Sustainable Development Report 2010 Sustainable Development Report 2010


To create an outstanding company by generating sustainable earnings that fund dividends and growth.


  • Through sound asset portfolio management and operational efficiency, create the necessary platform to grow organically.
  • Exploit opportunities to conclude strategic partnerships and acquisitions as market conditions allow.

Corporate profile

Harmony Gold Mining Company Limited (Harmony), one of the world's largest gold mining companies, operates primarily in South Africa and Papua New Guinea (PNG).

In South Africa, the company has 10 underground and two surface operations. In PNG, Harmony has a 50% interest in the Morobe Mining Joint Ventures (MMJV), which includes Hidden Valley, an open-cast gold and silver project which began production in June 2009, the Wafi-Golpu project, and extensive exploration tenements. Harmony's partner in PNG is Newcrest Mining Limited (Newcrest), which acquired its interest in this operation from Harmony, the original developer of the project, in FY09. Harmony's exploration portfolio focuses principally on highly prospective areas in PNG and the Wafi-Golpu project in particular, as well as exploration projects in South Africa.

Harmony's corporate headquarters are located in Randfontein, South Africa.

In FY10, Harmony produced 1.43 million ounces of gold (FY09: 1.46 million ounces. The company employed 42 597 people, largely in South Africa, of whom 36 893 were full-time employees and 5 704 contractors (FY09: 45 685 people, including contractors).

Significant capital expenditure in recent years has been aimed at accessing the group's extensive resources and to extend the lives of its mines.

At 30 June 2010, Harmony reported mineral reserves of 48.1 million ounces of gold equivalent and mineral resources of 189.2 million ounces.

The group is planning to grow annual gold production to 2 million ounces by 2013.

Harmony is a publicly listed company. The group's primary listing is on the JSE Limited (share code: HAR) in South Africa. Harmony's ordinary shares are also listed on the London Stock Exchange (HRM) and are quoted in the form of American Depositary Receipts on the New York Stock Exchange (HMY), and as International Depositary Receipts on the Brussels exchange (HMY) and Berlin (HAM1). At the end of June 2010 the group had issued 428 million ordinary shares with a market capitalisation of R34.89 billion ($4.5 billion).

Geographic distribution of outstanding shares