Go Back Email this Link to a friend


Release Date: 21/08/2018 07:05:00      Code(s): HAR       PDF(s):  
Harmony Delivers

Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(“Harmony” and/or “the Company”)


Johannesburg, Tuesday, 21 August 2018. Harmony Gold Mining Company Limited (“Harmony” and/or “the
Company”) is pleased to announce its operational and financial results for the year ended 30 June 2018 (“FY18”).

“Our growth aspiration to produce 1.5 million ounces and improve the quality of our asset portfolio was realised with the
re-investment in Hidden Valley (FY17) and acquisition of Moab Khotsong (FY18). These operations will increase annual
production by 450 000 to 500 000 ounces at an average life of mine all-in sustaining unit cost of US$950/oz. In addition,
our successful hedging strategy has generated cash flows of R3.6 billion (US$276 million) since implementation in
FY16, securing cash flow margins and enabling Harmony to repay debt and fund our quality growth strategy. Harmony
has delivered”, said Peter Steenkamp, chief executive officer of Harmony.

Key features of FY18

    -   Embedding our safety culture through our various training and awareness campaigns
    -   Production guidance achieved for third consecutive year; produced 1.228Moz of gold at an all-in sustaining
        cost of R508 970/kg (US$1 231/oz)
    -   8% increase in underground recovered grade (six consecutive years of increasing grade)
    -   Hidden Valley delivers re-investment plan on schedule and within budget
    -   Successful integration of Moab Khotsong operations
    -   31% increase in SA underground resources
    -   11.6% increase in SA underground reserves
    -   R1.8 billion (US$141 million) generated in cash flow through effective hedging strategy

Headline earnings per share for FY18 amounted to 171 SA cents per share (13 US cents per share) compared with 298
SA cents per share (22 US cents) for FY17.

Strategy and FY19

Harmony’s teams remain committed to delivering on Harmony’s strategy to produce safe, profitable ounces and
increasing margins. Key focus areas in FY19 will be safety, repaying debt, delivering on our operational plans and
substantially progressing the permitting of the Wafi-Golpu project.

Harmony’s full results are available on its website (www.harmony.co.za).

For more details contact:

Lauren Fourie
Investor Relations Manager
+27(0)71 607 1498 (mobile)

Marian van der Walt
Executive: Investor Relations
+27(0)82 888 1242 (mobile)

Johannesburg, South Africa
21 August 2018

J.P. Morgan Equities South Africa Proprietary Limited


Date: 21/08/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2021 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.