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Harmony Gold Mining Company Ltd
JSE:HAR

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Harmony Gold Mining Company Ltd
JSE:HAR
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Price: 32 220 Zac -2.48% Market Closed
Market Cap: 200.2B Zac

Harmony Gold Mining Company Ltd
Investor Relations

Harmony Gold Mining Company Ltd, an established fixture in the mining landscape, has its roots deeply embedded in South Africa's rich mineral wealth. As one of the significant players in the gold mining industry, Harmony has carved a niche for itself through its substantial portfolio of high-quality gold assets. The company operates a combination of both underground and surface operations, which include some of the world's most renowned gold deposits. The mining process at Harmony involves extracting gold from these deposits, processing it to ensure purity, and subsequently, refining it into a product that can be sold on international markets. This intricate journey from mineral-rich ore to polished gold bars is not only a technical feat but also a significant thrust of regional economic activity.

Harmony's business model revolves around an intricate balance of efficient extraction methods, rigorous safety standards, and sustainable environmental practices. By emphasizing innovative technologies and community engagement, Harmony not only targets operational excellence but also ensures its long-term viability in a competitive global market. Revenue generation is primarily through the sale of refined gold, which is priced according to global market rates; thus, the company's financial trajectory is heavily influenced by these fluctuating gold prices. Harmony also invests in exploration and acquisition of new sites to ensure a steady pipeline of projects, continuously adapting its strategy to optimize production costs while safeguarding its workforce and ecological commitments. Through such strategies, Harmony Gold Mining Company translates the natural abundance of gold into tangible shareholder value, economic growth, and technological progress.

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Last Earnings Call
Fiscal Period
Q1 2023
Call Date
Mar 1, 2023
AI Summary
Q1 2023

Revenue Growth: Revenue rose 6% to R23.3 billion, supported by improved underground grades and higher average gold prices.

Cost Pressures: All-in sustaining costs increased 11% due to inflation and specific operational challenges but remained below guidance.

Cash Flow: Operating free cash flow declined 14% to R1.9 billion, impacted by major capital projects and acquisition costs.

Dividend Decision: No interim dividend declared, as focus remains on funding growth and maintaining a strong balance sheet.

Strategic Expansion: Acquisition of Eva Copper in Australia for $170 million marks a milestone in diversifying towards copper.

Safety Improvements: Continued progress in safety metrics, with lower lost time and loss of life injury rates.

Guidance Maintained: Production cost and grade guidance for FY2023 remain unchanged despite operational challenges.

Key Financials
Revenue
R23.3 billion
Headline Earnings per Share
R2.93
EBITDA
R8.1 billion
Group Operating Free Cash Flow
R1.9 billion
Net Debt
R4.7 billion
Net Debt to EBITDA
0.6 times
Net Free Cash Flow
R338 million
Cash Operating Costs
R17 billion
All-In Sustaining Costs
R900,000 a kilogram (below annual guide)
Capital Expenditure
R3.6 billion
Earnings Call Recording
Other Earnings Calls
2023

Management

Ms. Boipelo Pride Lekubo BComm, BComm (UCT), CA(SA)
Financial Director & Executive Director

Boipelo Pride Lekubo is the Chief Financial Officer (CFO) of Harmony Gold Mining Company Limited. She holds a Bachelor of Commerce (BComm) degree and a postgraduate BComm from the University of Cape Town (UCT), and she is a qualified Chartered Accountant in South Africa (CA(SA)). Lekubo has a strong financial background with extensive experience in the mining and resources sector. Before joining Harmony Gold, she held various senior financial roles, gaining valuable expertise in financial management and corporate finance. Her leadership at Harmony Gold focuses on financial strategy and ensuring the company’s financial health aligns with its business objectives. Lekubo plays a crucial role in managing financial risks, optimizing the company’s financial performance, and contributing to strategic decision-making. Her professional journey and accomplishments reflect her significant contributions to the mining industry and her leadership capabilities in steering financial operations within dynamic and challenging environments.

Mr. Beyers B. Nel BEng, BSc, MBA
Group Chief Operating Officer of Operations

Beyers B. Nel is a notable figure in the mining industry, particularly known for his roles at Harmony Gold Mining Company Ltd. He holds a Bachelor of Engineering (BEng) degree, a Bachelor of Science (BSc), and a Master of Business Administration (MBA), showcasing a robust educational foundation that complements his professional career. At Harmony Gold, one of South Africa’s premier gold mining companies, Beyers Nel has significantly contributed to the organization with his engineering expertise and strategic business acumen. He has taken on various leadership roles within the company, helping to oversee mining operations and drive efficiencies across the board. His combination of technical and managerial skills has been instrumental in navigating the challenges faced by the mining sector, such as fluctuating commodity prices, operational risks, and sustainability initiatives. Throughout his career at Harmony Gold, Nel has been involved in initiatives that aim to enhance productivity and ensure the sustainable development of the mining operations. His leadership style is often characterized by a focus on innovation, safety, and environmental responsibility. Overall, Beyers B. Nel stands out as a key contributor to Harmony Gold's ongoing success and adaptation in a dynamic and often challenging industry.

Mr. Anton Z. Buthelezi BTech
Senior Executive of Human Capital

Anton Z. Buthelezi is a notable figure in the mining industry, particularly due to his role as an executive at Harmony Gold Mining Company Ltd. He serves as the Human Resources Executive at Harmony Gold, one of the world's largest gold mining companies, which is based in South Africa. Buthelezi brings a wealth of experience to his position, with a strong background in human resources management within the mining sector. He has played a pivotal role in overseeing and implementing HR strategies that align with Harmony's business objectives. His responsibilities typically include managing labor relations, ensuring regulatory compliance, fostering employee development, and enhancing workplace safety. His educational background includes a BTech degree in Human Resources, which provides him with a solid foundation of knowledge in HR principles and practices. Buthelezi's expertise and leadership abilities have been instrumental in driving Harmony Gold's focus on sustainability, workforce diversity, and community engagement. Through his work, Anton Z. Buthelezi has made significant contributions to the mining industry, helping to maintain Harmony Gold’s reputation as a responsible and employee-focused organization in the often challenging and dynamic mining environment.

Dr. Harry Ephraim Mashego B.A. (Hons.), B.A. Ed., G.E.D.P., J.M.D., P.
Executive Director of Stakeholder Relations & Corporate Affairs and Executive Director

Dr. Harry Ephraim Mashego is a prominent executive in the mining industry, serving as an influential member of Harmony Gold Mining Company Ltd. He holds a Bachelor of Arts (Honours) and a Bachelor of Arts in Education, demonstrating a strong academic foundation. His education is further enhanced by his completion of the General Executive Development Program (G.E.D.P.) and the Johannesburg Mining Diploma (J.M.D.), reflecting a solid grounding in both executive management and mining-specific knowledge. Dr. Mashego plays a significant role at Harmony Gold, known for its extensive operations in South Africa and Papua New Guinea. His expertise and leadership in the company are critical, particularly within areas involving strategic management and organizational growth. His contributions extend to enhancing operational efficiencies and advancing corporate governance. With his diverse educational background and dedication to the mining sector, Dr. Mashego is instrumental in driving Harmony Gold's success and sustainability initiatives.

Siphamandla Mthethwa
Executive Head of Technical & Engineering

Siphamandla Mthethwa is a notable figure within Harmony Gold Mining Company Ltd, serving in a key leadership capacity. He is the Executive of Business Development and Planning at Harmony Gold. In this role, Mthethwa is responsible for overseeing the company's strategic growth initiatives and ensuring the alignment of business development activities with the overall corporate strategy. His expertise in business strategy and planning plays a critical role in driving the company's expansion and operational efficiency in the highly competitive mining industry. Mthethwa's contributions are vital to Harmony Gold's efforts to maintain and enhance its position as a leading gold mining company.

Mr. Hendrik Kotze B.Com.
Chief Information Officer

Hendrik Kotze is a notable figure in the mining industry, particularly associated with Harmony Gold Mining Company Ltd., a prominent gold mining and exploration company based in South Africa. Kotze holds a Bachelor of Commerce degree, which underlines his strong foundation in business and financial management. His expertise is integral to Harmony Gold’s strategic planning and operational efficiencies. At Harmony Gold, Hendrik Kotze has been involved in various leadership and managerial roles, contributing to both financial oversight and the implementation of strategic initiatives to enhance the company's performance in the competitive mining sector. His role generally focuses on optimizing financial operations and ensuring compliance with industry regulations and standards. Kotze's experience and academic background make him well-suited to navigate the complexities of the mining industry, where his contributions are aligned with sustaining Harmony Gold's status as a leading industry player in gold production while also focusing on sustainability and corporate governance.

Ms. Besky Maluleka-Ngunjiri CCSA, CIA
Chief Audit Executive

Besky Maluleka-Ngunjiri is a prominent executive at Harmony Gold Mining Company Ltd, serving as an influential leader within the organization. With professional designations such as Chartered Certified Accountant (CCSA) and Certified Internal Auditor (CIA), she brings a wealth of expertise in finance and auditing to her role. Her career showcases a strong background in financial management, corporate governance, and operational integrity, which are critical to the mining industry. At Harmony Gold Mining Company, Ms. Maluleka-Ngunjiri has been instrumental in implementing robust financial strategies, enhancing internal audit processes, and ensuring compliance with regulatory standards. Her leadership contributes significantly to driving efficiency and sustainability within the company's operations. Her role involves strategic oversight and collaboration with various departments to align the company’s financial goals with its long-term objectives. Through her work, Besky Maluleka-Ngunjiri is recognized not only for her technical proficiency but also for her commitment to promoting transparency and accountability within the company. Her contributions make her an integral part of Harmony Gold Mining Company's executive team, guiding the company towards sustained growth and operational excellence.

D. Fourie
Head of Department - Geostatistician

Deon Fourie is associated with Harmony Gold Mining Company Ltd, a prominent South African gold mining and exploration company. Harmony Gold is one of the largest gold mining companies in the world and operates primarily in South Africa and Papua New Guinea. Deon Fourie plays a significant role in the company as the Executive: Business Development, where he is responsible for driving strategic business initiatives, ensuring sustainable growth, and exploring new opportunities to expand the company's portfolio. His role is pivotal in navigating the challenges and dynamics of the mining industry, leveraging his expertise to enhance Harmony Gold's position in the global market.

Ms. Shela Mohatla FCIS
Group Company Secretary

Shela Mohatla is a notable figure at Harmony Gold Mining Company Ltd, serving as the Group Company Secretary. With the professional designation of Fellow of the Chartered Institute of Secretaries (FCIS), she holds a pivotal role in ensuring the company's governance practices and compliance with regulatory requirements are maintained at the highest standards. Her expertise in corporate governance, statutory obligations, and her strategic involvement in the company’s administrative functions contribute significantly to Harmony Gold's operational and ethical integrity. Mohatla's role is also critical in supporting the board of directors, facilitating effective communication, and advising on corporate governance matters. Her in-depth knowledge and experience make her a key asset to the company in the mining sector.

Contacts

Address
GAUTENG
Randfontein
Randfontein Office Park, Car Main Reef Road And Ward Avenue
Contacts
+27114112037.0
www.harmony.co.za