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Harmony has spent over R1,7 billion in the past 12 months on growth projects, exploration, restructuring and CAPEX.

Harmony Gold Mining Company Limited (NYSE: HMY JSE: HAR) today announced that its restructuring programme was nearing completion.

“In the past year Harmony has spent over R1,7 billion on improving and growing its operations. In the past 12months Harmony has spent R856 million on capital expenditure, R235 million on exploration and corporate expenditure and R 618 million on restructuring. This is designed to return all of Harmony’s operations to profitability, whilst continually upgrading the average quality of our portfolio through highquality organic growth and acquisitive opportunities. The benefits of this process should become more evident from the June quarter.” commented Chief Executive Bernard Swanepoel.

Production in the March quarter declined by 14,1% to 679 251 oz compared to the December quarter and cash operating costs increased by 10,9% to R85 863/kg (US$445/oz) as a result of a number of operational disruptions. The company reported a cash operating loss of R54,7 million (US$9,12 million).

“The normal festive season and public holiday disruptions associated with the March quarter were compounded by several period specific events including a fire at Bambanani, a strike at the Free State operations, a 1% decrease in the rand Gold Price received and loss of Sunday work permission in the Free State.” continued Bernard.

Harmony continues to focus on returning the South African operations to profitability and seek other growth opportunities.

Commenting on Harmony’s new business Bernard said: “At Harmony it’s business as usual. The Gold Fields bid is but one of our new business initiatives. In addition to all of our organic growth projects in South Africa which continue at full steam, we also have a new mine we plan to build in Papua New Guinea along with several exciting exploration projects in the area. Furthermore our new business arm continues to scour the earth for valueadding opportunities that fit our skill set and competitive advantages.”

The Gold Fields bid now heads to the next stage, the South African Competition Tribunal hearing, which is scheduled for 36 May 2005. Following this and assuming a successful ruling, Harmony’s offer will for the first time be unconditional marking the end of a period of extensive delay, interference and frustration orchestrated by Gold Fields.

“This tribunal ruling will hopefully allow Gold Fields shareholders to finally have a say in how and who runs Gold Fields through having the Harmony bid go unconditional.” Bernard concluded.

For more details contact:

Bernard Swanepoel
Chief Executive
on +27(0)83 303 9922


Ferdi Dippenaar
Marketing Director
on +27(0)82 807 3684


Brenton Saunders
Executive, Investor Relations
on +27(0)83 607 4060

Investor Relations Officer
Vusi Magadana
Office: +27 11 684 0149
Mobile: +27(0)72 157 5986

Annual report

Integrated annual report 2016
Integrated annual report 2017


Investor brief

Harmony Investor brief, Sep 2017
September 2017 -
Harmony Investor brief

(PDF - 6.5MB)

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