Wrap Text
Operational Update for the nine months ended 31 March 2020
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 Nine months
ended ended % March 2020 March 2019 %
March 2020 March 2019 Variance Quarter 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
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 TOTAL
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 $m 360 360 340 300 270 230 90 10 1 960
Floor R/$ 17.16 17.47 17.87 18.01 18.17 18.21 17.86 18.40 17.77
Cap R/$ 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
Underground production Surface production
Nine TOTAL Central TOTAL
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
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-2 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 (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
(net of by-product credits) 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 – 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
and capital 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 % Mar-20 6 29 35 (7) 13 (18) (23) 16 20 10 36 48 30 11 28 12 21 13
margin(1) Mar-19 (10) 19 29 (26) 10 (6) 7 (2) 15 5 18 33 20 (3) 15 6 10 6
(1) Excludes 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).
The US$/Imperial operational numbers are available on our website: www.harmony.co.za
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.
www.harmony.co.za
Johannesburg
6 May 2020
Date: 06-05-2020 01:00:00
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.
Sharenet Sites 
