Economic sustainability

Harmony is a significant role player in global gold markets, in the South African economy and in the economies of the provinces in which it operates. Harmony is one of the world’s leading producers of gold, and South Africa’s third-largest gold producer.

Key features for FY17

  • Produced 1.088Moz of gold, exceeding guidance of 1.05Moz
  • Focus on improving efficiencies, asset management and maintenance result in a reduction in the average number of unplanned stoppages
  • Projects deliver increased grade at Phakisa, Joel and Tshepong and mining Kusasalethu’s higher grade areas contribute to the increase in underground recovered grade for the fifth consecutive year, to 5.07g/t
  • Increased margins and profitability at Kusasalethu following the decision to shorten the life-of-mine plan and focus on higher grade areas
  • Phoenix tailings retreatment operation performed well and delivered a 14% increase in production and improved operating free cash flow margin from 24% in FY16 to 28% in FY17
  • Hidden Valley stage 5 and stage 6 investment on budget and on schedule