Harmony logo Annual Report 2009 Annual Report 2009


Key features 2009


  • 22 fatalities compared with 21 the previous year
  • Lost-time and reportable injury frequency rates improved to single digits
  • Behaviour-based safety programme introduced


  • 1.46 million ounces of gold produced
  • First gold poured at Hidden Valley, Papua New Guinea
  • Cost increases contained at some operations
  • Two-year wage agreement signed in South Africa
  • Investment in future growth maintained with capex of R4.4 billion
  • Increase in exploration opportunities


  • Record net profit of R2.9 billion
  • Healthy balance sheet a result of:
    • Cash on hand of R2 billion
    • Net zero debt
  • Headline earnings per share 108% up


  • Harmony now positioned for growth
  • Remains unhedged
  • Shareholder returns
    • Dividends
    • Share price appreciation
  • Remains bullish on gold price
Harmony Annual Report 2009