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Harmony reports 35% increase in headline earnings; declares dividend

Johannesburg: Thursday, 17 August 2017. Harmony Gold Mining Company Limited (“Harmony” and/or “the Company”) today announced its results for the year ended 30 June 2017 (FY17).

Key features - year on year

  • Milestone fatality free quarter achieved during the June 2017 quarter; annual fatality rates improved
  • Met production guidance for a second consecutive year; underground grade increased for fifth consecutive year to 5.07g/t
  • 35% increase in headline earnings per share (HEPS) of 298 SA cents (47% to 22 US cents)
  • Continue to secure cash margins through a successful hedging strategy, realising gains of R1 747 million (US$128 million)
  • 18% reduction in net debt to R887 million (8% to US$68 million)
  • Growing ounces - acquired full ownership of Hidden Valley - stages 5 and 6 investment on track
  • Sustainable and inclusive solutions sought to address silicosis claims
  • Declared a final dividend for the financial year of 35 SA cents(3 US cents)

"Production is safer and more predictable, grade management is disciplined, production delivery exceeds guidance, operations are generating operational free cash flow and the hedging strategy secures cash margins. Combined with Harmony’s low net debt compared to peers and its excellent growth opportunities, Harmony continues to have a strong investment case.

Our priorities are to grow our ounces and to pay dividends from profits", Peter Steenkamp, chief executive officer of Harmony said.

Focused exploration targets, unlocking the value of Golpu and identifying value accretive acquisitions remain key in improving the quality of Harmony’s assets, driving down costs and achieving its aspiration of being a 1.5 Moz producer in financial year 2019. In FY17 the Company obtained 100% ownership in Hidden Valley (180 000oz per annum) and commenced with its Central Plant reclamation project (15 000oz per annum).

Please refer to our presentation and results booklet that were released today for further details on our strategy and our financial results for the financial year ended 30 June 2017 (

For more details contact:

Lauren Fourie
Investor Relations Manager
+27 (0)71 607 1498 (mobile)

Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0)82 888 1242 (mobile)

J.P. Morgan Equities South Africa Proprietary Limited.

Harmony Gold Mining Company Limited (Harmony), a world-class gold mining and exploration company, has operations and assets in South Africa and Papua New Guinea (PNG). Harmony, which has more than 60 years’ experience in the industry, is the third largest gold producer in South Africa. Our assets include one open pit mine and several exploration tenements in PNG, as well as 9 underground mines and 1 open pit operation and several surface sources in South Africa. In addition, we own 50% of the significant Golpu project in a joint venture in PNG.

The company’s primary stock exchange listing is on the JSE with a secondary listing on the New York Stock Exchange. The bulk of our shareholders are in South Africa and the United States. Additional information on the company is available on the corporate website,

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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