Wrap Text
Operational Update for the three months ended 30 September 2019
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(“Harmony” or “the company”)
OPERATIONAL UPDATE FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2019
Johannesburg. Wednesday, 13 November 2019. Harmony Gold Mining Company (“Harmony” or “the
company”) is pleased to report that good momentum at most of its mines, together with a
higher Rand gold price received, resulted in much stronger cash operating cash flows in
the first quarter of financial year 2020 (FY20).
Gold production from the South African underground operations quarter on quarter was 7%
higher at 8 736kg, Total gold production rose by 1.5% to 11 231kg. Underground recovered
grade reduced by 5.4% to 5.26g/t at the South African underground operations.
Lower grades were anticipated at Joel and Hidden Valley, and at the South African
underground mines nearing the end of their lives (Bambanani, Masimong and Unisel). Higher
grades are expected from both Joel and Hidden Valley (as we transition from stage 5 to
stage 6 cutbacks) towards the fourth quarter.
An unexpected geological structure in one high grade raiseline at Kusasalethu resulted in
four panels being stopped. Given the erratic nature of the Ventersdorp Contact Reef, some
high grade areas are currently being mined at lower grades than expected. We believe
Kusasalethu should be back on plan towards the end of FY20.
Total gold revenue was 20% higher at about R8 billion – a consequence mainly of a 12%
increase in the average Rand gold price received to
R683 572/kg and the increase in gold sold during the quarter. Production profit was 34%
higher at R2.4 billion. Total cash operating costs increased by 10.9% (R536 million).
Once-off winter electricity tariffs (R271 million) and annual wage increases of R181
million were the primary contributors, accounting for 5.5% and 3.7% respectively of the
increase in total cash costs.
*Operating free cash flow margin is defined as revenue – cash operating cost – capital
expenditure + impact of run of mine (ROM) costs as per operating results.
OPERATING RESULTS SUMMARY
Comparative
Quarter Quarter Q-on-Q Quarter Q-on-Q*
September June Variance September Variance*
2019 2019 % 2018 %
Gold produced kg 11 231 11 061 2 11 773 (5)
oz 361 085 355 620 2 378 510 (5)
Underground grade g/t 5.26 5.56 (5) 5.68 (7)
Gold price received R/kg 683 572 607 723 12 570 545 20
US$/oz 1 449 1 315 10 1 263 15
Cash operating costs R/kg 484 604 443 590 (9) 428 826 (13)
US$/oz 1 027 960 (7) 949 (8)
All-in sustaining costs R/kg 589 597 570 149 (3) 526 747 (12)
US$/oz 1 250 1 234 (1) 1 166 (7)
Production profit R million 2 379 1 775 34 1 678 42
US$ million 162 123 32 119 36
Exchange rate R/US$ 14.68 14.37 2 14.05 4
* September 2019 quarter and September 2018 quarter comparison
Quarter-on-quarter operating tables have been included on pages 3 to 4 (R/metric) and
pages 5 to 6 (US$/imperial).
The operational update has not been reviewed by the company’s external auditors. Detailed
financial and operational results are provided on a six monthly basis at the end of
December and June.
WAFI-GOLPU
Permitting delays have necessitated the Wafi-Golpu Joint Venture (“WGJV”) revising the
work programme previously planned to start this financial year. The legal proceedings
giving rise to these delays remain unresolved, and an ongoing review by the PNG
Government of policies governing the mining industry may further delay permitting
timelines.
It is difficult to estimate the duration of the delay and the market will be advised when
discussions resume. The Government continues to signal its support for the project.
Harmony continues to pursue safe profitable production and increased margins, as well as
value-accretive opportunities and organic growth, to replenish mined ounces.
HEDGING UPDATE
During the quarter, the volatility and weakening of the Rand exchange rate against the US
dollar, combined with the increase in the gold price, presented an opportunity to top up
and maintain our hedging programme.
The table below shows the open position at 30 September 2019:
Harmony Gold Hedge position as at 30 September 2019
FY 2020 FY2021 FY2022
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 TOTAL
Rand Gold
Forward koz 95 95 96 77 75 74 61 25 598
Contracts
R’000/kg 642 648 661 672 679 690 728 787 675
Dollar Gold
Forward koz 12 12 12 12 9 7 4 2 70
Contracts
US$/oz 1 363 1 357 1 370 1 413 1 417 1 456 1 477 1 532 1 400
Total Gold koz 107 107 108 89 84 81 65 27 668
Currency
Hedges
Rand Dollar
Zero Cost $m 79 76 74 64 59 52 29 5 438
Collars
Floor 14.63 14.82 14.99 15.30 15.32 15.46 15.62 15.91 15.09
R/$
Cap R/$ 15.44 15.66 15.85 16.22 16.38 16.54 16.76 17.31 16.03
Forward $m 45 64 60 61 35 24 6 – 295
Contracts
R/$ 15.13 15.28 15.44 15.89 15.82 15.96 16.23 – 15.49
Total Rand $m 124 140 134 125 94 76 35 5 733
Dollar
Dollar
Silver
Zero Cost koz 300 300 300 240 220 210 180 140 1 890
Collars
Floor 17.06 17.06 17.06 17.38 17.93 18.07 18.32 18.43 17.54
$/oz
Cap $/oz 18.43 18.43 18.43 18.79 19.38 19.53 19.82 19.95 18.95
Approved hedging limits: 25% currency (R/US$) over a 24-month period;23% gold over a 24-
month period; 50% silver over a 24-month period.
FY20 GUIDANCE UPDATE
Harmony’s plans to produce approximately 1.46Moz in FY2020 remain unchanged.
Cost guidance remains at an all-in sustaining unit cost of R579 000/kg.
OPERATING RESULTS – QUARTER ON QUARTER (RAND/METRIC)
SOUTH AFRICAN OPERATIONS
UNDERGROUND PRODUCTION SURFACE PRODUCTION
Papua New
Three TOTAL Central TOTAL Guinea
months Tshepong Moab UNDER- plant TOTAL SOUTH Hidden TOTAL
ended operations Khotsong Bambanani Joel Doornkop Target 1 Kusasalethu Masimong Unisel GROUND Phoenix reclamation Dumps Kalgold SURFACE AFRICA Valley HARMONY
– t’000 Sep-19 469 249 64 129 192 150 171 167 69 1 660 1 637 1 008 978 414 4 037 5 697 974 6 671
Ore milled
Jun-19 401 207 54 110 152 142 196 144 67 1 473 1 521 988 1 058 399 3 966 5 439 1 038 6 477
– Sep-19 4.97 9.28 9.86 3.23 4.06 3.56 4.98 3.77 3.62 5.26 0.134 0.151 0.338 0.71 0.25 1.71 1.54 1.68
Yield g/tonne
Jun-19 4.94 8.56 11.37 4.11 3.95 3.59 6.94 4.27 4.27 5.56 0.131 0.152 0.358 0.86 0.27 1.70 1.73 1.71
– kg Sep-19 2 333 2 311 631 417 779 534 851 630 250 8 736 219 152 331 296 998 9 734 1 497 11 231
Gold produced
Jun-19 1 982 1 772 614 452 600 510 1 361 615 286 8 192 199 150 379 345 1 073 9 265 1 796 11 061
– kg Sep-19 2 398 2 435 649 429 823 560 933 648 257 9 132 227 154 349 296 1 026 10 158 1 528 11 686
Gold sold
Jun-19 2 012 1 673 623 469 591 514 1 341 624 290 8 137 198 150 370 348 1 066 9 203 1 762 10 965
– R/kg Sep-19 685 373 691 927 686 963 683 343 693 610 647 448 682 840 659 838 656 339 682 667 665 291 691 455 686 599 689 524 683 457 682 747 689 058 683 572
Gold price received
Jun-19 607 648 604 077 607 610 608 258 610 597 604 368 606 926 609 325 606 662 606 927 602 955 606 427 607 495 609 371 607 114 606 949 611 764 607 723
(R’000) Sep-19 1 643 524 1 684 445 839 293 154 570 841 362 571 637 090 427 575 168 679 6 234 151 021 106 484 239 623 204 099 701 227 6 935 1 052 7 988
842 115 342 880 222
Gold revenue
Jun-19 1 222 587 1 010 378 541 285 273 360 863 310 645 813 888 380 219 175 932 4 938 119 385 90 964 224 773 212 061 647 183 5 585 1 077 6 663
621 569 752 928 680
(R’000) Sep-19 1 152 940 906 800 281 024 278 038 431 551 386 523 687 942 342 972 161 941 4 629 96 329 57 793 176 602 177 036 507 760 5 137 305 102 5 442
Cash operating cost 731 491 593
(net of by-product
credits) Jun-19 1 016 090 797 715 250 599 252 017 388 784 356 421 612 656 298 950 140 679 4 113 90 190 48 708 173 901 185 855 498 654 4 612 293 983 4 906
911 565 548
(R’000) Sep-19 27 617 55 231 10 517 4 733 26 897 15 126 35 676 10 573 5 816 192 186 4 051 11 5 538 (2 225) 7 375 199 561 (33 232) 166 329
Inventory movement
Jun-19 13 944 (39 264) 29 669 (10 685) (19 220) 222 (7 104) 8 887 4 678 (18 873) 189 141 (2 108) 2 605 827 (18 046) 356 (17 690)
(R’000) Sep-19 1 180 557 962 031 291 541 282 771 458 448 401 649 723 618 353 545 167 757 4 821 100 380 57 804 182 140 174 811 515 135 5 337 271 870 5 608
917 052 922
Operating costs
Jun-19 1 030 034 758 451 280 268 241 332 369 564 356 643 605 552 307 837 145 357 4 095 90 379 48 849 171 793 188 460 499 481 4 594 294 339 4 888
038 519 858
(R’000) Sep-19 462 967 722 811 154 298 10 383 112 393 (39 078) (86 528) 74 030 922 1 412 50 641 48 680 57 483 29 288 186 092 1 598 781 010 2 379
198 290 300
Production profit
Jun-19 192 553 252 170 98 273 43 941 (8 701) (45 998) 208 336 72 382 30 575 843 531 29 006 42 115 52 980 23 601 147 702 991 233 783 589 1 774
822
(R’000) Sep-19 267 564 152 598 17 455 43 865 87 091 78 477 52 542 7 593 1 884 709 069 – 1 647 – 23 007 24 654 733 723 498 293 1 232
016
Capital expenditure
Jun-19 299 969 140 258 14 176 52 867 91 964 69 738 77 161 29 300 15 200 790 633 2 262 2 420 1 247 19 788 25 717 816 350 478 292 1 294
642
– R/kg Sep-19 494 188 392 384 445 363 666 758 553 981 723 826 808 392 544 400 647 764 529 960 439 858 380 217 533 541 598 095 508 778 527 788 203 809 484 604
Cash operating costs
Jun-19 512 659 450 178 408 142 557 560 647 973 698 865 450 151 486 098 491 885 502 186 453 216 324 720 458 842 538 710 464 729 497 848 163 688 443 590
– Sep-19 2 458 3 642 4 391 2 155 2 248 2 577 4 023 2 054 2 347 2 789 59 57 181 428 126 902 313 816
Cash operating costs R/tonne
Jun-19 2 534 3 854 4 641 2 291 2 558 2 510 3 126 2 076 2 100 2 793 59 49 164 466 126 848 283 758
– R/kg Sep-19 608 874 458 415 473 025 771 950 665 779 870 787 870 134 556 452 655 300 611 126 439 858 391 053 533 541 675 821 533 481 603 166 536 670 594 302
Cash operating cost
and Capital
Jun-19 664 006 529 330 431 230 674 522 801 247 835 606 506 846 533 740 545 031 598 699 464 583 340 853 462 132 596 067 488 696 585 960 429 997 560 636
All-in sustaining – R/kg Sep-19 605 270 455 307 489 465 754 319 649 472 841 867 851 301 572 216 674 455 607 285 442 203 375 351 521 891 682 721 528 664 599 109 526 372 589 597
cost
Jun-19 657 036 548 778 490 313 607 879 757 322 828 122 526 006 564 142 577 496 605 718 467 884 341 793 467 676 628 002 502 340 591 778 457 207 570 149
% Sep-19 14 37 33 (10) 9 (28) (16) 18 3 14 36 44 26 2 24 15 19 16
Operating free cash
flow margin¹
Jun-19 (8) 7 30 (7) (33) (37) 15 14 11 1 23 44 22 4 19 3 30 7
¹ Excludes run of mine costs for Kalgold (Sep-19:R0.492m, Jun-19:R2.726m) and Hidden Valley (Sep-19:-R49.671m, Jun-19:R14.709m).
OPERATING RESULTS – QUARTER ON QUARTER (US$/IMPERIAL)
SOUTH AFRICAN OPERATIONS Papua New
Guinea
Hidden TOTAL
UNDERGROUND PRODUCTION SURFACE PRODUCTION Valley HARMONY
Three TOTAL Central TOTAL
months Tshepong Moab UNDER- plant TOTAL SOUTH
ended operations Khotsong Bambanani Joel Doornkop Target 1 Kusasalethu Masimong Unisel GROUND Phoenix reclamation Dumps Kalgold SURFACE AFRICA
Sep-19 517 275 71 142 212 165 189 184 76 1 831 1 805 1 112 1 078 457 4 452 6 283 1 074 7 357
Ore milled – t’000
Jun-19 442 228 60 121 168 157 216 159 74 1 625 1 677 1 089 1 167 440 4 373 5 998 1 145 7 143
Sep-19 0.145 0.270 0.286 0.094 0.118 0.104 0.145 0.110 0.106 0.153 0.004 0.004 0.010 0.021 0.007 0.050 0.045 0.049
Yield – oz/ton
Jun-19 0.144 0.250 0.329 0.120 0.115 0.104 0.203 0.124 0.124 0.162 0.004 0.004 0.010 0.025 0.008 0.050 0.050 0.050
Sep-19 75 008 74 300 20 287 13 407 25 045 17 168 27 360 20 255 8 038 280 868 7 041 4 887 10 642 9 517 32 087 312 955 48 130 361 085
Gold produced – oz
Jun-19 63 723 56 971 19 741 14 532 19 290 16 397 43 757 19 773 9 195 263 379 6 398 4 823 12 185 11 092 34 498 297 877 57 743 355 620
Sep-19 77 097 78 287 20 866 13 793 26 460 18 004 29 997 20 834 8 263 293 601 7 298 4 951 11 221 9 517 32 987 326 588 49 126 375 714
Gold sold – oz
Jun-19 64 687 53 788 20 030 15 079 19 001 16 525 43 114 20 062 9 324 261 610 6 366 4 823 11 896 11 188 34 273 295 883 56 650 352 533
Sep-19 1 453 1 466 1 456 1 448 1 470 1 372 1 447 1 398 1 391 1 447 1 410 1 466 1 455 1 461 1 449 1 447 1 460 1 449
Gold price received – $/oz
Jun-19 1 315 1 307 1 315 1 316 1 321 1 308 1 313 1 319 1 313 1 313 1 305 1 312 1 315 1 319 1 314 1 313 1 324 1 315
Sep-19 111 989 114 805 30 379 19 975 38 897 24 706 43 411 29 135 11 494 424 791 10 291 7 256 16 328 13 907 47 782 472 573 71 743 544 316
Gold revenue
($’000)
Jun-19 85 063 70 315 26 338 19 848 25 108 21 614 56 627 26 454 12 241 343 608 8 306 6 329 15 639 14 754 45 028 388 636 74 998 463 634
Cash operating cost Sep-19 78 561 61 790 19 149 18 945 29 406 26 338 46 876 23 370 11 035 315 470 6 564 3 938 12 034 12 064 34 600 350 070 20 790 370 860
(net of by-product ($’000)
credits) Jun-19 70 695 55 503 17 435 17 535 27 050 24 798 42 627 20 799 9 788 286 230 6 275 3 389 12 100 12 931 34 695 320 925 20 454 341 379
Sep-19 1 882 3 763 717 323 1 833 1 031 2 431 720 396 13 096 276 1 377 (152) 502 13 598 (2 264) 11 334
Inventory movement ($’000)
Jun-19 970 (2 732) 2 064 (743) (1 337) 15 (494) 618 325 (1 314) 13 10 (147) 181 57 (1 257) 25 (1 232)
Sep-19 80 443 65 553 19 866 19 268 31 239 27 369 49 307 24 090 11 431 328 566 6 840 3 939 12 411 11 912 35 102 363 668 18 526 382 194
Operating costs ($’000)
Jun-19 71 665 52 771 19 499 16 792 25 713 24 813 42 133 21 417 10 113 284 916 6 288 3 399 11 953 13 112 34 752 319 668 20 479 340 147
Sep-19 31 546 49 252 10 513 707 7 658 (2 663) (5 896) 5 045 63 96 225 3 451 3 317 3 917 1 995 12 680 108 905 53 217 162 122
Production profit ($’000)
Jun-19 13 398 17 544 6 839 3 056 (605) (3 199) 14 494 5 037 2 128 58 692 2 018 2 930 3 686 1 642 10 276 68 968 54 519 123 487
Sep-19 18 231 10 396 1 189 2 988 5 934 5 347 3 580 517 128 48 310 – 112 – 1 568 1 680 49 990 33 954 83 944
Capital expenditure ($’000)
Jun-19 20 870 9 758 986 3 678 6 399 4 852 5 369 2 039 1 058 55 009 157 168 87 1 377 1 789 56 798 33 278 90 076
Sep-19 1 047 832 944 1 413 1 174 1 534 1 713 1 154 1 373 1 123 932 806 1 131 1 268 1 078 1 119 432 1 027
Cash operating costs – $/oz
Jun-19 1 109 974 883 1 207 1 402 1 512 974 1 052 1 064 1 087 981 703 993 1 166 1 006 1 077 354 960
Sep-19 152 225 270 133 139 160 248 127 145 172 4 4 11 26 8 56 19 50
Cash operating costs – $/t
Jun-19 160 243 291 145 161 158 197 131 132 176 4 3 10 29 8 54 18 48
Cash operating cost Sep-19 1 290 972 1 003 1 636 1 411 1 846 1 844 1 179 1 389 1 295 932 829 1 131 1 432 1 131 1 278 1 137 1 260
– $/oz
and Capital
Jun-19 1 437 1 146 933 1 460 1 734 1 808 1 097 1 155 1 180 1 296 1 005 738 1 000 1 290 1 058 1 268 931 1 213
All-in sustaining Sep-19 1 283 965 1 037 1 599 1 376 1 784 1 804 1 213 1 429 1 287 937 796 1 106 1 447 1 120 1 270 1 110 1 250
– $/oz
cost
Jun-19 1 422 1 188 1 061 1 315 1 639 1 792 1 138 1 221 1 250 1 311 1 013 740 1 012 1 359 1 087 1 281 988 1 234
Operating free cash Sep-19 14 37 33 (10) 9 (28) (16) 18 3 14 36 44 26 2 24 15 19 16
%
flow margin¹
Jun-19 (8) 7 30 (7) (33) (37) 15 14 11 1 23 44 22 4 19 3 30 7
¹ Excludes run of mine costs for Kalgold (Sep-19:US$0.034m, Jun-19:US$0.190m) and Hidden Valley (Sep-19:-US$3 385m, Jun-19:US$1.023m).
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)
F Abbott ** (financial director)
HE Mashego** (executive director)
JA Chissano*1^
FFT De Buck*^
KV Dicks*^
Dr DSS Lushaba*^
HG Motau*^
KT Nondumo*^
VP Pillay*^
GR Sibiya*^
MV Sisulu*^
JL Wetton*^
AJ Wilkens*
* Non-executive
** Executive
^ Independent
1 Mozambican
TRADING SYMBOLS
JSE Limited: HAR
New York Stock Exchange: HMY
ISIN: ZAE 000015228
INVESTOR RELATIONS
E-mail: HarmonyIR@harmony.co.za
Telephone: +27 11 411 2314
Website: www.harmony.co.za
Marian van der Walt
Executive: Corporate and Investor relations
+27 (0)82 888 1242
Marian.vanderWalt@Harmony.co.za
Max Manoeli
Senior Investor Relations Coordinator
+27(0)82 759 1775
Max.Manoeli@Harmony.co.za
James Duncan
R&A Strategic Communications
+27 (0)79 336 4010
james@rasc.co.za
COMPANY SECRETARY
Telephone: +27 11 411 2094
E-mail: companysecretariat@harmony.co.za
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
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
Deutsche Bank Trust Company Americas
c/o AST
Operations Centre
6201 15th Avenue
Brooklyn
NY11219
E-mail queries: db@astfinancial.com
Website: www.astfinancial.com
Toll free (within US): +1-886-249-2593
Int: +1-718-921-8124
Fax: +1-718-921-8334
*ADR: American Depositary Receipts
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
2019, are available on our website (www.harmony.co.za/invest)
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of the safe harbor
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 the 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, 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 labor disruptions;
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; changes in government regulation and the
political environment, particularly tax, mining rights, environmental regulation and
business ownership including any interpretation thereof; fluctuations in exchange rates
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.
Date: 13/11/2019 02:12:00
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