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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Harmony Gold Mining Company Limited | NYSE:HMY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.085 | -0.99% | 8.525 | 8.60 | 8.40 | 8.50 | 3,878,273 | 20:22:09 |
|
|
|
Year ended
June 2019
|
|
Year ended
June 2018
|
|
%
Change
|
|
|
Basic loss per share
|
SA cents
|
(498
|
)
|
(1 003
|
)
|
50
|
|
US cents
|
(35
|
)
|
(72
|
)
|
51
|
|
|
Headline earnings
|
R million
|
1 067
|
|
763
|
|
40
|
|
US$ million
|
75
|
|
58
|
|
29
|
|
|
Headline earnings per share
|
SA cents
|
204
|
|
171
|
|
19
|
|
US cents
|
14
|
|
13
|
|
8
|
|
Issued ordinary share capital at 30 June 2019
|
539 841 195
|
|
Issued ordinary share capital at 30 June 2018
|
500 251 751
|
|
MARKET CAPITALISATION
|
||
At 30 June 2019 (ZARm)
|
17 135
|
|
At 30 June 2019 (US$m)
|
1 215
|
|
At 30 June 2018 (ZARm)
|
10 615
|
|
At 30 June 2018 (US$m)
|
774
|
|
HARMONY ORDINARY SHARES AND ADR PRICES
|
||
12-month high (1 July 2018 – 30 June 2019) for ordinary shares
|
R32.06
|
|
12-month low (1 July 2018 – 30 June 2019) for ordinary shares
|
R20.63
|
|
12-month high (1 July 2018 – 30 June 2019) for ADRs
|
US$2.27
|
|
12-month low (1 July 2018 – 30 June 2019) for ADRs
|
US$1.44
|
|
FREE FLOAT
|
100%
|
|
|
|
|
ADR RATIO
|
1:1
|
|
|
|
|
JSE LIMITED
|
HAR
|
|
Range for year (1 July 2018 – 30 June 2019 closing prices)
|
R21.14 – R31.74
|
|
Average daily volume for the year (1 July 2018 – 30 June 2019)
|
1 954 268 shares
|
|
Range for previous year (1 July 2017 – 30 June 2018 closing prices)
|
R19.24 – R28.80
|
|
Average daily volume for the previous year (1 July 2017 – 30 June 2018)
|
1 678 662 shares
|
|
NEW YORK STOCK EXCHANGE
|
HMY
|
|
Range for year (1 July 2018 – 30 June 2019 closing prices)
|
US$1.62 – US$2.27
|
|
Average daily volume for the year (1 July 2018 – 30 June 2019)
|
3 715 154
|
|
Range for previous year (1 July 2017 – 30 June 2018 closing prices)
|
US$1.52 – US$2.50
|
|
Average daily volume for the previous year (1 July 2017 – 30 June 2018)
|
3 933 313
|
|
INVESTORS' CALENDAR
|
||
Release of Harmony’s FY19 Integrated Annual Report
|
24 October 2019
|
|
Annual General Meeting
|
22 November 2019
|
|
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)
M Msimang*^ (lead independent director)
JM Motlaba*^ (deputy chairman)
PW Steenkamp (chief executive officer)
F Abbott (financial director)
JA Chissano*1^, FFT De Buck*^, KV Dicks*^, Dr DSS Lushaba*^
HE Mashego**, HG Motau*^, KT Nondumo*^, VP Pillay*^
GR Sibiya*^, MV Sisulu*^, JL Wetton*^, AJ Wilkens*
* Non-executive
** Executive
^ Independent
1 Mozambican
|
INVESTOR RELATIONS
|
E-mail: HarmonyIR@harmony.co.za
Mobile: +27 82 759 1775
Telephone: +27 11 411 2314
Website: www.harmony.co.za
|
COMPANY SECRETARIAT
|
Telephone: +27 11 411 6020
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
Peck Slip Station
PO Box 2050, New York, NY 10272-2050
E-mail queries: db@amstock.com
Toll free (within US): +1-886-249-2593
Int: +1-718-921-8124
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
|
REGISTRATION NUMBER
|
1950/038232/06
Incorporated in the Republic of South Africa
|
ISIN
|
ZAE 000015228
|
PAGE
|
|
Shareholder information and contact details
|
|
Competent person's declaration
|
|
Message from the chief executive officer
|
|
Summary update of Harmony's mineral resources and mineral reserves
|
|
Operating results – year on year (Rand/Metric)
|
|
12
|
Operating results – year on year (US$/Imperial)
|
Condensed consolidated income statements (Rand)
|
|
Condensed consolidated statements of comprehensive income (Rand)
|
|
Condensed consolidated statement of changes in equity (Rand)
|
|
Condensed consolidated balance sheets (Rand)
|
|
Condensed consolidated cash flow statements (Rand)
|
|
Notes to the condensed consolidated financial statements
|
|
Segment report (Rand/Metric)
|
|
Condensed consolidated income statements (US$)
|
|
Condensed consolidated statements of comprehensive income (US$)
|
|
Condensed consolidated statement of changes in equity (US$)
|
|
Condensed consolidated balance sheets (US$)
|
|
Condensed consolidated cash flow statements (US$)
|
|
Segment report (US$/Imperial)
|
|
Development results – Metric and Imperial
|
•
|
Passionate and active leadership
|
•
|
Effective risk and critical control management
|
•
|
Effective safety management systems
|
•
|
Ongoing organisational learning
|
•
|
A proactive safety culture and an engaged workforce
|
•
|
Moab Khotsong: the first full financial year inclusion of Moab Khotsong in our portfolio resulted in gold production of 7 928kg (254 891oz), achieving a recovered grade of 8.17g/t. We are confident that the operation will improve its grade performance in FY20;
|
•
|
Hidden Valley: safety, good operational momentum and disciplined cost management contributed to Hidden Valley achieving gold production of 6 222kg (200 042oz) and generating operational free cash flow of R573 million (US$40 million) (at a margin of 16%). Stripping of the cutbacks will continue for the next two and a half years, to deliver an average life of mine all-in sustaining cost of below US$950/oz;
|
•
|
Kusasalethu: gold production increased by 13% to 4 989kg (160 400oz), as a result of an 11% increase in tonnes milled to 742 000t and a 2% increase in recovered grade to 6.72g/t. The operation has been free cash flow positive for the past three financial years, generating operating free cash flow of R283 million in FY19, a more than 100% increase year on year;
|
•
|
Unisel: operational free cash flow increased by more than 100% to R99 million ( more than a 100% to US$7 million) as a result of the 39% increase in recovered grade to 4.73g/t. Gold production decreased by 5% to 1 212kg (38 966oz), following the successful restructuring of the operation in the second half of FY18 where mining is focused on targeted high grade areas of the shaft pillar;
|
•
|
Waste rock dumps: gold production increased by 40%, as a result of a 53% increase in tonnes milled to 4 307 000t. Higher production is mainly due to the treatment of a full financial year of the Moab Khotsong waste rock dumps and increased production from processing of the Doornkop waste rock dumps;
|
•
|
Central plant reclamation: gold production increased by 15% to 579kg (18 615oz), mainly due to a 14% increase in grade recovered to 0.150g/t;
|
•
|
Phoenix (tailings retreatment): gold production increased by 3% to 756kg (24 306oz), due to a 3% increase in tonnes processed to 6.133Mt;
|
•
|
Bambanani: gold production decreased by 11% to 2 515kg (80 860oz), due to the 10% decrease in recovered grade to 10.93g/t. This is in line with an overall lower grade profile as the shaft pillar is extracted;
|
•
|
Kalgold: gold production remained flat at 1 249kg (40 156oz);
|
•
|
Doornkop: gold production decreased by 5% to 3 273kg (105 229oz), as a result of a 9% decrease in recovered grade to 4.48g/t, partially offsetting a 5% increase in tonnes milled;
|
•
|
Joel: Gold production decreased by 4% to 1 567kg (50 379oz), as a result of a 6% decrease in tonnes milled to 429 000t. Grade increased by 1% to 3.65g/t. The Joel decline project is nearing completion and an increase in both production and grade is expected in FY20;
|
•
|
Target 1: gold production decreased by 7%, due to a 14% decrease in tonnes milled to 588 000t, partially offsetting the 7% increase in recovered grade to 4.51g/t. A capital efficiency project to move the ore and rock crusher, associated mining activities and services closer to the working areas is underway to improve the overall efficiency and productivity of the mining circuit at Target 1;
|
•
|
Masimong: gold production decreased by 12% to 2 309kg (74 237oz), due to a 5% decrease in recovered grade to 3.84g/t and a 7% decrease in tonnes milled to 602 000t. The operations performance was impacted by a reduction in higher grade B reef year on year;
|
•
|
Tshepong operations: gold production decreased by 15% to 7 967kg (256 146oz), due to a 10% decrease in recovered grade to 4.94g/t and a 6% decrease in tonnes milled. The performance of the Tshepong Operations was mainly impacted by a lack of flexibility due to a reduction in the availability of stoping panels to mine. Post year end we have already seen improvements in the mine’s overall performance, following stoping development and improving overall mining and grade discipline.
|
•
|
A gold price of US$1 290/oz
|
•
|
An exchange rate of US$/R14.11
|
•
|
The above parameters resulted in a rand gold price of R585 000/kg for the South African assets
|
•
|
The Hidden Valley mine and the Wafi-Golpu project used commodity prices of US$1 290/oz Au, US$17.00/oz Ag, US$9.00/lb Mo and US$3.00/lb Cu at an exchange rate of AUD1.36 per US$
|
•
|
Gold equivalent ounces are calculated assuming US$1 290/oz Au, US$3.00/lb Cu and US$17.00/oz Ag, and assuming a 100% recovery for all metals
|
Mineral resources: gold and gold equivalents
|
Measured
|
Indicated
|
Inferred
|
Total
|
|||||||||||||||||||||
Tonnes
(Mt)
|
|
g/t
|
|
Gold ‘000oz
|
|
Tonnes
(Mt)
|
|
g/t
|
|
Gold ‘000oz
|
|
Tonnes
(Mt)
|
|
g/t
|
|
Gold ‘000oz
|
|
Tonnes
(Mt)
|
|
g/t
|
|
Gold ‘000oz
|
|
||
SA underground
|
68.7
|
|
8.61
|
|
19 024
|
|
69.2
|
|
9.20
|
|
20 454
|
|
72.5
|
|
9.05
|
|
21 111
|
|
210.4
|
|
8.96
|
|
60 590
|
|
|
SA surface incl Kalgold
|
272.8
|
|
0.30
|
|
2 589
|
|
771.6
|
|
0.30
|
|
7 371
|
|
65.1
|
|
0.39
|
|
824
|
|
1 109.5
|
|
0.30
|
|
10 784
|
|
|
Total South Africa
|
341.5
|
|
|
21 614
|
|
840.8
|
|
|
27 825
|
|
137.6
|
|
|
21 935
|
|
1 319.9
|
|
|
71 374
|
|
|||||
Hidden Valley
|
2.8
|
|
0.97
|
|
86
|
|
66.5
|
|
1.54
|
|
3 291
|
|
1.8
|
|
1.12
|
|
63
|
|
71.0
|
|
1.51
|
|
3 439
|
|
|
Wafi-Golpu system*
|
–
|
|
–
|
|
–
|
|
397.6
|
|
0.84
|
|
10 763
|
|
110.5
|
|
0.77
|
|
2 728
|
|
508.1
|
|
0.83
|
|
13 491
|
|
|
Kili Teke
|
–
|
|
–
|
|
–
|
|
–
|
|
–
|
|
–
|
|
237.0
|
|
0.24
|
|
1 810
|
|
237.0
|
|
0.24
|
|
1 810
|
|
|
Total Papua New Guinea
|
2.8
|
|
|
86
|
|
464.1
|
|
|
14 053
|
|
349.2
|
|
|
4 601
|
|
816.1
|
|
|
18 740
|
|
|||||
Total gold resources
|
344.3
|
|
|
21 699
|
|
1 304.9
|
|
|
41 878
|
|
486.8
|
|
|
26 537
|
|
2 136.0
|
|
|
90 115
|
|
|||||
Hidden Valley – gold equivalent ounces
|
2.7
|
|
|
24
|
|
64.5
|
|
|
713
|
|
1.5
|
|
|
16
|
|
68.6
|
|
|
753
|
|
|||||
Wafi-Golpu – gold equivalent ounces*
|
–
|
|
–
|
|
344.0
|
|
19 139
|
|
91.9
|
|
3 199
|
|
435.9
|
|
22 338
|
|
|||||||||
Kili Teke – gold equivalent ounces
|
–
|
|
–
|
|
–
|
|
–
|
|
237.0
|
|
4 108
|
|
237.0
|
|
4 108
|
|
|||||||||
Total gold equivalent resources**
|
2.7
|
|
|
24
|
|
408.5
|
|
|
19 852
|
|
330.4
|
|
|
7 323
|
|
741.6
|
|
|
27 200
|
|
|||||
Total Harmony gold and gold equivalent resource**
|
344.3
|
|
|
21 724
|
|
1 304.9
|
|
|
61 731
|
|
486.8
|
|
|
33 860
|
|
2 136.0
|
|
|
117 314
|
|
Mineral resources: silver and copper (used in equivalent calculations)
|
Measured
|
Indicated
|
Inferred
|
Total
|
||||||||||||||||||
Tonnes
(Mt)
|
|
g/t
|
|
Silver ‘000oz
|
Tonnes
(Mt)
|
|
g/t
|
|
Silver ‘000oz
|
Tonnes
(Mt)
|
|
g/t
|
|
Silver ‘000oz
|
|
Tonnes
(Mt)
|
|
g/t
|
|
Silver ‘000oz
|
|
|
Hidden Valley
|
2.7
|
|
21.13
|
|
1 863
|
64.5
|
|
26.12
|
|
54 151
|
1.5
|
|
25.21
|
|
1 256
|
|
68.8
|
|
25.90
|
|
57 270
|
|
|
Measured
|
Indicated
|
Inferred
|
Total
|
||||||||||||||||||
Tonnes
(Mt)
|
|
%
|
|
Copper ‘Mlb
|
Tonnes
(Mt)
|
|
%
|
|
Copper ‘Mlb
|
Tonnes
(Mt)
|
|
%
|
|
Copper ‘Mlb
|
|
Tonnes
(Mt)
|
|
%
|
|
Copper ‘Mlb
|
|
|
Golpu*
|
–
|
|
–
|
|
–
|
344.0
|
|
1.09
|
|
8 232
|
67.9
|
|
0.85
|
|
1 273
|
|
411.9
|
|
1.05
|
|
9 505
|
|
Nambonga*
|
–
|
|
–
|
|
–
|
–
|
|
–
|
|
–
|
24.0
|
|
0.20
|
|
104
|
|
24.0
|
|
0.20
|
|
104
|
|
Kili Teke
|
–
|
|
–
|
|
–
|
–
|
|
–
|
|
–
|
237.0
|
|
0.34
|
|
1 767
|
|
237.0
|
|
0.34
|
|
1 767
|
|
Total
|
–
|
|
–
|
|
–
|
344.0
|
|
1.09
|
|
8 232
|
328.8
|
|
0.43
|
|
3 143
|
|
672.8
|
|
0.77
|
|
11 375
|
|
Mineral reserves:
gold and gold equivalents
|
Proved
|
Probable
|
Total
|
|||||||||||||||
Tonnes
(Mt)
|
|
g/t
|
|
Gold ‘000oz
|
|
Tonnes
(Mt)
|
|
g/t
|
|
Gold ‘000oz
|
|
Tonnes
(Mt)
|
|
g/t
|
|
Gold ‘000oz
|
|
|
SA underground
|
40.6
|
|
5.86
|
|
7 649
|
|
16.2
|
|
5.75
|
|
2 987
|
|
56.7
|
|
5.83
|
|
10 636
|
|
SA surface incl Kalgold
|
173.8
|
|
0.30
|
|
1 689
|
|
634.9
|
|
0.24
|
|
4 952
|
|
808.8
|
|
0.26
|
|
6 641
|
|
Total South Africa
|
214.4
|
|
|
9 338
|
|
651.1
|
|
|
7 939
|
|
865.5
|
|
|
17 277
|
|
|||
Hidden Valley
|
2.8
|
|
0.97
|
|
86
|
|
13.9
|
|
1.91
|
|
854
|
|
16.7
|
|
1.75
|
|
939
|
|
Wafi-Golpu system*
|
|
|
|
202.3
|
|
0.86
|
|
5 573
|
|
202.3
|
|
0.86
|
|
5 573
|
|
|||
Total Papua New Guinea
|
2.8
|
|
|
86
|
|
216.2
|
|
|
6 427
|
|
219.0
|
|
|
6 512
|
|
|||
Total gold reserves
|
217.1
|
|
|
9 424
|
|
867.3
|
|
|
14 366
|
|
1 084.5
|
|
|
23 789
|
|
|||
Hidden Valley – gold equivalent ounces
|
2.7
|
|
|
25
|
|
13.6
|
|
|
175
|
|
16.3
|
|
|
199
|
|
|||
Wafi-Golpu – gold equivalent ounces*
|
|
|
|
202.3
|
|
|
12 538
|
|
202.3
|
|
|
12 538
|
|
|||||
Total gold equivalent reserves**
|
2.7
|
|
|
25
|
|
215.9
|
|
|
12 713
|
|
218.6
|
|
|
12 738
|
|
|||
Total Harmony gold and gold equivalent reserves**
|
217.1
|
|
|
9 448
|
|
867.3
|
|
|
27 079
|
|
1 084.5
|
|
|
36 527
|
|
Mineral reserves:
silver and copper
(used in equivalent calculations)
|
Proved
|
Probable
|
Total
|
|||||||||||||||
Tonnes
(Mt)
|
|
g/t
|
|
Silver ‘000oz
|
|
Tonnes
(Mt)
|
|
g/t
|
|
Silver ‘000oz
|
|
Tonnes
(Mt)
|
|
g/t
|
|
Silver ‘000oz
|
|
|
Hidden Valley
|
2.7
|
|
21.13
|
|
1 863
|
|
13.6
|
|
30.41
|
|
13 271
|
|
16.3
|
|
28.85
|
|
15 134
|
|
|
Proved
|
Probable
|
Total
|
|||||||||||||||
Tonnes
(Mt)
|
|
%
|
|
Copper ‘Mlb
|
|
Tonnes
(Mt)
|
|
%
|
|
Copper ‘Mlb
|
|
Tonnes
(Mt)
|
|
%
|
|
Copper ‘Mlb
|
|
|
Golpu*
|
–
|
|
–
|
|
–
|
|
202.3
|
|
1.21
|
|
5 393
|
|
202.3
|
|
1.21
|
|
5 393
|
|
•
|
brownfield exploration at Hidden Valley and Kalgold to optimise existing open pit operations and extend mine life;
|
•
|
brownfield exploration at our underground operations in South Africa; and
|
•
|
greenfield exploration at Target North.
|
GEOLOGICAL SOCIETY OF SOUTH AFRICA
|
|
P.O. Box 91230, Auckland Park, 2006
Gauteng Province, South Africa
Telephone: +27 (11) 358 0028
http://www.gssa.org.za
|
SACNASP – THE LEGISLATED REGULATORY
BODY FOR NATURAL SCIENCE PRACTITIONERS IN SOUTH AFRICA
|
|
Private Bag X540, Silverton, 0127 Gauteng Province, South Africa Telephone: +27 (12) 841 1075
Facsimile: +27 (86) 206 0427
http://www.sacnasp.org.za/
|
SAIMM – THE SOUTHERN AFRICAN INSTITUTE OF MINING AND METALLURGY
|
|
Private Bag X540, Silverton, 0127 Gauteng Province, South Africa Telephone: +27 (12) 841 1075
Facsimile: +27 (86) 206 0427
http://www.saimm.co.za
|
AUSIMM – THE AUSTRALASIAN INSTITUTE OF MINING AND METALLURGY
|
|
PO Box 660, Carlton South,
Vic 3053, Australia
Telephone: +61 3 9658 6100
Facsimile: +61 3 9662 3662
http://www.ausimm.com.au/
|
|
|
Year
ended
|
South Africa
|
Hidden
Valley¹
|
|
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
|
Jun-19
|
1 612
|
|
970
|
|
230
|
|
429
|
|
730
|
|
588
|
|
742
|
|
|
602
|
|
256
|
|
6 159
|
|
6 133
|
|
3 872
|
|
4 307
|
|
1 619
|
|
15 931
|
|
22 090
|
|
3 886
|
|
25 976
|
|
Jun-18
|
1 716
|
|
327
|
|
233
|
|
454
|
|
696
|
|
680
|
|
670
|
|
|
647
|
|
376
|
|
5 799
|
|
5 962
|
|
3 810
|
|
2 821
|
|
1 550
|
|
14 143
|
|
19 942
|
|
2 499
|
|
22 441
|
|
||
Yield
|
g/tonne
|
Jun-19
|
4.94
|
|
8.17
|
|
10.93
|
|
3.65
|
|
4.48
|
|
4.51
|
|
6.72
|
|
|
3.84
|
|
4.73
|
|
5.59
|
|
0.123
|
|
0.150
|
|
0.352
|
|
0.77
|
|
0.26
|
|
1.74
|
|
1.60
|
|
1.72
|
|
Jun-18
|
5.47
|
|
10.08
|
|
12.11
|
|
3.60
|
|
4.93
|
|
4.20
|
|
6.61
|
|
|
4.05
|
|
3.40
|
|
5.48
|
|
0.124
|
|
0.132
|
|
0.383
|
|
0.81
|
|
0.25
|
|
1.77
|
|
1.36
|
|
1.76
|
|
||
Gold produced
|
kg
|
Jun-19
|
7 967
|
|
7 928
|
|
2 515
|
|
1 567
|
|
3 273
|
|
2 653
|
|
4 989
|
|
|
2 309
|
|
1 212
|
|
34 413
|
|
756
|
|
579
|
|
1 515
|
|
1 249
|
|
4 099
|
|
38 512
|
|
6 222
|
|
44 734
|
|
Jun-18
|
9 394
|
|
3 296
|
|
2 821
|
|
1 635
|
|
3 429
|
|
2 854
|
|
4 429
|
|
|
2 623
|
|
1 280
|
|
31 761
|
|
737
|
|
502
|
|
1 081
|
|
1 250
|
|
3 570
|
|
35 331
|
|
2 862
|
|
38 193
|
|
||
Gold sold
|
kg
|
Jun-19
|
7 922
|
|
7 794
|
|
2 495
|
|
1 612
|
|
3 255
|
|
2 685
|
|
5 028
|
|
|
2 291
|
|
1 207
|
|
34 289
|
|
750
|
|
577
|
|
1 497
|
|
1 263
|
|
4 087
|
|
38 376
|
|
6 192
|
|
44 568
|
|
Jun-18
|
9 338
|
|
3 165
|
|
2 804
|
|
1 656
|
|
3 404
|
|
2 828
|
|
4 301
|
|
|
2 609
|
|
1 272
|
|
31 377
|
|
739
|
|
508
|
|
1 074
|
|
1 231
|
|
3 552
|
|
34 929
|
|
2 763
|
|
37 692
|
|
||
Gold price received
|
R/kg
|
Jun-19
|
591 331
|
|
573 522
|
|
591 962
|
|
593 531
|
|
593 301
|
|
590 298
|
|
591 742
|
|
|
593 003
|
|
590 468
|
|
587 680
|
|
577 889
|
|
592 359
|
|
587 483
|
|
593 482
|
|
588 265
|
|
587 742
|
|
579 902
|
|
586 653
|
|
Jun-18
|
577 058
|
|
528 387
|
|
576 398
|
|
576 023
|
|
575 077
|
|
576 316
|
|
577 313
|
|
|
576 729
|
|
576 222
|
|
571 727
|
|
537 547
|
|
576 829
|
|
567 737
|
|
576 630
|
|
565 838
|
|
571 128
|
|
550 956
|
|
570 709
|
|
||
Gold revenue
|
(R'000)
|
Jun-19
|
4 684 522
|
|
4 470 030
|
|
1 476 946
|
|
956 772
|
|
1 931 194
|
|
1 584 950
|
|
2 975 279
|
|
|
1 358 570
|
|
712 695
|
|
20 150 958
|
|
433 417
|
|
341 791
|
|
879 462
|
|
749 568
|
|
2 404 238
|
|
22 555 196
|
|
3 590 755
|
|
26 145 951
|
|
Jun-18
|
5 388 567
|
|
1 672 345
|
|
1 616 221
|
|
953 894
|
|
1 957 562
|
|
1 629 821
|
|
2 483 024
|
|
|
1 504 687
|
|
732 955
|
|
17 939 076
|
|
397 247
|
|
293 029
|
|
609 750
|
|
709 832
|
|
2 009 858
|
|
19 948 934
|
|
408 809
|
|
20 357 743
|
|
||
Cash operating cost (net of by-product credits)
|
(R'000)
|
Jun-19
|
4 007 667
|
|
3 166 555
|
|
984 749
|
|
967 021
|
|
1 593 279
|
|
1 478 422
|
|
2 376 844
|
|
|
1 213 849
|
|
568 559
|
|
16 356 945
|
|
344 260
|
|
212 125
|
|
691 557
|
|
694 797
|
|
1 942 739
|
|
18 299 684
|
|
1 370 850
|
|
19 670 534
|
|
Jun-18
|
3 828 757
|
|
1 036 677
|
|
904 761
|
|
909 825
|
|
1 418 186
|
|
1 333 591
|
|
2 091 272
|
|
|
1 160 903
|
|
773 518
|
|
13 457 490
|
|
326 142
|
|
191 328
|
|
449 688
|
|
565 456
|
|
1 532 614
|
|
14 990 104
|
|
227 900
|
|
15 218 004
|
|
||
Inventory movement
|
(R'000)
|
Jun-19
|
(34 242)
|
|
(65 616)
|
|
9 166
|
|
4 417
|
|
(29 489)
|
|
12 921
|
|
17 679
|
|
|
(8 683)
|
|
(4 204)
|
|
(98 051)
|
|
(3 083)
|
|
(78)
|
|
(7 358)
|
|
5 149
|
|
(5 370)
|
|
(103 421)
|
|
(8 794)
|
|
(112 215)
|
|
Jun-18
|
(30 197)
|
|
(84 193)
|
|
(8 740)
|
|
10 019
|
|
(7 176)
|
|
(15 190)
|
|
(65 234)
|
|
|
(6 723)
|
|
(2 634)
|
|
(210 068)
|
|
575
|
|
3 536
|
|
(3 563)
|
|
(12 438)
|
|
(11 890)
|
|
(221 958)
|
|
6 007
|
|
(215 951)
|
|
||
Operating costs
|
(R'000)
|
Jun-19
|
3 973 425
|
|
3 100 939
|
|
993 915
|
|
971 438
|
|
1 563 790
|
|
1 491 343
|
|
2 394 523
|
|
|
1 205 166
|
|
564 355
|
|
16 258 894
|
|
341 177
|
|
212 047
|
|
684 199
|
|
699 946
|
|
1 937 369
|
|
18 196 263
|
|
1 362 056
|
|
19 558 319
|
|
Jun-18
|
3 798 560
|
|
952 484
|
|
896 021
|
|
919 844
|
|
1 411 010
|
|
1 318 401
|
|
2 026 038
|
|
|
1 154 180
|
|
770 884
|
|
13 247 422
|
|
326 717
|
|
194 864
|
|
446 125
|
|
553 018
|
|
1 520 724
|
|
14 768 146
|
|
233 907
|
|
15 002 053
|
|
||
Production profit
|
(R'000)
|
Jun-19
|
711 097
|
|
1 369 091
|
|
483 031
|
|
(14 666)
|
|
367 404
|
|
93 607
|
|
580 756
|
|
|
153 404
|
|
148 340
|
|
3 892 064
|
|
92 240
|
|
129 744
|
|
195 263
|
|
49 622
|
|
466 869
|
|
4 358 933
|
|
2 228 699
|
|
6 587 632
|
|
Jun-18
|
1 590 007
|
|
719 861
|
|
720 200
|
|
34 050
|
|
546 552
|
|
311 420
|
|
456 986
|
|
|
350 507
|
|
(37 929)
|
|
4 691 654
|
|
70 530
|
|
98 165
|
|
163 625
|
|
156 814
|
|
489 134
|
|
5 180 788
|
|
174 902
|
|
5 355 690
|
|
||
Capital expenditure
|
(R'000)
|
Jun-19
|
1 130 180
|
|
558 876
|
|
61 093
|
|
187 092
|
|
308 324
|
|
297 265
|
|
315 921
|
|
|
109 386
|
|
45 426
|
|
3 013 563
|
|
5 757
|
|
7 084
|
|
7 682
|
|
61 179
|
|
81 702
|
|
3 095 265
|
|
1 591 274
|
|
4 686 539
|
|
Jun-18
|
1 008 390
|
|
173 193
|
|
63 545
|
|
250 459
|
|
273 925
|
|
309 451
|
|
288 781
|
|
|
128 680
|
|
84 711
|
|
2 581 135
|
|
3 075
|
|
22 318
|
|
2 529
|
|
107 644
|
|
135 566
|
|
2 716 701
|
|
1 563 355
|
|
4 280 056
|
|
||
Cash operating costs
|
R/kg
|
Jun-19
|
503 033
|
|
399 414
|
|
391 550
|
|
617 116
|
|
486 795
|
|
557 264
|
|
476 417
|
|
|
525 703
|
|
469 108
|
|
475 313
|
|
455 370
|
|
366 364
|
|
456 473
|
|
556 283
|
|
473 954
|
|
475 168
|
|
220 323
|
|
439 722
|
|
Jun-18
|
407 575
|
|
314 526
|
|
320 724
|
|
556 468
|
|
413 586
|
|
467 271
|
|
472 177
|
|
|
442 586
|
|
604 311
|
|
423 711
|
|
442 526
|
|
381 131
|
|
415 993
|
|
452 365
|
|
429 304
|
|
424 276
|
|
287 028
|
|
421 260
|
|
||
Cash operating costs
|
R/tonne
|
Jun-19
|
2 486
|
|
3 264
|
|
4 282
|
|
2 254
|
|
2 183
|
|
2 514
|
|
3 203
|
|
|
2 016
|
|
2 221
|
|
2 656
|
|
56
|
|
55
|
|
161
|
|
429
|
|
122
|
|
828
|
|
353
|
|
757
|
|
Jun-18
|
2 231
|
|
3 170
|
|
3 883
|
|
2 004
|
|
2 038
|
|
1 961
|
|
3 121
|
|
|
1 794
|
|
2 057
|
|
2 321
|
|
55
|
|
50
|
|
159
|
|
365
|
|
108
|
|
752
|
|
390
|
|
741
|
|
||
Cash operating cost
and Capital²
|
R/kg
|
Jun-19
|
644 891
|
|
469 908
|
|
415 842
|
|
736 511
|
|
580 997
|
|
669 313
|
|
539 740
|
|
|
573 077
|
|
506 588
|
|
562 883
|
|
462 985
|
|
378 599
|
|
461 544
|
|
605 265
|
|
493 887
|
|
555 540
|
|
476 073
|
|
544 487
|
|
Jun-18
|
514 919
|
|
367 072
|
|
343 249
|
|
709 654
|
|
493 471
|
|
575 698
|
|
537 379
|
|
|
491 644
|
|
670 491
|
|
504 979
|
|
446 699
|
|
425 590
|
|
418 332
|
|
538 480
|
|
467 277
|
|
501 169
|
|
403 747
|
|
499 028
|
|
||
All-in sustaining cost
|
R/kg
|
Jun-19
|
636 281
|
|
477 581
|
|
441 226
|
|
701 644
|
|
572 132
|
|
662 816
|
|
556 621
|
|
|
593 408
|
|
523 823
|
|
566 572
|
|
462 579
|
|
378 038
|
|
462 178
|
|
624 147
|
|
500 426
|
|
558 494
|
|
497 399
|
|
550 005
|
|
Jun-18
|
514 537
|
|
420 286
|
|
360 462
|
|
661 921
|
|
508 065
|
|
582 200
|
|
554 302
|
|
|
513 197
|
|
678 436
|
|
516 420
|
|
446 268
|
|
420 016
|
|
417 462
|
|
552 032
|
|
470 458
|
|
509 878
|
|
466 256
|
|
508 970
|
|
||
Operating free cash flow margin³
|
%
|
Jun-19
|
(10
|
)%
|
17
|
%
|
29
|
%
|
(21
|
)%
|
2
|
%
|
(12
|
)%
|
9
|
%
|
|
3
|
%
|
14
|
%
|
4
|
%
|
19
|
%
|
36
|
%
|
20
|
%
|
(1
|
)%
|
16
|
%
|
5
|
%
|
16
|
%
|
7
|
%
|
Jun-18
|
10
|
%
|
28
|
%
|
40
|
%
|
(22
|
)%
|
14
|
%
|
(1
|
)%
|
4
|
%
|
|
14
|
%
|
(17
|
)%
|
11
|
%
|
17
|
%
|
27
|
%
|
26
|
%
|
5
|
%
|
17
|
%
|
11
|
%
|
24
|
%
|
11
|
%
|
¹No production for Hidden Valley was capitalised during FY19. Ore milled for FY18 includes 1 914 000 tonnes that was capitalised as part of the pre-stripping of stages 5 & 6. Gold produced for FY18 includes 2 068 kilograms and gold sold 2 021 kilograms that was capitalised.
|
²Excludes investment capital for Hidden Valley of R1 471 million for FY18.
|
³Excludes run of mine costs for Kalgold (Jun-19:R1.966m, Jun-18:-R3.082m) and Hidden Valley (Jun-19:-R55.881m, Jun-18:R8.283m) as well as Hidden Valley's investment capital as per note 2.
|
|
|
Year
ended
|
South Africa
|
Hidden
Valley¹
|
|
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
|
Jun-19
|
1 777
|
|
1 069
|
|
254
|
|
473
|
|
805
|
|
650
|
|
817
|
|
|
664
|
|
283
|
|
6 792
|
|
6 762
|
|
4 269
|
|
4 749
|
|
1 785
|
|
17 565
|
|
24 357
|
|
4 285
|
|
28 642
|
|
Jun-18
|
1 893
|
|
360
|
|
257
|
|
501
|
|
767
|
|
749
|
|
738
|
|
|
714
|
|
415
|
|
6 394
|
|
6 575
|
|
4 201
|
|
3 110
|
|
1 709
|
|
15 595
|
|
21 989
|
|
2 757
|
|
24 746
|
|
||
Yield
|
oz/ton
|
Jun-19
|
0.144
|
|
0.238
|
|
0.318
|
|
0.107
|
|
0.131
|
|
0.131
|
|
0.196
|
|
|
0.112
|
|
0.138
|
|
0.163
|
|
0.004
|
|
0.004
|
|
0.010
|
|
0.022
|
|
0.008
|
|
0.051
|
|
0.047
|
|
0.050
|
|
Jun-18
|
0.160
|
|
0.294
|
|
0.353
|
|
0.105
|
|
0.144
|
|
0.123
|
|
0.193
|
|
|
0.118
|
|
0.099
|
|
0.160
|
|
0.004
|
|
0.004
|
|
0.011
|
|
0.024
|
|
0.007
|
|
0.052
|
|
0.039
|
|
0.051
|
|
||
Gold produced
|
oz
|
Jun-19
|
256 146
|
|
254 891
|
|
80 860
|
|
50 379
|
|
105 229
|
|
85 296
|
|
160 400
|
|
|
74 237
|
|
38 966
|
|
1 106 404
|
|
24 306
|
|
18 615
|
|
48 708
|
|
40 156
|
|
131 785
|
|
1 238 189
|
|
200 042
|
|
1 438 231
|
|
Jun-18
|
302 026
|
|
105 969
|
|
90 698
|
|
52 566
|
|
110 245
|
|
91 758
|
|
142 395
|
|
|
84 332
|
|
41 152
|
|
1 021 141
|
|
23 695
|
|
16 139
|
|
34 755
|
|
40 189
|
|
114 778
|
|
1 135 919
|
|
92 015
|
|
1 227 934
|
|
||
Gold sold
|
oz
|
Jun-19
|
254 698
|
|
250 583
|
|
80 216
|
|
51 827
|
|
104 650
|
|
86 324
|
|
161 653
|
|
|
73 657
|
|
38 807
|
|
1 102 415
|
|
24 113
|
|
18 551
|
|
48 129
|
|
40 605
|
|
131 398
|
|
1 233 813
|
|
199 077
|
|
1 432 890
|
|
Jun-18
|
300 223
|
|
101 757
|
|
90 151
|
|
53 242
|
|
109 440
|
|
90 922
|
|
138 281
|
|
|
83 882
|
|
40 896
|
|
1 008 794
|
|
23 759
|
|
16 333
|
|
34 530
|
|
39 577
|
|
114 199
|
|
1 122 993
|
|
88 833
|
|
1 211 826
|
|
||
Gold price received
|
$/oz
|
Jun-19
|
1 297
|
|
1 258
|
|
1 299
|
|
1 302
|
|
1 302
|
|
1 295
|
|
1 298
|
|
|
1 301
|
|
1 295
|
|
1 289
|
|
1 268
|
|
1 299
|
|
1 289
|
|
1 302
|
|
1 290
|
|
1 289
|
|
1 272
|
|
1 287
|
|
Jun-18
|
1 397
|
|
1 279
|
|
1 395
|
|
1 394
|
|
1 392
|
|
1 395
|
|
1 397
|
|
|
1 396
|
|
1 395
|
|
1 384
|
|
1 301
|
|
1 396
|
|
1 374
|
|
1 396
|
|
1 370
|
|
1 382
|
|
1 283
|
|
1 380
|
|
||
Gold revenue
|
($'000)
|
Jun-19
|
330 389
|
|
315 262
|
|
104 166
|
|
67 479
|
|
136 203
|
|
111 783
|
|
209 840
|
|
|
95 817
|
|
50 265
|
|
1 421 204
|
|
30 568
|
|
24 106
|
|
62 027
|
|
52 865
|
|
169 566
|
|
1 590 770
|
|
253 248
|
|
1 844 018
|
|
Jun-18
|
419 350
|
|
130 146
|
|
125 778
|
|
74 234
|
|
152 342
|
|
126 836
|
|
193 234
|
|
|
117 098
|
|
57 040
|
|
1 396 058
|
|
30 915
|
|
22 804
|
|
47 452
|
|
55 241
|
|
156 412
|
|
1 552 470
|
|
30 617
|
|
1 583 087
|
|
||
Cash operating cost (net of by-product credits)
|
($'000)
|
Jun-19
|
282 652
|
|
223 330
|
|
69 452
|
|
68 202
|
|
112 371
|
|
104 270
|
|
167 634
|
|
|
85 610
|
|
40 099
|
|
1 153 620
|
|
24 280
|
|
14 961
|
|
48 774
|
|
49 003
|
|
137 018
|
|
1 290 638
|
|
96 684
|
|
1 387 322
|
|
Jun-18
|
297 962
|
|
80 677
|
|
70 411
|
|
70 805
|
|
110 366
|
|
103 783
|
|
162 747
|
|
|
90 344
|
|
60 197
|
|
1 047 292
|
|
25 381
|
|
14 890
|
|
34 996
|
|
44 005
|
|
119 272
|
|
1 166 564
|
|
17 062
|
|
1 183 626
|
|
||
Inventory movement
|
($'000)
|
Jun-19
|
(2 415)
|
|
(4 628)
|
|
646
|
|
312
|
|
(2 080)
|
|
911
|
|
1 247
|
|
|
(612)
|
|
(296)
|
|
(6 915)
|
|
(217)
|
|
(6)
|
|
(519)
|
|
363
|
|
(379)
|
|
(7 294)
|
|
(620)
|
|
(7 914)
|
|
Jun-18
|
(2 350)
|
|
(6 552)
|
|
(680)
|
|
780
|
|
(558)
|
|
(1 182)
|
|
(5 077)
|
|
|
(523)
|
|
(205)
|
|
(16 347)
|
|
45
|
|
275
|
|
(277)
|
|
(968)
|
|
(925)
|
|
(17 272)
|
|
436
|
|
(16 836)
|
|
||
Operating costs
|
($'000)
|
Jun-19
|
280 237
|
|
218 702
|
|
70 098
|
|
68 514
|
|
110 291
|
|
105 181
|
|
168 881
|
|
|
84 998
|
|
39 803
|
|
1 146 705
|
|
24 063
|
|
14 955
|
|
48 255
|
|
49 366
|
|
136 639
|
|
1 283 344
|
|
96 064
|
|
1 379 408
|
|
Jun-18
|
295 612
|
|
74 125
|
|
69 731
|
|
71 585
|
|
109 808
|
|
102 601
|
|
157 670
|
|
|
89 821
|
|
59 992
|
|
1 030 945
|
|
25 426
|
|
15 165
|
|
34 719
|
|
43 037
|
|
118 347
|
|
1 149 292
|
|
17 498
|
|
1 166 790
|
|
||
Production profit
|
($'000)
|
Jun-19
|
50 152
|
|
96 560
|
|
34 068
|
|
(1 035)
|
|
25 912
|
|
6 602
|
|
40 959
|
|
|
10 819
|
|
10 462
|
|
274 499
|
|
6 505
|
|
9 151
|
|
13 772
|
|
3 499
|
|
32 927
|
|
307 426
|
|
157 184
|
|
464 610
|
|
Jun-18
|
123 738
|
|
56 021
|
|
56 047
|
|
2 649
|
|
42 534
|
|
24 235
|
|
35 564
|
|
|
27 277
|
|
(2 952)
|
|
365 113
|
|
5 489
|
|
7 639
|
|
12 733
|
|
12 204
|
|
38 065
|
|
403 178
|
|
13 119
|
|
416 297
|
|
||
Capital expenditure
|
($'000)
|
Jun-19
|
79 709
|
|
39 417
|
|
4 308
|
|
13 195
|
|
21 744
|
|
20 966
|
|
22 281
|
|
|
7 714
|
|
3 205
|
|
212 539
|
|
406
|
|
500
|
|
542
|
|
4 315
|
|
5 763
|
|
218 302
|
|
112 229
|
|
330 531
|
|
Jun-18
|
78 475
|
|
13 478
|
|
4 945
|
|
19 491
|
|
21 317
|
|
24 082
|
|
22 474
|
|
|
10 014
|
|
6 592
|
|
200 868
|
|
239
|
|
1 737
|
|
197
|
|
8 377
|
|
10 550
|
|
211 418
|
|
121 404
|
|
332 822
|
|
||
Cash operating costs
|
$/oz
|
Jun-19
|
1 103
|
|
876
|
|
859
|
|
1 354
|
|
1 068
|
|
1 222
|
|
1 045
|
|
|
1 153
|
|
1 029
|
|
1 043
|
|
999
|
|
804
|
|
1 001
|
|
1 220
|
|
1 040
|
|
1 042
|
|
483
|
|
965
|
|
Jun-18
|
987
|
|
761
|
|
776
|
|
1 347
|
|
1 001
|
|
1 131
|
|
1 143
|
|
|
1 071
|
|
1 463
|
|
1 026
|
|
1 071
|
|
923
|
|
1 007
|
|
1 095
|
|
1 039
|
|
1 027
|
|
669
|
|
1 018
|
|
||
Cash operating costs
|
$/t
|
Jun-19
|
159
|
|
209
|
|
273
|
|
144
|
|
140
|
|
160
|
|
205
|
|
|
129
|
|
142
|
|
170
|
|
4
|
|
4
|
|
10
|
|
27
|
|
8
|
|
53
|
|
23
|
|
48
|
|
Jun-18
|
157
|
|
224
|
|
274
|
|
141
|
|
144
|
|
139
|
|
221
|
|
|
127
|
|
145
|
|
164
|
|
4
|
|
4
|
|
11
|
|
26
|
|
8
|
|
53
|
|
26
|
|
52
|
|
||
Cash operating cost
and Capital²
|
$/oz
|
Jun-19
|
1 415
|
|
1 031
|
|
912
|
|
1 616
|
|
1 275
|
|
1 468
|
|
1 184
|
|
|
1 257
|
|
1 111
|
|
1 235
|
|
1 016
|
|
831
|
|
1 012
|
|
1 328
|
|
1 083
|
|
1 219
|
|
1 044
|
|
1 194
|
|
Jun-18
|
1 246
|
|
889
|
|
831
|
|
1 718
|
|
1 194
|
|
1 394
|
|
1 301
|
|
|
1 190
|
|
1 623
|
|
1 222
|
|
1 081
|
|
1 030
|
|
1 013
|
|
1 303
|
|
1 131
|
|
1 213
|
|
941
|
|
1 207
|
|
||
All-in sustaining cost
|
$/oz
|
Jun-19
|
1 396
|
|
1 048
|
|
968
|
|
1 539
|
|
1 255
|
|
1 454
|
|
1 221
|
|
|
1 302
|
|
1 149
|
|
1 243
|
|
1 015
|
|
829
|
|
1 014
|
|
1 369
|
|
1 098
|
|
1 225
|
|
1 090
|
|
1 207
|
|
Jun-18
|
1 245
|
|
1 017
|
|
873
|
|
1 602
|
|
1 230
|
|
1 409
|
|
1 342
|
|
|
1 242
|
|
1 642
|
|
1 250
|
|
1 080
|
|
1 017
|
|
1 010
|
|
1 336
|
|
1 139
|
|
1 234
|
|
1 094
|
|
1 231
|
|
||
Operating free cash flow margin³
|
%
|
Jun-19
|
(10
|
)%
|
17
|
%
|
29
|
%
|
(21
|
)%
|
2
|
%
|
(12
|
)%
|
9
|
%
|
|
3
|
%
|
14
|
%
|
4
|
%
|
19
|
%
|
36
|
%
|
20
|
%
|
(1
|
)%
|
16
|
%
|
5
|
%
|
16
|
%
|
7
|
%
|
Jun-18
|
10
|
%
|
28
|
%
|
40
|
%
|
(22
|
)%
|
14
|
%
|
(1
|
)%
|
4
|
%
|
|
14
|
%
|
(17
|
)%
|
11
|
%
|
17
|
%
|
27
|
%
|
26
|
%
|
5
|
%
|
17
|
%
|
11
|
%
|
24
|
%
|
11
|
%
|
¹No production for Hidden Valley was capitalised during FY19. Ore milled for FY18 includes 2 111 000 tonnes that was capitalised as part of the pre-stripping of stages 5 & 6. Gold produced for FY18 includes 66 499 ounces and gold sold 64 976 ounces that was capitalised.
|
²Excludes investment capital for Hidden Valley of US$114 million for FY18.
|
³Excludes run of mine costs for Kalgold (Jun-19:US$0.139m, Jun-18:-US$0.24m) and Hidden Valley (Jun-19:-US$3.941m, Jun-18:US$0.618m) as well as Hidden Valley's investment capital as per note 2.
|
|
|
Year ended
|
|||
|
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
Figures in million
|
Notes
|
|
Restated*
|
|
|
|
|
|
|
||
Revenue
|
2
|
26 912
|
|
20 452
|
|
Cost of sales
|
3
|
(28 869
|
)
|
(23 596
|
)
|
|
|
|
|
||
Production costs
|
|
(20 324
|
)
|
(15 084
|
)
|
Amortisation and depreciation
|
|
(4 054
|
)
|
(2 570
|
)
|
Impairment of assets
|
|
(3 898
|
)
|
(5 336
|
)
|
Other items
|
|
(593
|
)
|
(606
|
)
|
|
|
|
|
||
|
|
|
|
||
Gross profit/(loss)
|
|
(1 957
|
)
|
(3 144
|
)
|
Corporate, administration and other expenditure
|
|
(731
|
)
|
(813
|
)
|
Exploration expenditure
|
|
(148
|
)
|
(135
|
)
|
Gains on derivatives
|
4
|
484
|
|
99
|
|
Other operating income/(expenses)
|
5
|
(186
|
)
|
(667
|
)
|
|
|
|
|
||
|
|
|
|
||
Operating profit/(loss)
|
|
(2 538
|
)
|
(4 660
|
)
|
Acquisition related costs
|
8
|
—
|
|
(98
|
)
|
Share of profits from associates
|
|
59
|
|
38
|
|
Investment income
|
|
308
|
|
343
|
|
Finance costs
|
|
(575
|
)
|
(330
|
)
|
|
|
|
|
||
|
|
|
|
||
Profit/(loss) before taxation
|
|
(2 746
|
)
|
(4 707
|
)
|
Taxation
|
6
|
139
|
|
234
|
|
Current taxation
|
|
(144
|
)
|
(204
|
)
|
Deferred taxation
|
|
283
|
|
438
|
|
|
|
|
|
||
Net profit/(loss) for the year
|
|
(2 607
|
)
|
(4 473
|
)
|
|
|
|
|
||
Attributable to:
|
|
|
|
||
Owners of the parent
|
|
(2 607
|
)
|
(4 473
|
)
|
|
|
|
|
||
Earnings/(loss) per ordinary share (cents)
|
7
|
|
|
||
Basic earnings
/(
loss)
|
|
(498
|
)
|
(1 003
|
)
|
Diluted earnings
/(
loss)
|
|
(500
|
)
|
(1 004
|
)
|
The provisional condensed consolidated financial statements (condensed consolidated financial statements) for the year ended 30 June 2019 have been prepared by Harmony Gold Mining Company Limited’s corporate reporting team headed by Boipelo Lekubo CA(SA). This process was supervised by the financial director, Frank Abbott CA(SA) and approved by the board of Harmony Gold Mining Company Limited on 20 August 2019. These condensed consolidated financials have been reviewed by the group's external auditors, PricewaterhouseCoopers Incorporated (see note 23).
|
|
|
Year ended
|
|||
Figures in million
|
Notes
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
|
||
Net profit/(loss) for the year
|
|
(2 607
|
)
|
(4 473
|
)
|
Other comprehensive income for the year, net of income tax
|
|
(684
|
)
|
(660
|
)
|
|
|
|
|
||
Items that may be reclassified subsequently to profit or loss:
|
|
(677
|
)
|
(647
|
)
|
Foreign exchange translation gain/(loss)
|
|
(50
|
)
|
83
|
|
Remeasurement of gold hedging contracts
|
10
|
|
|
||
Unrealised gain/(loss) on gold contracts
|
|
(351
|
)
|
273
|
|
Released to revenue
|
|
(453
|
)
|
(1 197
|
)
|
Deferred taxation thereon
|
|
177
|
|
194
|
|
|
|
|
|
||
Items that will not be reclassified to profit or loss:
|
|
(7
|
)
|
(13
|
)
|
Remeasurement of retirement benefit obligation
|
|
|
|
||
Actuarial loss recognised during the year
|
|
(7
|
)
|
(11
|
)
|
Deferred taxation thereon
|
|
—
|
|
(2
|
)
|
|
|
|
|
||
Total comprehensive income for the year
|
|
(3 291
|
)
|
(5 133
|
)
|
|
|
|
|
||
Attributable to:
|
|
|
|
||
Owners of the parent
|
|
(3 291
|
)
|
(5 133
|
)
|
|
|
|
|
Figures in million
|
|
Share capital
|
|
Accumulated loss
|
|
Other
reserves
|
|
Total
|
|
|
|
|
|
|
|
||||
Balance - 30 June 2018
|
|
29 340
|
|
(9 103
|
)
|
5 145
|
|
25 382
|
|
|
|
|
|
|
|
||||
Impact of adopting IFRS 9 (refer to note 1)
|
|
—
|
|
—
|
|
82
|
|
82
|
|
|
|
|
|
|
|
||||
Restated opening balance - 1 July 2018
|
|
29 340
|
|
(9 103
|
)
|
5 227
|
|
25 464
|
|
|
|
|
|
|
|
||||
Issue of shares
|
|
211
|
|
—
|
|
—
|
|
211
|
|
Share-based payments
|
|
—
|
|
—
|
|
230
|
|
230
|
|
Net loss for the year
|
|
—
|
|
(2 607
|
)
|
—
|
|
(2 607
|
)
|
Other comprehensive income for the year
|
|
—
|
|
—
|
|
(684
|
)
|
(684
|
)
|
|
|
|
|
|
|
||||
Balance - 30 June 2019 (Reviewed)
|
|
29 551
|
|
(11 710
|
)
|
4 773
|
|
22 614
|
|
|
|
|
|
|
|
||||
Balance - 30 June 2017
|
|
28 336
|
|
(4 486
|
)
|
5 441
|
|
29 291
|
|
|
|
|
|
|
|
||||
Issue of shares
|
|
1 004
|
|
—
|
|
—
|
|
1 004
|
|
Share-based payments
|
|
—
|
|
—
|
|
374
|
|
374
|
|
Net loss for the year
|
|
—
|
|
(4 473
|
)
|
—
|
|
(4 473
|
)
|
Other comprehensive income for the year
|
|
—
|
|
—
|
|
(660
|
)
|
(660
|
)
|
Reclassification from other reserves
|
|
|
10
|
|
(10
|
)
|
—
|
|
|
Dividends paid
1
|
|
—
|
|
(154
|
)
|
—
|
|
(154
|
)
|
|
|
|
|
|
|
||||
Balance - 30 June 2018 (Audited)
|
|
29 340
|
|
(9 103
|
)
|
5 145
|
|
25 382
|
|
|
|
At
|
|
At
|
|
|
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
Figures in million
|
Notes
|
|
Restated*
|
|
|
|
|
|
|
||
ASSETS
|
|
|
|
||
|
|
|
|
||
Non-current assets
|
|
|
|
||
Property, plant and equipment
|
9
|
27 749
|
|
30 969
|
|
Intangible assets
|
9
|
533
|
|
545
|
|
Restricted cash
|
|
92
|
|
77
|
|
Restricted investments
|
|
3 301
|
|
3 271
|
|
Investments in associates
|
|
110
|
|
84
|
|
Inventories
|
|
43
|
|
46
|
|
Other non-current assets
|
|
334
|
|
264
|
|
Derivative financial assets
|
10
|
197
|
|
84
|
|
|
|
|
|
||
Total non-current assets
|
|
32 359
|
|
35 340
|
|
|
|
|
|
||
Current assets
|
|
|
|
||
Inventories
|
11
|
1 967
|
|
1 759
|
|
Restricted cash
|
|
44
|
|
38
|
|
Trade and other receivables
|
|
1 064
|
|
1 139
|
|
Derivative financial assets
|
10
|
309
|
|
539
|
|
Cash and cash equivalents
|
|
993
|
|
706
|
|
|
|
|
|
||
Total current assets
|
|
4 377
|
|
4 181
|
|
Total assets
|
|
36 736
|
|
39 521
|
|
|
|
|
|
||
EQUITY AND LIABILITIES
|
|
|
|
||
|
|
|
|
||
Share capital and reserves
|
|
|
|
||
Share capital
|
12
|
29 551
|
|
29 340
|
|
Other reserves
|
|
4 773
|
|
5 145
|
|
Accumulated loss
|
|
(11 710
|
)
|
(9 103
|
)
|
|
|
|
|
||
Total equity
|
|
22 614
|
|
25 382
|
|
|
|
|
|
||
Non-current liabilities
|
|
|
|
||
Deferred tax liabilities
|
6
|
688
|
|
1 145
|
|
Provision for environmental rehabilitation
|
13
|
3 054
|
|
3 309
|
|
Provision for silicosis settlement
|
14
|
942
|
|
925
|
|
Retirement benefit obligation
|
|
201
|
|
186
|
|
Other non-current liabilities
|
|
5
|
|
41
|
|
Borrowings
|
15
|
5 826
|
|
4 924
|
|
Derivative financial liabilities
|
10
|
172
|
|
10
|
|
|
|
|
|
||
Total non-current liabilities
|
|
10 888
|
|
10 540
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
||
Borrowings
|
15
|
89
|
|
690
|
|
Trade and other payables
|
|
2 875
|
|
2 704
|
|
Derivative financial liabilities
|
10
|
270
|
|
205
|
|
|
|
|
|
||
Total current liabilities
|
|
3 234
|
|
3 599
|
|
Total equity and liabilities
|
|
36 736
|
|
39 521
|
|
|
|
Year ended
|
|||
Figures in million
|
Notes
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
|
||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
||
|
|
|
|
||
Cash generated by operations
|
|
5 052
|
|
4 289
|
|
Interest received
|
|
69
|
|
82
|
|
Interest paid
|
|
(387
|
)
|
(180
|
)
|
Income and mining taxes paid
|
|
(55
|
)
|
(307
|
)
|
|
|
|
|
||
Cash generated from operating activities
|
|
4 679
|
|
3 884
|
|
|
|
|
|
||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
||
|
|
|
|
||
Increase in restricted cash
|
|
(15
|
)
|
(32
|
)
|
Decrease in amounts invested in restricted investments
|
17
|
187
|
|
—
|
|
Consideration paid for the acquisition of Moab Khotsong operations
|
8
|
—
|
|
(3 474
|
)
|
Redemption of preference shares from associates
|
|
32
|
|
—
|
|
Capital distributions from investments
|
|
30
|
|
—
|
|
Proceeds from disposal of property, plant and equipment
|
|
5
|
|
2
|
|
Additions to property, plant and equipment
|
17
|
(5 036
|
)
|
(4 571
|
)
|
|
|
|
|
||
Cash utilised by investing activities
|
|
(4 797
|
)
|
(8 075
|
)
|
|
|
|
|
||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
||
|
|
|
|
||
Borrowings raised
|
15
|
1 522
|
|
6 937
|
|
Borrowings repaid
|
15
|
(1 353
|
)
|
(4 063
|
)
|
Proceeds from the issue of shares
|
12
|
211
|
|
1 003
|
|
Dividends paid
|
|
—
|
|
(154
|
)
|
|
|
|
|
||
Cash generated from financing activities
|
|
380
|
|
3 723
|
|
Foreign currency translation adjustments
|
|
25
|
|
(72
|
)
|
|
|
|
|
||
Net increase/(decrease) in cash and cash equivalents
|
|
287
|
|
(540
|
)
|
Cash and cash equivalents - beginning of year
|
|
706
|
|
1 246
|
|
|
|
|
|
||
Cash and cash equivalents - end of year
|
|
993
|
|
706
|
|
|
Year
ended
|
|
Figures in million
|
30 June 2018
|
|
|
|
|
Revenue as previously reported
|
20 359
|
|
By-product revenue
|
93
|
|
|
|
|
Revenue (restated)
|
20 452
|
|
|
|
|
Cost of sales as previously reported
|
23 503
|
|
By-product revenue
|
93
|
|
|
|
|
Cost of sales (restated)
|
23 596
|
|
–
|
An irrevocable election was made to classify the equity instruments previously classified as available-for-sale as at fair value through other comprehensive income (FVOCI);
|
–
|
Equity investments previously measured at fair value through profit or loss (FVTPL) are classified and measured on the same basis under IFRS 9;
|
–
|
Debt instruments previously classified as held-to-maturity and measured at amortised cost are classified and measured at amortised cost under IFRS 9 as the group's business model is to hold these instruments in order to collect contractual cash flows, which is solely payments of principal and interest;
|
–
|
Derivative financial instruments continue to be classified and measured at FVTPL; and
|
–
|
The majority of loans and other receivables previously classified as at amortised cost continue to be classified as at amortised cost as the group's business model is to hold these instruments in order to collect contractual cash flows, which is solely payments of principal and interest.
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
Restated*
|
|
|
|
|
||
Revenue from contracts with customers
|
26 459
|
|
19 255
|
|
Gold
|
25 693
|
|
19 162
|
|
Silver
2
|
589
|
|
74
|
|
Uranium
3
|
177
|
|
19
|
|
Hedging gain
4
|
453
|
|
1 197
|
|
|
|
|
||
Total revenue
1
|
26 912
|
|
20 452
|
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
Restated*
|
|
|
|
|
||
Production costs - excluding royalty
1
|
20 131
|
|
14 933
|
|
Royalty expense
|
193
|
|
151
|
|
Amortisation and depreciation
2
|
4 054
|
|
2 570
|
|
Impairment of assets
3
|
3 898
|
|
5 336
|
|
Rehabilitation expenditure
|
33
|
|
67
|
|
Care and maintenance cost of restructured shafts
|
134
|
|
128
|
|
Employment termination and restructuring costs
4
|
242
|
|
208
|
|
Share-based payments
5
|
155
|
|
244
|
|
Other
|
29
|
|
(41
|
)
|
Total cost of sales
|
28 869
|
|
23 596
|
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Derivative gains
1
|
516
|
|
136
|
|
Day one loss amortisation
|
(32
|
)
|
(37
|
)
|
|
|
|
||
Total gains on derivatives
|
484
|
|
99
|
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Social investment expenditure
|
155
|
|
73
|
|
Foreign exchange translation loss
1
|
86
|
|
682
|
|
Silicosis settlement reversal of provision
2
|
(62
|
)
|
(68
|
)
|
Other operating (income)/expenses
|
7
|
|
(20
|
)
|
|
|
|
||
Total other operating expenses
|
186
|
|
667
|
|
|
Year ended
|
|||
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Weighted average number of shares (million)
|
524
|
|
446
|
|
Weighted average number of diluted shares (million)
|
533
|
|
465
|
|
|
|
|
||
Total earnings/(loss) per share (cents):
|
|
|
||
|
|
|
||
Basic loss
|
(498
|
)
|
(1 003
|
)
|
Diluted loss
1
|
(500
|
)
|
(1 004
|
)
|
Headline earnings
|
204
|
|
171
|
|
Diluted headline earnings
|
197
|
|
163
|
|
|
|
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Net profit/(loss) for the year
|
(2 607
|
)
|
(4 473
|
)
|
Adjusted for:
|
|
|
||
Impairment of assets
|
3 898
|
|
5 336
|
|
Taxation effect on impairment of assets
|
(239
|
)
|
(99
|
)
|
Profit on sale of property, plant and equipment
|
(5
|
)
|
(2
|
)
|
Loss on scrapping of property, plant and equipment
|
21
|
|
1
|
|
Taxation effect on loss on scrapping of property, plant and equipment
|
(1
|
)
|
—
|
|
Headline earnings
|
1 067
|
|
763
|
|
9
.
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
9
.
|
PROPERTY, PLANT AND EQUIPMENT
AND INTANGIBLE ASSETS
continued
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
US$ gold price per ounce (FY20)
|
1 325
|
|
1 250
|
|
US$ gold price per ounce (FY21)
|
1 310
|
|
1 250
|
|
US$ gold price per ounce (Long term)
|
1 290
|
|
1 250
|
|
US$ silver price per ounce (FY20 + FY21)
|
15.75
|
|
—
|
|
US$ silver price per ounce (Long term)
|
17.00
|
|
17.00
|
|
Exchange rate (R/US$) (FY20)
|
14.43
|
|
13.30
|
|
Exchange rate (R/US$) (FY21)
|
14.25
|
|
13.30
|
|
Exchange rate (R/US$) (Long term)
|
14.11
|
|
13.30
|
|
Exchange rate (PGK/US$)
|
3.34
|
|
3.17
|
|
Rand gold price (R/kg)
(FY20)
|
615 000
|
|
535 000
|
|
Rand gold price (R/kg)
(FY21)
|
600 000
|
|
535 000
|
|
Rand gold price (R/kg) (Long term)
|
585 000
|
|
535 000
|
|
|
|
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Tshepong Operations (a)
|
2 254
|
|
988
|
|
Kusasalethu (b)
|
690
|
|
579
|
|
Doornkop
|
—
|
|
317
|
|
Target 1 (c)
|
312
|
|
699
|
|
Joel (d)
|
198
|
|
160
|
|
Bambanani (e)
|
6
|
|
—
|
|
Masimong
|
—
|
|
329
|
|
Target 3
1
(f)
|
318
|
|
—
|
|
Unisel
|
—
|
|
487
|
|
Target North
1
|
—
|
|
1 458
|
|
Other Freegold assets
|
117
|
|
174
|
|
Other Harmony assets
|
—
|
|
145
|
|
Other Avgold assets
|
3
|
|
—
|
|
|
|
|
||
Total impairment
|
3 898
|
|
5 336
|
|
(a)
|
Tshepong Operations
has a recoverable amount of R3.8 billion. The impairment is due to the increased costs to exploit the
resource base as well as a lower expected recovered grade.
|
(b)
|
At
Kusasalethu
a
decrease in grade and
increased estimated costs in the resource base resulted in a lower recoverable amount of R1.3 billion.
|
(c)
|
Target 1
has a lower recoverable amount of R851 million as a result of increased costs and decrease in grade in the resource base together with the estimated impact of carbon tax. The increase in discount rate due to increased risk factors also negatively impacted on the recoverable amount.
|
(d)
|
Joel
has a recoverable amount of R765 million. The increased capital costs in the resource base together with carbon tax negatively impacted the net present value of expected cash flows.
|
(e)
|
Bambanani
has a recoverable amount of R763 million. The impairment of goodwill reduced the carrying amount of intangible assets. As goodwill is not depreciated, it results in an impairment as the life of the operation shortens.
|
(f)
|
Target 3
remains under care and maintenance. A change in valuation method from discounted cash flow model to resource multiple approach which reduced the recoverable amount.
|
|
Year ended
|
|||
|
30 June 2019
|
|||
Figures in million
|
10% decrease
|
|
10% increase
|
|
|
|
|
||
Tshepong Operations
|
7 155
|
|
—
|
|
Kusasalethu
|
1 962
|
|
—
|
|
Kalgold
|
39
|
|
—
|
|
Doornkop
|
1 350
|
|
—
|
|
Target 1
|
1 278
|
|
—
|
|
Joel
|
984
|
|
—
|
|
Bambanani
|
331
|
|
—
|
|
Masimong
|
105
|
|
—
|
|
Target 3
|
337
|
|
300
|
|
Unisel
|
45
|
|
—
|
|
Target North
|
291
|
|
—
|
|
Other Freegold assets
|
117
|
|
—
|
|
Other Harmony assets
|
58
|
|
—
|
|
Other Avgold assets
|
3
|
|
—
|
|
Moab Khotsong
|
2 758
|
|
—
|
|
|
|
|
|
Year ended
|
|||
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
Figures in million
|
|
Restated*
|
|
|
|
|
|
||
Opening balance
|
545
|
|
591
|
|
Acquisition of Moab Khotsong
|
—
|
|
302
|
|
Impairment - Tshepong Operations
|
—
|
|
(326
|
)
|
Impairment - Joel
|
—
|
|
(42
|
)
|
Impairment - Bambanani
|
(6
|
)
|
—
|
|
Other movements (net)
|
(6
|
)
|
20
|
|
|
|
|
||
Total intangible assets
|
533
|
|
545
|
|
|
At
|
|
At
|
|
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Financial assets
|
|
|
||
Non-current
|
197
|
|
84
|
|
|
|
|
||
Rand gold forward sale contracts (a)
|
23
|
|
70
|
|
US$ commodity contracts (b)
|
1
|
|
11
|
|
Foreign exchange hedging contracts (c)
|
173
|
|
3
|
|
|
|
|
||
Current
|
309
|
|
539
|
|
|
|
|
||
Rand gold forward sale contracts (a)
|
22
|
|
412
|
|
US$ commodity contracts (b)
|
4
|
|
63
|
|
Foreign exchange hedging contracts (c)
|
283
|
|
64
|
|
|
|
|
||
|
|
|
||
Total derivative financial assets
|
506
|
|
623
|
|
|
|
|
||
|
|
|
||
Financial liabilities
|
|
|
||
Non-current
|
172
|
|
10
|
|
|
|
|
||
Rand gold forward sale contracts (a)
|
158
|
|
10
|
|
US$ commodity contracts (b)
|
14
|
|
—
|
|
|
|
|
||
Current
|
270
|
|
205
|
|
|
|
|
||
Rand gold forward sale contracts (a)
|
225
|
|
2
|
|
US$ commodity contracts (b)
|
43
|
|
—
|
|
Foreign exchange hedging contracts (c)
|
2
|
|
203
|
|
|
|
|
||
|
|
|
||
Total derivative financial liabilities
|
442
|
|
215
|
|
|
|
|
(a)
|
Harmony has entered into rand gold forward sale derivative contracts to hedge the risk of lower rand gold prices from its South African operations. Cash flow hedge accounting is applied to the majority of these contracts, resulting in the effective portion of the unrealised gains and losses being recorded in other comprehensive income (other reserves). During the 12 months ended 30 June 2019, the contracts that matured realised a gain of R
453
million (June 2018: R1 197 million), which has been included in revenue. There were no ineffective portions in the periods presented. The unamortised portion of the day one gain or loss amounted to R
36
million on 30 June 2019 (June 2018: R11 million). Losses from non-hedge accounted commodity contracts amounted to R
51
million (June 2018: R12 million) and are included in gains on derivatives.
|
(b)
|
Harmony entered into commodity hedging contracts to secure sales prices for its Hidden Valley operations. The contracts comprise US$ gold forward sale derivative contracts as well as silver zero cost collars which establish a minimum (floor) and maximum (cap) silver sales price. Hedge accounting is applied to a portion of the US$ gold forward sale contracts entered into during the 2019 financial year. None of these contracts had matured by 30 June 2019. The gain on commodity contracts to which hedge accounting is not applied amounted to R
13
million (June 2018: R35 million) and is recorded in gains on derivatives in the income statement.
|
(c)
|
Harmony maintains a foreign exchange hedging programme in the form of zero cost collars, which establish a floor and cap US$/Rand exchange rate at which to convert US dollars to Rands, and foreign exchange forward contracts. As hedge accounting is not applied, the resulting gains and losses have been recorded in gains on derivatives in the income statement. For 2019, the changes in the fair value resulted in gains amounting to R
555
million (June 2018: R113 million).
|
|
FY 2020
|
FY2021
|
TOTAL
|
|||||||||||||||
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
US$ZAR
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Zero cost collars
|
|
|
|
|
|
|
|
|
|
|||||||||
US$m
|
71
|
|
69
|
|
64
|
|
62
|
|
49
|
|
48
|
|
37
|
|
14
|
|
414
|
|
Floor
|
14.48
|
|
14.59
|
|
14.80
|
|
14.96
|
|
15.30
|
|
15.28
|
|
15.37
|
|
15.55
|
|
14.92
|
|
Cap
|
15.19
|
|
15.35
|
|
15.57
|
|
15.75
|
|
16.11
|
|
16.27
|
|
16.36
|
|
16.55
|
|
15.74
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Forward contracts
|
|
|
|
|
|
|
|
|
|
|||||||||
US$m
|
69
|
|
69
|
|
66
|
|
60
|
|
61
|
|
35
|
|
24
|
|
6
|
|
390
|
|
FEC
|
14.71
|
|
15.00
|
|
15.27
|
|
15.44
|
|
15.89
|
|
15.82
|
|
15.96
|
|
16.23
|
|
15.35
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
R/gold
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
'000 oz
|
95
|
|
94
|
|
94
|
|
96
|
|
71
|
|
71
|
|
73
|
|
33
|
|
627
|
|
R'000/kg
|
626
|
|
641
|
|
648
|
|
661
|
|
668
|
|
674
|
|
689
|
|
702
|
|
659
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
US$/gold
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
'000 oz
|
12
|
|
12
|
|
12
|
|
12
|
|
8
|
|
6
|
|
3
|
|
1
|
|
66
|
|
US$/oz
|
1 351
|
|
1 363
|
|
1 357
|
|
1 370
|
|
1 376
|
|
1 387
|
|
1 404
|
|
1 414
|
|
1 368
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total gold
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
'000 oz
|
107
|
|
106
|
|
106
|
|
108
|
|
79
|
|
77
|
|
76
|
|
34
|
|
693
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
US$/silver
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
'000 oz
|
90
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
90
|
|
|
Floor
|
17.40
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
17.40
|
|
|
Cap
|
18.40
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
18.40
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Harmony entered into a four-year loan with Westpac Bank of US$24 million (R322 million) to finance the acquisition of fleet equipment for the group’s PNG operations. The loan is repayable in quarterly instalments and bears interest at a rate of LIBOR + 3.2%. During the year US$5 million (R64 million) was repaid on the loan.
|
•
|
Harmony drew down the remaining R500 million on the R1 billion Nedbank revolving credit facility (RCF).
|
•
|
During November 2018, Harmony concluded a new four-year R2.0 billion facility with Nedbank and ABSA which consists of a R600 million term facility and a R1.4 billion RCF to replace the Nedbank R1 billion RCF.
|
Figures in million
|
US$ term loan
US dollar
|
|
US$ RCF
US dollar
|
|
Rand term loan
SA rand
|
|
Rand RCF
SA rand
|
|
Westpac fleet loan US dollar
|
|
|
|
|
|
|
|
|||||
Borrowings summary at 30 June 2019
|
|
|
|
|
|
|||||
Original facility
|
175
|
|
175
|
|
600
|
|
1 400
|
|
N/A
|
|
Drawn down/ loan balance
|
175
|
|
120
|
|
600
|
|
900
|
|
20
|
|
Undrawn committed borrowing facilities
|
N/A
|
|
55
|
|
N/A
|
|
500
|
|
N/A
|
|
Maturity
|
July
|
|
July
|
|
November
|
|
November
|
|
June
|
|
|
2020
|
|
2020
|
|
2022
|
|
2022
|
|
2022
|
|
Interest rate
|
LIBOR +
3.15% |
|
LIBOR +
3.00% |
|
JIBAR +
2.90% |
|
JIBAR +
2.80% |
|
LIBOR +
3.20% |
|
|
|
|
|
|
|
|
Year ended
|
|||
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Rand/US$ exchange rate:
|
|
|
||
Closing/spot
|
14.13
|
|
13.81
|
|
Average
|
14.18
|
|
12.85
|
|
|
|
|
|
Fair value hierarchy level
|
At
30 June 2019
(Reviewed)
|
|
|
|||
Figures in million
|
|||
|
|
|
|
Fair value through other comprehensive income financial instruments
|
|
|
|
Other non-current assets
1
|
Level 3
|
59
|
|
Fair value through profit or loss financial instruments
|
|
|
|
Restricted investments
2
|
Level 2
|
1 256
|
|
Derivative financial assets
3
|
Level 2
|
506
|
|
Derivative financial liabilities
3
|
Level 2
|
(442
|
)
|
Loan to ARM BBEE Trust
4
|
Level 3
|
271
|
|
|
|
|
|
Fair value hierarchy level
|
At
30 June 2018 (Audited)
|
|
|
|||
Figures in million
|
|||
|
|
|
|
Available-for-sale financial assets
|
|
|
|
Other non-current assets
1
|
Level 3
|
8
|
|
Fair value through profit or loss financial instruments
|
|
|
|
Restricted investments
2
|
Level 2
|
913
|
|
Derivative financial instruments
3
|
Level 2
|
408
|
|
|
|
|
•
|
Forex hedging contracts
(zero cost collars): a Black-Scholes valuation technique, derived from spot rand/US$ exchange rate inputs, implied volatilities on the rand/US$ exchange rate, rand/US$ inter-bank interest rates and discounted at market interest rate (zero-coupon interest rate curve). FECs are derived from the forward rand/US$ exchange rate and discounted at market interest rate (zero-coupon interest rate curve).
|
•
|
Rand gold hedging contracts
(forward sale contracts): spot Rand/US$ exchange rate, Rand and dollar interest rates (forward points), spot US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at market interest rate.
|
•
|
US$ gold hedging contracts
(forward sale contracts): spot US$ gold price, differential between the US interest rate and gold lease interest rate and discounted at market interest rate.
|
•
|
Silver hedging contracts
(zero cost collars): a Black-Scholes valuation technique, derived from spot US$ silver price, strike price, implied volatilities, time to maturity and interest rates and discounted at market interest rate.
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Capital expenditure - operations
1
|
3 490
|
|
2 619
|
|
Additions resulting from development at Hidden Valley
2
|
—
|
|
1 563
|
|
Capital and capitalised exploration and evaluation expenditure for Wafi-Golpu
|
350
|
|
288
|
|
Additions resulting from stripping activities
3
|
1 196
|
|
98
|
|
Other
|
—
|
|
3
|
|
|
|
|
||
Total additions to property, plant and equipment
|
5 036
|
|
4 571
|
|
|
At
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Capital expenditure commitments:
|
|
|
||
Contracts for capital expenditure
|
418
|
|
273
|
|
Authorised by the directors but not contracted for
|
1 499
|
|
1 719
|
|
|
|
|
||
Total capital commitments
|
1 917
|
|
1 992
|
|
|
Year ended
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Reconciliation of production profit to gross profit/(loss)
|
|
|
||
|
|
|
||
Revenue
|
26 912
|
|
20 452
|
|
–
Per segment report
|
26 146
|
|
20 358
|
|
–
Other metal sales treated as by-product credits in the segment report
|
766
|
|
93
|
|
–
Other adjustments
|
—
|
|
1
|
|
Production costs
|
(20 324
|
)
|
(15 084
|
)
|
–
Per segment report
|
(19 558
|
)
|
(15 002
|
)
|
–
Other metal sales treated as by-product credits in the segment report
|
(766
|
)
|
(93
|
)
|
–
Other adjustments
|
—
|
|
11
|
|
|
|
|
||
|
|
|
||
Production profit per segment report
|
6 588
|
|
5 368
|
|
Impairment of assets
|
(3 898
|
)
|
(5 336
|
)
|
Amortisation and depreciation
|
(4 054
|
)
|
(2 570
|
)
|
Other cost of sales items
|
(593
|
)
|
(606
|
)
|
|
|
|
||
Gross profit/(loss) as per income statements
1
|
(1 957
|
)
|
(3 144
|
)
|
|
At
|
|||
Figures in million
|
30 June 2019
(Reviewed)
|
|
30 June 2018
(Audited)
|
|
|
|
|
||
Reconciliation of total segment mining assets to consolidated property, plant and equipment
|
|
|
||
|
|
|
||
Property, plant and equipment not allocated to a segment
|
|
|
||
Mining assets
|
341
|
|
982
|
|
Undeveloped property
|
3 681
|
|
3 681
|
|
Other non-mining assets
|
115
|
|
103
|
|
Wafi-Golpu assets
|
2 467
|
|
2 137
|
|
|
|
|
||
|
6 604
|
|
6 903
|
|
(a)
|
The settlement agreement for the silicosis and tuberculosis class action was approved by the South Gauteng High Court on 26 July 2019. The class members will be given an opportunity to option out of the settlement. Following this, the Tshiamiso Trust will be established and begin implementing the settlement. This has no impact on the provision.
|
(b)
|
On 19 August 2019, a new syndicated facility was signed. Refer to note
15
for further details
|
|
Revenue
|
Production cost
|
Production profit/(loss)
|
Mining assets
|
Capital expenditure
#
|
Kilograms produced*
|
Tonnes milled*
|
|||||||||||||||||||||
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
|||||||||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
||||||||||||||
|
R million
|
R million
|
R million
|
R million
|
R million
|
kg
|
t'000
|
|||||||||||||||||||||
South Africa
Underground
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tshepong operations
|
4 685
|
|
5 389
|
|
3 973
|
|
3 799
|
|
712
|
|
1 590
|
|
6 297
|
|
8 078
|
|
1 130
|
|
1 008
|
|
7 967
|
|
9 394
|
|
1 612
|
|
1 716
|
|
Moab Khotsong
|
4 470
|
|
1 672
|
|
3 101
|
|
952
|
|
1 369
|
|
720
|
|
3 634
|
|
3 670
|
|
559
|
|
173
|
|
7 928
|
|
3 296
|
|
970
|
|
327
|
|
Bambanani
|
1 477
|
|
1 616
|
|
994
|
|
896
|
|
483
|
|
720
|
|
562
|
|
659
|
|
61
|
|
64
|
|
2 515
|
|
2 821
|
|
230
|
|
233
|
|
Joel
|
957
|
|
954
|
|
971
|
|
920
|
|
(14
|
)
|
34
|
|
947
|
|
995
|
|
187
|
|
250
|
|
1 567
|
|
1 635
|
|
429
|
|
454
|
|
Doornkop
|
1 931
|
|
1 958
|
|
1 564
|
|
1 411
|
|
367
|
|
547
|
|
2 759
|
|
2 721
|
|
308
|
|
274
|
|
3 273
|
|
3 429
|
|
730
|
|
696
|
|
Target 1
|
1 585
|
|
1 630
|
|
1 491
|
|
1 318
|
|
94
|
|
312
|
|
1 076
|
|
1 260
|
|
297
|
|
309
|
|
2 653
|
|
2 854
|
|
588
|
|
680
|
|
Kusasalethu
|
2 975
|
|
2 483
|
|
2 395
|
|
2 026
|
|
580
|
|
457
|
|
1 300
|
|
2 151
|
|
316
|
|
289
|
|
4 989
|
|
4 429
|
|
742
|
|
670
|
|
Masimong
|
1 359
|
|
1 505
|
|
1 205
|
|
1 154
|
|
154
|
|
351
|
|
106
|
|
57
|
|
109
|
|
129
|
|
2 309
|
|
2 623
|
|
602
|
|
647
|
|
Unisel
|
713
|
|
733
|
|
564
|
|
771
|
|
149
|
|
(38
|
)
|
46
|
|
38
|
|
45
|
|
85
|
|
1 212
|
|
1 280
|
|
256
|
|
376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Surface
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
All other surface operations
|
2 403
|
|
2 009
|
|
1 938
|
|
1 521
|
|
465
|
|
488
|
|
724
|
|
553
|
|
84
|
|
136
|
|
4 099
|
|
3 570
|
|
15 931
|
|
14 143
|
|
Total South Africa
|
22 555
|
|
19 949
|
|
18 196
|
|
14 768
|
|
4 359
|
|
5 181
|
|
17 451
|
|
20 182
|
|
3 096
|
|
2 717
|
|
38 512
|
|
35 331
|
|
22 090
|
|
19 942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Hidden Valley
|
3 591
|
|
409
|
|
1 362
|
|
234
|
|
2 229
|
|
175
|
|
3 694
|
|
3 884
|
|
1 591
|
|
1 563
|
|
6 222
|
|
2 862
|
|
3 886
|
|
2 499
|
|
Total international
|
3 591
|
|
409
|
|
1 362
|
|
234
|
|
2 229
|
|
175
|
|
3 694
|
|
3 884
|
|
1 591
|
|
1 563
|
|
6 222
|
|
2 862
|
|
3 886
|
|
2 499
|
|
Total operations
|
26 146
|
|
20 358
|
|
19 558
|
|
15 002
|
|
6 588
|
|
5 356
|
|
21 145
|
|
24 066
|
|
4 687
|
|
4 280
|
|
44 734
|
|
38 193
|
|
25 976
|
|
22 441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of the segment information to the consolidated income statement and balance sheet (refer to note 21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
766
|
|
94
|
|
766
|
|
82
|
|
—
|
|
12
|
|
6 604
|
|
6 903
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
26 912
|
|
20 452
|
|
20 324
|
|
15 084
|
|
6 588
|
|
5 368
|
|
27 749
|
|
30 969
|
|
4 687
|
|
4 280
|
|
44 734
|
|
38 193
|
|
25 976
|
|
22 441
|
|
|
|
Year ended
|
|||
|
|
30 June 2019
(Unaudited)
|
|
30 June 2018
(Audited)
|
|
Figures in million
|
|
|
Restated*
|
|
|
|
|
|
|
||
Revenue
|
|
1 898
|
|
1 591
|
|
Cost of sales
|
|
(2 037
|
)
|
(1 807
|
)
|
|
|
|
|
||
Production costs
|
|
(1 433
|
)
|
(1 174
|
)
|
Amortisation and depreciation
|
|
(286
|
)
|
(200
|
)
|
Impairment of assets
|
|
(276
|
)
|
(386
|
)
|
Other items
|
|
(42
|
)
|
(47
|
)
|
|
|
|
|
||
|
|
|
|
||
Gross profit/(loss)
|
|
(139
|
)
|
(216
|
)
|
Corporate, administration and other expenditure
|
|
(52
|
)
|
(63
|
)
|
Exploration expenditure
|
|
(10
|
)
|
(11
|
)
|
Gains on derivatives
|
|
34
|
|
8
|
|
Other operating income/(expenses)
|
|
(13
|
)
|
(53
|
)
|
|
|
|
|
||
|
|
|
|
||
Operating profit/(loss)
|
|
(180
|
)
|
(335
|
)
|
Acquisition related costs
|
|
—
|
|
(8
|
)
|
Share of profits from associates
|
|
4
|
|
3
|
|
Investment income
|
|
22
|
|
27
|
|
Finance costs
|
|
(41
|
)
|
(26
|
)
|
|
|
|
|
||
|
|
|
|
||
Profit/(loss) before taxation
|
|
(195
|
)
|
(339
|
)
|
Taxation
|
|
10
|
|
18
|
|
Current taxation
|
|
(10
|
)
|
(16
|
)
|
Deferred taxation
|
|
20
|
|
34
|
|
|
|
|
|
||
Net profit/(loss) for the period
|
|
(185
|
)
|
(321
|
)
|
|
|
|
|
||
Attributable to:
|
|
|
|
||
Owners of the parent
|
|
(185
|
)
|
(321
|
)
|
|
|
|
|
||
Earnings per ordinary share (cents)
|
|
|
|
||
Basic earnings
|
|
(35
|
)
|
(72
|
)
|
Diluted earnings
|
|
(36
|
)
|
(72
|
)
|
Note on convenience translations
Except where specific statements have been extracted from the 2018 annual financial statements, the requirements of IAS 21
The Effects of the Changes in Foreign Exchange Rates
have not necessarily been applied in the translation of the US Dollar financial statements presented on page 33 to 37.
|
|
|
Year ended
|
|||
Figures in million
|
|
30 June 2019
(Unaudited)
|
|
30 June 2018
(Audited)
|
|
|
|
|
|
||
Net profit/(loss) for the year
|
|
(185
|
)
|
(321
|
)
|
Other comprehensive income for the year, net of income tax
|
|
(48
|
)
|
(175
|
)
|
|
|
|
|
||
Items that may be reclassified subsequently to profit or loss:
|
|
(48
|
)
|
(174
|
)
|
Foreign exchange translation gain/(loss)
|
|
(4
|
)
|
(117
|
)
|
Remeasurement of gold hedging contracts
|
|
|
|
||
Unrealised gain/(loss) on gold contracts
|
|
(25
|
)
|
21
|
|
Released to revenue
|
|
(32
|
)
|
(93
|
)
|
Deferred taxation thereon
|
|
13
|
|
15
|
|
|
|
|
|
||
Items that will not be reclassified to profit or loss:
|
|
—
|
|
(1
|
)
|
Remeasurement of retirement benefit obligation
|
|
|
|
||
Actuarial loss recognised during the
year
|
|
—
|
|
(1
|
)
|
|
|
|
|
||
Total comprehensive income for the year
|
|
(233
|
)
|
(496
|
)
|
|
|
|
|
||
Attributable to:
|
|
|
|
||
Owners of the parent
|
|
(233
|
)
|
(496
|
)
|
Figures in million
|
|
Share capital
|
|
Accumulated loss
|
|
Other
reserves
|
|
Total
|
|
|
|
|
|
|
|
||||
Balance - 30 June 2018
|
|
2 076
|
|
(644
|
)
|
364
|
|
1 796
|
|
|
|
|
|
|
|
||||
Impact of adopting IFRS 9 (refer to note 1)
|
|
—
|
|
—
|
|
6
|
|
6
|
|
|
|
|
|
|
|
||||
Restated opening balance - 1 July 2018
|
|
2 076
|
|
(644
|
)
|
370
|
|
1 802
|
|
|
|
|
|
|
|
||||
Issue of shares
|
|
15
|
|
—
|
|
—
|
|
15
|
|
Share-based payments
|
|
—
|
|
—
|
|
16
|
|
16
|
|
Net loss for the year
|
|
—
|
|
(185
|
)
|
—
|
|
(185
|
)
|
Other comprehensive income for the year
|
|
—
|
|
—
|
|
(48
|
)
|
(48
|
)
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Balance - 30 June 2019 (Unaudited)
|
|
2 091
|
|
(829
|
)
|
338
|
|
1 600
|
|
|
|
|
|
|
|
||||
Balance - 30 June 2017
|
|
4 036
|
|
(547
|
)
|
(1 255
|
)
|
2 234
|
|
|
|
|
|
|
|
||||
Issue of shares
|
|
79
|
|
—
|
|
—
|
|
79
|
|
Share-based payments
|
|
—
|
|
|
29
|
|
29
|
|
|
Net loss for the year
|
|
—
|
|
(321
|
)
|
—
|
|
(321
|
)
|
Other comprehensive income for the year
|
|
—
|
|
—
|
|
(175
|
)
|
(175
|
)
|
Reclassification from other reserves
|
|
|
1
|
|
(1
|
)
|
—
|
|
|
Dividends paid
|
|
—
|
|
(11
|
)
|
—
|
|
(11
|
)
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Balance - 30 June 2018 (Audited)
|
|
4 115
|
|
(878
|
)
|
(1 402
|
)
|
1 835
|
|
|
|
At
|
|
At
|
|
Figures in million
|
|
30 June 2019
(Unaudited)
|
|
30 June 2018
(Audited)
|
|
|
|
|
|
||
ASSETS
|
|
|
|
||
|
|
|
|
||
Non-current assets
|
|
|
|
||
Property, plant and equipment
|
|
1 964
|
|
2 243
|
|
Intangible assets
|
|
38
|
|
39
|
|
Restricted cash
|
|
6
|
|
6
|
|
Restricted investments
|
|
234
|
|
237
|
|
Investments in associates
|
|
8
|
|
6
|
|
Inventories
|
|
3
|
|
3
|
|
Other non-current assets
|
|
24
|
|
19
|
|
Derivative financial assets
|
|
14
|
|
6
|
|
|
|
|
|
||
Total non-current assets
|
|
2 291
|
|
2 559
|
|
|
|
|
|
||
Current assets
|
|
|
|
||
Inventories
|
|
139
|
|
127
|
|
Restricted cash
|
|
3
|
|
3
|
|
Trade and other receivables
|
|
75
|
|
83
|
|
Derivative financial assets
|
|
22
|
|
39
|
|
Cash and cash equivalents
|
|
70
|
|
51
|
|
|
|
|
|
||
Total current assets
|
|
309
|
|
303
|
|
Total assets
|
|
2 600
|
|
2 862
|
|
|
|
|
|
||
EQUITY AND LIABILITIES
|
|
|
|
||
|
|
|
|
||
Share capital and reserves
|
|
|
|
||
Share capital
|
|
2 091
|
|
4 115
|
|
Other reserves
|
|
338
|
|
(1 402
|
)
|
Accumulated loss
|
|
(829
|
)
|
(878
|
)
|
|
|
|
|
||
Total equity
|
|
1 600
|
|
1 835
|
|
|
|
|
|
||
Non-current liabilities
|
|
|
|
||
Deferred tax liabilities
|
|
49
|
|
83
|
|
Provision for environmental rehabilitation
|
|
216
|
|
240
|
|
Provision for silicosis settlement
|
|
67
|
|
67
|
|
Retirement benefit obligation
|
|
14
|
|
13
|
|
Other non-current liabilities
|
|
—
|
|
3
|
|
Borrowings
|
|
413
|
|
357
|
|
Derivative financial liabilities
|
|
12
|
|
1
|
|
|
|
|
|
||
Total non-current liabilities
|
|
771
|
|
764
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
||
Borrowings
|
|
6
|
|
50
|
|
Trade and other payables
|
|
204
|
|
198
|
|
Derivative financial liabilities
|
|
19
|
|
15
|
|
|
|
|
|
||
Total current liabilities
|
|
229
|
|
263
|
|
Total equity and liabilities
|
|
2 600
|
|
2 862
|
|
|
|
Year ended
|
|||
Figures in million
|
|
30 June 2019
(Unaudited)
|
|
30 June 2018
(Audited)
|
|
|
|
|
|
||
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
||
|
|
|
|
||
Cash generated by operations
|
|
356
|
|
334
|
|
Interest and dividends received
|
|
5
|
|
6
|
|
Interest paid
|
|
(27
|
)
|
(14
|
)
|
Income and mining taxes paid
|
|
(4
|
)
|
(23
|
)
|
|
|
|
|
||
Cash generated from operating activities
|
|
330
|
|
303
|
|
|
|
|
|
||
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
||
|
|
|
|
||
Increase in restricted cash
|
|
(1
|
)
|
(2
|
)
|
Decrease in amounts invested in restricted investments
|
|
13
|
|
—
|
|
Consideration paid for the acquisition of Moab Khotsong operations
|
|
—
|
|
(300
|
)
|
Redemption of preference shares from associates
|
|
2
|
|
—
|
|
Capital distributions from investments
|
|
2
|
|
—
|
|
Additions to property, plant and equipment
|
|
(355
|
)
|
(356
|
)
|
|
|
|
|
||
Cash utilised by investing activities
|
|
(339
|
)
|
(658
|
)
|
|
|
|
|
||
CASH FLOW FROM FINANCING ACTIVITIES
|
|
|
|
||
|
|
|
|
||
Borrowings raised
|
|
107
|
|
565
|
|
Borrowings repaid
|
|
(95
|
)
|
(312
|
)
|
Proceeds from the issue of shares
|
|
15
|
|
79
|
|
Dividends paid
|
|
—
|
|
(12
|
)
|
|
|
|
|
||
Cash generated from financing activities
|
|
27
|
|
320
|
|
Foreign currency translation adjustments
|
|
1
|
|
(9
|
)
|
|
|
|
|
||
Net increase/(decrease) in cash and cash equivalents
|
|
19
|
|
(44
|
)
|
Cash and cash equivalents - beginning of year
|
|
51
|
|
95
|
|
|
|
|
|
||
Cash and cash equivalents - end of year
|
|
70
|
|
51
|
|
|
Revenue
|
Production cost
|
Production profit/(loss)
|
Mining assets
|
Capital expenditure
#
|
Ounces produced*
|
Tons milled*
|
|||||||||||||||||||||
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
30 June
|
|||||||||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
||||||||||||||
|
US$ million
|
US$ million
|
US$ million
|
US$ million
|
US$ million
|
oz
|
t'000
|
|||||||||||||||||||||
South Africa
Underground
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tshepong operations
|
330
|
|
419
|
|
280
|
|
296
|
|
50
|
|
123
|
|
446
|
|
585
|
|
80
|
|
78
|
|
256 146
|
|
302 026
|
|
1 777
|
|
1 893
|
|
Moab Khotsong
|
315
|
|
130
|
|
219
|
|
74
|
|
96
|
|
56
|
|
257
|
|
268
|
|
39
|
|
13
|
|
254 891
|
|
105 969
|
|
1 069
|
|
360
|
|
Bambanani
|
104
|
|
126
|
|
70
|
|
70
|
|
34
|
|
56
|
|
40
|
|
48
|
|
4
|
|
5
|
|
80 860
|
|
90 698
|
|
254
|
|
257
|
|
Joel
|
67
|
|
74
|
|
69
|
|
72
|
|
(2
|
)
|
2
|
|
67
|
|
72
|
|
13
|
|
19
|
|
50 379
|
|
52 566
|
|
473
|
|
501
|
|
Doornkop
|
136
|
|
152
|
|
110
|
|
110
|
|
26
|
|
42
|
|
195
|
|
197
|
|
22
|
|
21
|
|
105 229
|
|
110 245
|
|
805
|
|
767
|
|
Target 1
|
112
|
|
127
|
|
105
|
|
103
|
|
7
|
|
24
|
|
76
|
|
91
|
|
21
|
|
24
|
|
85 296
|
|
91 758
|
|
650
|
|
749
|
|
Kusasalethu
|
210
|
|
193
|
|
169
|
|
158
|
|
41
|
|
35
|
|
92
|
|
156
|
|
22
|
|
22
|
|
160 400
|
|
142 395
|
|
817
|
|
738
|
|
Masimong
|
96
|
|
117
|
|
85
|
|
90
|
|
11
|
|
27
|
|
8
|
|
4
|
|
8
|
|
10
|
|
74 237
|
|
84 332
|
|
664
|
|
714
|
|
Unisel
|
50
|
|
57
|
|
40
|
|
60
|
|
10
|
|
(3
|
)
|
3
|
|
3
|
|
3
|
|
7
|
|
38 966
|
|
41 152
|
|
283
|
|
415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Surface
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
All other surface operations
|
171
|
|
157
|
|
136
|
|
116
|
|
35
|
|
41
|
|
51
|
|
40
|
|
7
|
|
12
|
|
131 785
|
|
114 778
|
|
17 565
|
|
15 595
|
|
Total South Africa
|
1 591
|
|
1 552
|
|
1 283
|
|
1 149
|
|
308
|
|
403
|
|
1 235
|
|
1 464
|
|
219
|
|
211
|
|
1 238 189
|
|
1 135 919
|
|
24 357
|
|
21 989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Hidden Valley
|
253
|
|
32
|
|
96
|
|
18
|
|
157
|
|
14
|
|
262
|
|
281
|
|
112
|
|
122
|
|
200 042
|
|
92 015
|
|
4 285
|
|
2 757
|
|
Total international
|
253
|
|
32
|
|
96
|
|
18
|
|
157
|
|
14
|
|
262
|
|
281
|
|
112
|
|
122
|
|
200 042
|
|
92 015
|
|
4 285
|
|
2 757
|
|
Total operations
|
1 844
|
|
1 584
|
|
1 379
|
|
1 167
|
|
465
|
|
417
|
|
1 498
|
|
1 745
|
|
331
|
|
333
|
|
1 438 231
|
|
1 227 934
|
|
28 642
|
|
24 746
|
|
|
|
|
|
Channel
|
||
|
|
Reef
|
Sampled
|
Width
|
Value
|
Gold
|
|
|
Meters
|
Meters
|
(Cm's)
|
(g/t)
|
(Cmg/t)
|
Tshepong
|
|
|
|
|
|
|
Basal
|
1 355
|
1 356
|
8.94
|
175.80
|
1 572
|
|
B Reef
|
715
|
572
|
132.08
|
28.39
|
3 750
|
|
All Reefs
|
2 069
|
1 928
|
45.48
|
48.78
|
2 218
|
|
Phakisa
|
|
|
|
|
|
|
Basal
|
1 254
|
1 248
|
42.89
|
29.53
|
1 267
|
|
All Reefs
|
1 254
|
1 248
|
42.89
|
29.53
|
1 267
|
|
Doornkop
|
|
|
|
|
|
|
South Reef
|
1 621
|
1 611
|
66.89
|
13.71
|
917
|
|
All Reefs
|
1 621
|
1 611
|
66.89
|
13.71
|
917
|
|
Kusasalethu
|
|
|
|
|
|
|
VCR Reef
|
1 217
|
1 156
|
59.12
|
24.79
|
1 466
|
|
All Reefs
|
1 217
|
1 156
|
59.12
|
24.79
|
1 466
|
|
Target 1
|
|
|
|
|
|
|
Elsburg
|
116
|
72
|
272.44
|
3.65
|
994
|
|
All Reefs
|
116
|
72
|
272.44
|
3.65
|
994
|
|
Masimong 5
|
|
|
|
|
|
|
Basal
|
794
|
698
|
73.49
|
17.32
|
1 273
|
|
B Reef
|
519
|
597
|
81.77
|
60.16
|
4 920
|
|
All Reefs
|
1 313
|
1 295
|
77.31
|
38.21
|
2 954
|
|
Unisel
|
|
|
|
|
|
|
Basal
|
1 453
|
1 204
|
148.71
|
10.19
|
1 516
|
|
All Reefs
|
1 453
|
1 204
|
148.71
|
10.19
|
1 516
|
|
Joel
|
|
|
|
|
|
|
Beatrix
|
1 288
|
1 320
|
80.96
|
13.40
|
1 085
|
|
All Reefs
|
1 288
|
1 320
|
80.96
|
13.40
|
1 085
|
|
Moab
Khotsong
|
|
|
|
|
|
|
Vaal Reef
|
1 049
|
916
|
95.79
|
29.60
|
2 835
|
|
C Reef
|
153
|
202
|
11.22
|
35.44
|
398
|
|
All Reefs
|
1 202
|
1 118
|
80.51
|
29.75
|
2 395
|
|
Total Harmony
|
|
|
|
|
||
Basal
|
4 856
|
4 506
|
65.69
|
21.71
|
1 426
|
|
Beatrix
|
1 288
|
1 320
|
80.96
|
13.40
|
1 085
|
|
B Reef
|
1 233
|
1 169
|
106.39
|
40.86
|
4 347
|
|
Elsburg
|
116
|
72
|
272.44
|
3.65
|
994
|
|
Vaal Reef
|
1 049
|
916
|
95.79
|
29.60
|
2 835
|
|
South Reef
|
1 621
|
1 611
|
66.89
|
13.71
|
917
|
|
VCR
|
1 217
|
1 156
|
59.12
|
24.79
|
1 466
|
|
C Reef
|
153
|
202
|
11.22
|
35.44
|
398
|
|
All Reefs
|
11 532
|
10 952
|
74.23
|
23.20
|
1 722
|
|
|
|
|
Channel
|
||
|
|
Reef
|
Sampled
|
Width
|
Value
|
Gold
|
|
|
Feet
|
Feet
|
(Inch)
|
(oz/t)
|
(In.oz/t)
|
Tshepong
|
|
|
|
|
|
|
Basal
|
4 445
|
4 449
|
4.00
|
4.51
|
18
|
|
B Reef
|
2 344
|
1 877
|
52.00
|
0.83
|
43
|
|
All Reefs
|
6 789
|
6 325
|
18.00
|
1.42
|
25
|
|
Phakisa
|
|
|
|
|
|
|
Basal
|
4 113
|
4 094
|
17.00
|
0.86
|
15
|
|
All Reefs
|
4 113
|
4 094
|
17.00
|
0.86
|
15
|
|
Doornkop
|
|
|
|
|
|
|
South Reef
|
5 319
|
5 285
|
26.00
|
0.41
|
11
|
|
All Reefs
|
5 319
|
5 285
|
26.00
|
0.41
|
11
|
|
Kusasalethu
|
|
|
|
|
|
|
VCR Reef
|
3 991
|
3 794
|
23.00
|
0.73
|
17
|
|
All Reefs
|
3 991
|
3 794
|
23.00
|
0.73
|
17
|
|
Target 1
|
|
|
|
|
|
|
Elsburg
|
380
|
236
|
107.00
|
0.11
|
11
|
|
All Reefs
|
380
|
236
|
107.00
|
0.11
|
11
|
|
Masimong 5
|
|
|
|
|
|
|
Basal
|
2 604
|
2 290
|
29.00
|
0.50
|
15
|
|
B Reef
|
1 702
|
1 959
|
32.00
|
1.77
|
56
|
|
All Reefs
|
4 306
|
4 249
|
30.00
|
1.13
|
34
|
|
Unisel
|
|
|
|
|
|
|
Basal
|
4 768
|
3 950
|
59.00
|
0.30
|
17
|
|
All Reefs
|
4 768
|
3 950
|
59.00
|
0.30
|
17
|
|
Joel
|
|
|
|
|
|
|
Beatrix
|
4 224
|
4 331
|
32.00
|
0.39
|
12
|
|
All Reefs
|
4 224
|
4 331
|
32.00
|
0.39
|
12
|
|
Moab
Khotsong
|
|
|
|
|
|
|
Vaal Reef
|
3 443
|
3 005
|
38.00
|
0.86
|
33
|
|
C Reef
|
501
|
663
|
4.00
|
1.14
|
5
|
|
All Reefs
|
3 944
|
3 668
|
32.00
|
0.86
|
28
|
|
Total Harmony
|
|
|
|
|
||
Basal
|
15 930
|
14 783
|
26.00
|
0.63
|
16
|
|
Beatrix
|
4 224
|
4 331
|
32.00
|
0.39
|
12
|
|
B Reef
|
4 046
|
3 835
|
42.00
|
1.19
|
50
|
|
Elsburg
|
380
|
236
|
107.00
|
0.11
|
11
|
|
Vaal Reef
|
3 443
|
3 005
|
38.00
|
0.86
|
33
|
|
South Reef
|
5 319
|
5 285
|
26.00
|
0.41
|
11
|
|
VCR
|
3 991
|
3 794
|
23.00
|
0.73
|
17
|
|
C Reef
|
501
|
663
|
4.00
|
1.14
|
5
|
|
All Reefs
|
37 834
|
35 933
|
29.00
|
0.68
|
20
|
|
Harmony Gold Mining Company Limited
|
||||
|
|
||||
Date: August 20, 2019
|
By: /s/ Frank Abbott
|
||||
|
Name: Frank Abbott
|
||||
|
Title: Financial Director
|
|
1 Year Harmony Gold Mining Chart |
1 Month Harmony Gold Mining Chart |
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