition of Mponeng and related assets
Adjusted EBITDA margin%é241319Increased on the back of improved Rand gold price received and higher margins received at Mponeng and surface source operations
Gold produced totalkgé13.534 96930 814Successful integration of Mponeng and related assets and improved production year-on-year
ozé13.51 124 274990 691
Production – South Africakgé15.931 47027 154Successful integration of Mponeng and related assets
Production – Hidden Valleykgê(4.4)3 4993 660As a result of lower labour productivity due to COVID-19 working roster and travel restrictions
All-in sustaining cost (“AISC”)R/kgé(15.8)720 572622 458Higher royalties, unplanned COVID-19 related expenses and increased labour costs due to overtime. Other expenses which contributed to higher costs were consumables and contractors while Target 1 also contributed to an overall higher AISC
US$/ozé(9.1)1 4161 298
*    The financial information has not been reviewed by the Company’s Auditors



#    The Company reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and non-recurring events. For the reporting period, the non-recurring events include the gain on bargain purchase and acquisition-related costs. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity
Safety
It is with deep regret that Harmony reports that five of its employees lost their lives in work-related incidents during the March 2021 quarter. The Company sends its deepest condolences to the families and loved ones of the colleagues who died. Zero loss of life remains the Company’s non-negotiable objective.
The Company continues to prioritise the safety of its employees. It is continuously working to avoid any work-related injuries and continue its safety journey as it focuses on a humanistic transformation at all its operations. Through passionate leadership, resilient management systems, effective risk management and organisational learning, it is developing an engaged and interdependent workforce who display a proactive relationship to safety.
Several notable milestones were recorded during the quarter:
Kalgold achieved 3 750 000 fatality-free shifts
Moab Khotsong, Doornkop and Mponeng mines each achieved 1 million fatality-free shifts
Joel mine achieved 1 421 684 fatality-free shifts
Also see the Company’s website at www.harmony.co.za/sustainability/social/safety-health for more information on its safety initiatives and the incidents reported during the quarter.
Harmony remains committed to preventing the spread of COVID-19 and mitigating the impact thereof, while still prioritising other healthcare initiatives aimed at curbing occupational diseases and improving the wellness of its employees.
ESG
Harmony continues to place a strong focus on its ESG initiatives as good corporate citizens. As a result, the Company is pleased to announce that MSCI has upgraded Harmony from a ‘CCC’ to a ‘B’ rating in the March 2021 quarter, while it was once again included in the Bloomberg Gender-Equality index for the third consecutive year. The latest FTSE4Good ESG ratings revealed improved scores for Harmony, with the company outperforming both the sub-sector average for gold mining companies and the industry average for basic materials. These improved ratings are testimony to its embedded approach to ESG and sustainability throughout its entire business. In addition to its continuous environmental and social obligations, the importance of governance cannot be overemphasised. Harmony remains committed to operating ethically and honestly while mining in a sustainable and impactful manner.
Harmony’s virtual ESG Investor Day will be held on 22 June 2021, where the Company plans to share more on its ESG initiatives with the market. Details will be shared on the Company’s website in due course.
Production
Operating free cash flow for the nine months ended 31 March 2021 (“the reporting period”) was up 78% to R5 297 million (US$335 million) compared to R2 970 million (US$199 million) for the previous nine-month period ended 31 March 2020 (“the comparable period”).
Operating free cash flow margin increased from 13% in the previous comparable period to 18% for the reporting period on the back of:
a 2.6% increase in underground grade to 5.54g/t (5.40g/t at the end of March 2020)
a 23% increase in gold price received to R868 964/kg from R704 965/kg in the previous reporting period ended 31 March 2020
US$/oz gold price received increased by 16% from US$1 470/oz to US$1 708/oz
the Rand weakened by 6% against the US$ from R14.91 to R15.82 year-on-year
a 13.5% increase in production from 30 814kg (990 691oz) to 34 969kg (1 124 274oz)
The sequential increase year-on-year in production and free cash flow was largely due to the successful integration of Mponeng and related assets into its portfolio, as well as a higher R/kg gold price received.
Despite COVID-19 and the seasonal challenges typically faced in the third quarter of FY21, the Company managed to catch up on its development and production in the third quarter of FY21.
Quarter-on-quarter, production declined 12.2% from 13 425kg (431 622oz) to 11 786kg (378 927oz). The decline in production was predominantly as a result of an uncharacteristically slow start-up in January 2021 after the December 2020 break. COVID-19 compliance rules further exacerbated the seasonal slow return post the holidays – especially as it relates to employees returning through the South African borders and COVID-19 hotspot areas.
At its Papua New Guinea operations, Hidden Valley was impacted by COVID-19 and geotechnical stability of the eastern wall of the stage 6 pit during the March 2021 quarter, which resulted in a decrease in the grade of the ore. Despite this, Hidden Valley still managed a 15% increase in average recovered grade to 1.41g/t in Q3 FY21 from 1.23g/t in Q2 FY21, which resulted in a 16% increase in quarter-on-quarter gold production to 1 351kg (43 436oz) from 1 165kg (37 456oz).
Despite an increase in positive COVID-19 cases in Papua New Guinea, gold production at Hidden Valley has continued and contingencies are in place which seek to minimise disruption to the operation in the event of a significant number of operational employees and/or contractors contracting the virus. Production at the Hidden Valley mine in the June 2021 quarter will be impacted by major fixed plant maintenance and repairs with a mill re-lining taking place as well as a belt splice repair on the overland conveyor.
All-in sustaining cost (“AISC”)



Harmony’s AISC for the reporting period increased by almost 16% to R720 572/kg (US$1 416/oz) from R622 458/kg (US$1 298/oz). The primary drivers behind this increase were again royalties on the back of an increase in the Rand gold price and COVID-19 related costs, while the Company has also seen an increase in costs relating to safety as it continues on its safety transformation journey. The Company’s safety costs were further impacted by the increase in steel prices as it maintains and continues to install safety steel netting at all of its mines to eliminate incidents due to seismicity and fall of ground. Target 1 experienced pillar failure and backfill dilution during the March 2021 quarter, which further weighed on the AISC for the reporting period.
Wafi-Golpu project
In December 2020, following a rigorous environmental impact assessment, the Papua New Guinea Conservation and Environment Protection Authority approved, and the Director of Environment issued the Environment Permit for the Wafi-Golpu Project. The Environment Permit is required under the Papua New Guinea Environment Act and is a prerequisite for the grant of a Special Mining Lease under the Mining Act 1992.
Subsequently, the Governor of Morobe province and the Morobe Provincial Government have commenced legal proceedings in the National Court in Papua New Guinea seeking judicial review of the decision to issue the Environmental Permit. The participants in the Wafi-Golpu Joint Venture (WGJV) are not defendants to the proceedings.
The National Court is yet to hear and determine this judicial review application. At this stage, project and permitting activities can still progress. Harmony, together with its WGJV partner, Newcrest Mining Limited, looks forward to re-engaging with the State of Papua New Guinea and progressing discussions on the Special Mining Lease for the Wafi-Golpu Project.
The Papua New Guinea government has indicated that Wafi-Golpu is a project of national importance with the permitting thereof a priority.
Hedging
The Company’s hedging strategy is proving to be successful as its approach to hedge more selectively supports stronger margins and cash flows. The average forward Rand gold price on the hedge book has now increased from R892 000/kg (US$1 889/oz) as at 31 December 2020 to R936 000/kg (US$1 971/oz) as at 31 March 2021. Harmony will only hedge when it is certain that it can achieve a minimum margin of 25% above AISC and inflation. The Company will not hedge if it is not able to lock-in the required margin. The improved performance of its hedge book is also on the back of a weaker Rand gold price with approximately 15% of its gold production currently hedged.
Hedge position as at 31 March 2021
FY2021FY2022FY2023TOTAL
Q4Q1Q2Q3Q4Q1Q2Q3
Rand gold
Forward contractskoz8679726352385395
R’000/kg7908639331 022 1 070 1 084 1 025 936
Dollar gold
Forward contractskoz12121211109672
$/oz1 521 1 561 1 606 1 723 1 802 1 911 1 904 1 692 
Total goldkoz98918474624711467
Currency hedges
Rand dollar
Zero cost collars$m61474227177
Floor R/$15.9116.3216.9317.9916.56
Cap R/$17.2817.9018.5419.6518.09
Forward contracts$m1299838
R/$16.9318.1818.4118.7117.95
Total dollar$m73565135215
Dollar silver
Zero cost collarskoz375365335315285245165302 115 
Floor $/oz18.4218.6119.5220.0520.4324.0726.1026.3820.51
Cap $/oz20.0220.2621.3522.0522.4926.5728.9829.8822.50
Annual production, cost and grade guidance
As a result of the major repair work and fixed plant maintenance at Hidden Valley which occurred in the beginning of Q4 FY21, the Company feels it prudent to make a small adjustment to its production guidance to 1.50Moz to 1.55Moz from its previous production guidance of 1.56Moz to 1.6Moz for FY21.



Harmony remains confident that it will achieve its underground grade guidance of 5.47g/t to 5.64g/t and its overall cost guidance of R700 000/kg to R720 000/kg for FY21.
Balance sheet and liquidity
Net debt/EBITDA remained flat quarter-on-quarter at 0.1 times. Harmony repaid debt amounting to R833 million (US$56 million) during the March 2021 quarter. Net debt increased by R373 million (US$24 million) to R953 million (US$64 million) at 31 March 2021 (R580 million (US$40 million) at 31 December 2020) as a result of lower operating cash flow received due to the lower Rand gold price and seasonally lower production exacerbated by compliance with COVID-19 requirements, which impacted production and thus cash flow.



OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (RAND/METRIC)
Nine
months
ended
SOUTH AFRICASOUTH AFRICAHidden
Valley
TOTAL
HARMONY
UNDERGROUND PRODUCTIONTOTAL
SOUTH
AFRICA
Moab
Khotsong
Tshepong operationsMponengKusasalethuDoornkopBambananiMasimongTarget 1JoelUniselTotal UndergroundMine Waste SolutionsDumpsPhoenixCentral plant reclamationKalgoldTotal Surface
Ore milled– t'000Mar-216561 123442538624167383371257574 61811 2117 1934 6463 0121 12127 18331 8012 75034 551
Mar-206441 2114975611714314453061924 4582 9464 7113 0051 17511 83716 2952 93619 231
Yield– g/tonneMar-218.364.777.835.754.278.843.973.383.984.335.540.1220.3730.1260.1410.740.220.991.271.01
Mar-208.775.104.834.3410.684.064.023.874.435.400.3630.1310.1600.790.261.671.251.60
Gold produced– kgMar-215 4865 3583 4593 0952 6631 4771 5201 2551 02224725 5821 3722 6815874248245 88831 4703 49934 969
Mar-205 6466 1802 4002 4351 8271 7511 7891 18585124 0641 0686184809243 09027 1543 66030 814
Gold sold– kgMar-215 4615 2623 2503 0692 6301 4531 4941 2741 00524225 1401 3402 6235804268275 79630 9363 51334 449
Mar-205 8756 2682 5012 4921 8521 7751 8131 20286124 6391 0916284839303 13227 7713 79831 569
Gold price received– R/kgMar-21868 317862 411920 517870 183874 219873 290826 924890 027867 458925 979874 123747 663887 894806 409869 277878 695844 639868 599872 186868 964
Mar-20711 606708 239710 827714 900709 628676 132672 331707 239676 473703 969715 927685 495710 725709 814707 208704 334709 583704 965
Gold revenue1
(R'000)Mar-214 741 8804 538 0052 991 6802 670 5932 299 1951 268 8901 235 4251 133 894871 795224 08721 975 4441 232 8822 328 947467 717370 312726 6815 126 53927 101 9833 063 98830 165 971
Mar-204 180 6864 439 2411 777 7791 781 5301 314 2311 200 1351 218 936850 101582 44317 345 082781 076430 491343 280660 1272 214 97419 560 0562 694 99822 255 054
Cash operating cost (net of by-product credits)(R'000)Mar-212 864 4473 646 1241 891 3692 232 8421 601 328866 3561 074 8761 234 973838 601178 15416 429 070679 8061 501 537294 182205 096577 6603 258 28119 687 3511 290 90720 978 258
Mar-202 529 5443 314 9812 008 4931 319 027809 489984 7651 155 162778 436462 69313 362 590545 883274 416172 891544 3691 537 55914 900 1491 124 40016 024 549
Inventory movement(R'000)Mar-218 075(74 187)3 675(15 366)(20 782)(15 032)(22 126)6 782(12 864)3 679(138 146)90 46815 342(5 413)415865101 677(36 469)(10 398)(46 867)
Mar-2094 78939 40744 06838 74512 12811 88415 0599 6675 242270 9895 0924 8841 7441 72713 447284 436(109)284 327
Operating costs(R'000)Mar-212 872 5223 571 9371 895 0442 217 4761 580 546851 3241 052 7501 241 755825 737181 83316 290 924770 2741 516 879288 769205 511578 5253 359 95819 650 8821 280 50920 931 391
Mar-202 624 3333 354 3882 052 5611 357 772821 617996 6491 170 221788 103467 93513 633 579550 975279 300174 635546 0961 551 00615 184 5851 124 29116 308 876
Production profit(R'000)Mar-211 869 358966 0681 096 636453 117718 649417 566182 675(107 861)46 05842 2545 684 520462 608812 068178 948164 801148 1561 766 5817 451 1011 783 4799 234 580
Mar-201 556 3531 084 853(274 782)423 758492 614203 48648 71561 998114 5083 711 503230 101151 191168 645114 031663 9684 375 4711 570 7075 946 178
Capital expenditure(R'000)Mar-21457 707769 822343 844147 212316 59848 81217 005274 479128 3542 503 83349 58030 4631 16310 591144 501236 2982 740 131899 4633 639 594
Mar-20456 406842 486170 902236 84942 01120 384282 625134 7006 0712 192 4341 3593 2105 27246 02355 8642 248 298845 0003 093 298
Cash operating costs– R/kgMar-21522 138680 501546 796721 435601 325586 565707 155984 042820 549721 271642 212495 485560 066501 162483 717701 044553 377625 591368 936599 910
Mar-20448 024536 405836 872541 695443 070562 401645 703656 908543 705555 294511 126444 039360 190589 144497 592548 728307 213520 041
Cash operating costs– R/tonneMar-214 3673 2474 2794 1502 5665 1882 8063 3293 2633 1263 558612096368515120619469607
Mar-203 9282 7374 0412 3514 7342 2852 5962 5442 4102 9971855858463130914383833
Cash operating cost
and capital
– R/kgMar-21605 569824 178646 202769 000720 213619 613718 3431 202 751946 140721 271740 087531 622571 429503 143508 696876 409593 509712 662625 999703 991
Mar-20528 861672 729908 081638 963466 065574 043803 682770 579550 839646 402512 399449 233371 173638 952515 671631 526538 087620 427
All-in sustaining cost– R/kgMar-21604 840828 079701 250788 756682 872638 621745 6261 164 805966 315782 126749 497622 149589 913500 945507 282894 631625 868726 100671 901720 572
Mar-20523 449674 655914 614631 683484 252592 811786 269767 403569 317647 461506 264449 857369 068652 848517 322632 406549 724622 458
Operating free cash flow margin2
%Mar-2130 %3 %25 %11 %17 %28 %12 %(33 %)(11 %)20 %14 %22 %34 %37 %42 %0 %27 %16 %28 %18 %
Mar-2029 %%%(23 %)13 %35 %16 %(18 %)(7 %)20 %10 %%30 %36 %48 %11 %28 %12 %21 %13 %
¹ Includes a non-cash consideration to Franco-Nevada (Mar-21: R231.013m, Mar-20: R0m), excluded from the gold price calculation
² Excludes run-of-mine costs for Kalgold (Mar-21: -R2.703m, Mar-20: R0.982m) and Hidden Valley (Mar-21: -R16.974m, Mar-20: -R167.966m)



OPERATING RESULTS – NINE MONTHS ON NINE MONTHS (US$/IMPERIAL)
Nine
months
ended
SOUTH AFRICASOUTH AFRICAHidden
Valley
TOTAL
HARMONY
UNDERGROUND PRODUCTIONSURFACE PRODUCTIONTOTAL
SOUTH
AFRICA
Moab
Khotsong
Tshepong operationsMponengKusasalethuDoornkopBambananiMasimongTarget 1JoelUniselTotal UndergroundMine Waste SolutionsDumpsPhoenixCentral plant reclamationKalgoldTotal Surface
Ore milled- t'000Mar-217231 238487593688184423408284635 09112 3627 9325 1243 3221 23629 97635 0673 03338 100
Mar-207101 3355486181894754903372124 9143 2495 1943 3141 29613 05317 9673 23721 204
Yield- oz/tonMar-210.2440.1390.2280.1680.1240.2580.1160.0990.1160.1260.1620.0040.0110.0040.0040.0210.0060.0290.0370.030
Mar-200.2560.1490.1410.1270.3110.1190.1170.1130.1290.1570.0110.0040.0050.0230.0080.0490.0360.047
Gold produced- ozMar-21176 378172 263111 20999 50685 61747 48648 86940 34832 8587 941822 47544 11086 19618 87313 63226 492189 3031 011 778112 4961 124 274
Mar-20181 523198 69177 16178 28758 73956 29657 51738 09927 361773 67434 33719 86915 43229 70799 345873 019117 672990 691
Gold sold- ozMar-21175 575169 177104 49098 67084 55646 71548 03340 96032 3117 780808 26743 08284 33118 64813 69626 589186 346994 613112 9451 107 558
Mar-20188 885201 52080 40980 11959 54357 06758 28938 64527 682792 15935 07720 19015 52829 901100 696892 855122 1081 014 963
Gold price received- $/ozMar-211 7071 6951 8091 7101 7181 7171 6251 7491 7051 8201 7181 4701 7451 5851 7091 7271 6601 7071 7141 708
Mar-201 4841 4771 4831 4911 4801 4101 4021 4751 4111 4681 4931 4301 4821 4801 4751 4691 4801 470
Gold revenue¹($'000)Mar-21299 668286 784189 062168 771145 30080 18978 07471 65855 09414 1611 388 76177 913147 18029 55823 40245 923323 9761 712 737193 6321 906 369
Mar-20280 350297 688119 215119 46688 13080 47981 74057 00639 0581 163 13252 37828 86823 02044 267148 5331 311 665180 7221 492 387
Cash operating cost (net of by-product credits)($'000)Mar-21181 021230 420119 527141 107101 19754 75067 92878 04552 99611 2591 038 25042 96194 89118 59112 96136 506205 9101 244 16081 5801 325 740
Mar-20169 627222 297134 68688 45254 28366 03777 46352 20131 027896 07336 60618 40211 59436 504103 106999 17975 4001 074 579
Inventory movement($'000)Mar-21510(4 688)232(971)(1 313)(950)(1 398)429(813)232(8 730)5 717970(342)26556 426(2 304)(657)(2 961)
Mar-206 3562 6432 9552 5988137971 01064835218 17234132811711690219 074(7)19 067
Operating costs($'000)Mar-21181 531225 732119 759140 13699 88453 80066 53078 47452 18311 4911 029 52048 67895 86118 24912 98736 561212 3361 241 85680 9231 322 779
Mar-20175 983224 940137 64191 05055 09666 83478 47352 84931 379914 24536 94718 73011 71136 620104 0081 018 25375 3931 093 646
Production profit($'000)Mar-21118 13761 05269 30328 63545 41626 38911 544(6 816)2 9112 670359 24129 23551 31911 30910 4159 362111 640470 881112 709583 590
Mar-20104 36772 748(18 426)28 41633 03413 6453 2674 1577 679248 88715 43110 13811 3097 64744 525293 412105 329398 741
Capital expenditure($'000)Mar-2128 92548 65021 7309 30320 0083 0851 07517 3468 111158 2333 1331 925736699 13214 932173 16556 842230 007
Mar-2030 60656 49611 46015 8832 8171 36718 9529 033407147 021912153543 0863 746150 76756 664207 431
Cash operating costs- $/ozMar-211 0261 3381 0751 4181 1821 1531 3901 9341 6131 4181 2629741 1019859511 3781 0881 2307251 179
Mar-209341 1191 7461 1309241 1731 3471 3701 1341 1581 0669267511 2291 0381 1456411 085
Cash operating costs- $/tMar-2125018624523814729816119118717920431244307352735
Mar-202391672461432871391581551461821143288562351
Cash operating cost
and Capital
- $/ozMar-211 1901 6201 2701 5121 4161 2181 4122 3641 8601 4181 4551 0451 1239891 0001 7231 1671 4011 2301 384
Mar-201 1031 4031 8941 3339721 1971 6761 6071 1491 3481 0699377741 3331 0761 3171 1221 294
All-in sustaining cost- $/ozMar-211 1891 6281 3781 5501 3421 2551 4662 2901 8991 5371 4731 2231 1609859971 7581 2301 4271 3211 416
Mar-201 0921 4071 9081 3181 0101 2361 6401 6011 1871 3501 0569387701 3621 0791 3191 1471 298
Operating free cash flow margin²%Mar-2130 %3 %25 %11 %17 %28 %12 %(33 %)(11 %)20 %14 %22 %34 %37 %42 %0 %27 %16 %28 %18 %
Mar-2029 %%%(23 %)13 %35 %16 %(18 %)(7 %)20 %10 %%30 %36 %48 %11 %28 %12 %21 %13 %
¹ Includes a non-cash consideration to Franco-Nevada (Mar-21: US$14.599m, Mar-20: US$0.m), excluded from the gold price calculation
² Excludes run-of-mine costs for Kalgold (Mar-21: -US$0.168m, Mar-20: US$0.054m) and Hidden Valley (Mar-21: -US$0.574m, Mar-20: -US$11.477m)



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 chairman), M Msimang*^ (lead independent director), PW Steenkamp (chief executive officer), BP Lekubo (financial director), HE Mashego (executive director)
JA Chissano*^#, FFT De Buck*^, Dr DSS Lushaba*^, KT Nondumo*^, VP Pillay*^, GR Sibiya*^, P Turner*^, JL Wetton*^, AJ Wilkens*
* Non-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
COMPANY SECRETARIAT
Telephone: +27 11 411 2359
E-mail: companysecretariat@harmony.co.za
TRANSFER SECRETARIES
JSE Investor Services (Proprietary) Limited
(Registration number 2000/007239/07)
19 Ameshoff Street, 13th Floor, Hollard Building, Braamfontein
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: +27 861 546 572
E-mail: info@jseinvestorservices.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 (Proprietary) 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
ISIN: ZAE 000015228
HARMONY’S ANNUAL REPORTS
Harmony’s Integrated Annual Report, and 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 our website (www.harmony.co.za/invest).



FORWARD-LOOKING STATEMENTS
This presentation 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 presentation and the exhibits to this presentation, 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 our Integrated Annual 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; impact of COVID-19 on our operational and financial estimates and results; estimates of future earnings, and the sensitivity of earnings to the prices of gold and other metals; estimates of future production and sales for gold and other metals; estimates of future cash costs; estimates of future cash flows, and the sensitivity of cash flows to the prices of gold and other metals; estimates of provision for silicosis settlement; estimates of future tax liabilities under the Carbon Tax Act; 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 Company’s insurance coverage; any further downgrade of South Africa’s credit rating and socio-economic or political instability in South Africa, Papua New Guinea and other countries in which we operate.
The foregoing factors and others described under “Risk Factors” in our Integrated Annual Report (www.harmony.co.za) and our Form 20F should not be construed as exhaustive. We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as required by law. All subsequent written or oral forward-looking statements attributable to Harmony or any person acting on its behalf are qualified by the cautionary statements herein.

 

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 11, 2021By: /s/ Boipelo Lekubo
Name: Boipelo Lekubo
Title: Financial Director