Skip to content skip to secondary navigation Top of the page

Doornkop Mine

and events

Company announcements

A leading South African gold producer – boosting cash flows, growing its SA gold portfolio

Johannesburg. 19 October 2017. Harmony Gold Mining Company Limited (“Harmony” and/or “the Company”) is pleased to announce that it has entered into an agreement with AngloGold Ashanti Limited ("AngloGold Ashanti") to acquire its Moab Khotsong and Great Noligwa mines, together with certain long life projects and tailings dams, for a consideration of US$300 million in cash (“the Acquisition”).

Harmony believes the Acquisition will enhance its position as a robust cash-generative gold mining company, increasing grades, driving down all-in sustaining costs (“AISC”) and growing its South African gold portfolio.  This value accretive acquisition is in line with Harmony’s strategy to grow, produce safe profitable ounces and increase margins. The Acquisition adds more than 250 000 ounces of gold at an all-in sustaining cost below Harmony's target of US$950/oz, increasing Harmony’s average recovered grade to 5.7g/t.  Synergies with Harmony’s current asset portfolio is expected to realise further upside, progressing pillar extraction at Great Noligwa and reclamation at Mispah tailings. 

"Buying Moab Khotsong means we boost our cash flows by more than 60%, increase our average overall underground recovered grade by 12% and grow our South African underground resource base by 38%.  The Acquisition benefits all our stakeholders.  It creates value for our shareholders, preserves jobs and sustains the surrounding mining communities with the potential to significantly extend the life of mine of the Moab Khotsong operations. We believe the South African gold mining environment creates opportunities which Harmony has chosen to capitalise on,” Peter Steenkamp, chief executive officer of Harmony said.

In terms of the JSE Listings Requirements, the Acquisition is classified as a category 1 transaction. Important and pertinent details to the Acquisition are provided in the JSE announcement which accompanies this announcement, which can be found on our website at

The Acquisition is subject to approval from Harmony’s shareholders and other conditions precedent, including regulatory approvals. The Board of Harmony has unanimously approved the transaction and has resolved to recommend the Acquisition to its shareholders.

Harmony’s CEO will give a live presentation pertaining to this transaction at 10:00 SA time today at the Hilton Hotel in Sandton. The investor presentation accompanying the announcement will be available on our website at

Harmony will host a media call at 08:00 SA time, an analyst call at 08:30 SA time and an international call at 16:00 SA time.

Conference calls dial-in numbers

South Africa
0 800 201 648
011 535 3600
010 201 6800

0808 162 4061

+1 855 481 5362

+1 800 350 100

Other countries
+27 11 535 3600

For more details contact:

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

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

19 October 2017

Transaction Sponsor:
UBS Limited

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)

Register for alerts