HARMONY: Emerging mining specialist with diversified and de-risked portfolio

JOHANNESBURG – Harmony Gold Mining Company in its financial and operating results for the interim period ended 31 December 2020 compared to the six-months ended 31 December 2019 says it has increased its net profit by 336% to R5.8bn (US$356m) from R1.3bn (US$91m), revenue increased by 39% to R21.6bn (US$1.3bn) from R15.5bn (US$1.1bn), 65% increase in production profit to R6.8bn (US$417m) from  R4.1bn (US$280m) and 69% increase in operating free cash flow margin to 22% from 13%.

“The exceptional performance achieved in the first half of FY21 substantiates the growth strategy that we set out to pursue at the beginning of 2016. Through astute acquisitions, we have successfully added quality ounces to our portfolio and de-risked our asset portfolio. We are also seeing a significant improvement in our overall grade and cash flow,” said Peter Steenkamp, chief executive officer of Harmony.

Harmony is no longer a marginal gold producer, but an emerging mining specialist with a diversified and de-risked asset portfolio.

“On the back of our investment in growth assets, a stronger operational performance from our mines in H1FY21 and a strategy aimed at delivering positive shareholder returns, we are pleased to announce an interim dividend of 110 SA cents (approximately 7.5 US cents),” concluded Peter Steenkamp, chief executive officer of Harmony.

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