Harmony Gold re-engineered portfolio delivers stellar results

JOHANNESBURG – Harmony Gold Mining Company has announced its financial and operating results for the year ended 30 June 2021 (FY21).


  1. 66% increase in production profit to R12.0bn (US$777m) from R7.2bn (US$459m)
  2. 1% increase in underground recovered grade to 5.51g/t from 5.45g/t
  3. 26% increase in gold production to 47 755kg (1 535 352oz) from 37 863kg (1 217 323oz)
  4. 19% increase in total mineral resources to 141.2Moz
  5. 16% increase in total mineral reserves to 42.45Moz
  6. 43% increase in revenue to R41 733m (US$2 710m) from R29 245m (US$1 867m)
  7. 83% increase in operating free cash flow to R6.5bn (US$424m) from R3.6bn (US$228m)
  8. 758% increase in net profit of R5.6bn (US$352m) from a loss of R850m (US$56m)
  9. 60% reduction in net debt to R542m (US$38m) from R1 361m (US$79m)
  10. Net debt to EBITDA at 0.1x from 0.2x
  11. 30MW in renewable energy to be rolled out in the first phase of company’s strategy to decarbonise.


Production guidance for FY22 is estimated to be between 1.547Moz and 1.630Moz at an all-in sustaining cost of between R765 000/kg to R800 000/kg. Underground recovered grade is planned to be about 5.40g/t to 5.57g/t.

“We delivered a stellar set of full-year results as the resilience and determination shown throughout the company ensured we achieved our strategic objectives. We adapted to a changed environment in the face of the ongoing Covid-19 pandemic with the successful acquisition and integration of Mponeng and related assets reflecting in our numbers. This demonstrates how we have further transformed our earnings profile through the acquisition of high grade assets, while delivering on our strategy of safe, profitable ounces and increasing margins,” said chief executive officer, Peter Steenkamp.

“Our re-engineered portfolio and deleveraged balance sheet will allow us to extract further value from our assets while at the same creating optionality for the business. As we continue on our growth strategy, we have identified substantial opportunities in our existing portfolio through exploration and brownfield projects which will extend the life of some of our larger and higher-grade assets, adding lower-risk, higher-margin ounces to Harmony’s portfolio,” concluded Steenkamp.

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