Harmony Gold Mining Company Limited. JSE: HAR

Background of Harmony Gold
Harmony Gold Mining Company is South Africa’s third largest gold mining and exploration company and the world’s fifth largest producer of gold, running operations in South Africa and Papua New Guinea.
The company has nine underground mines, one open pit operation and a few surface sources in South Africa. In Papua New Guinea, Harmony Gold has a 50%joint venture with Newcrest Mining, and several 100% owned exploration areas. Harmony Gold directly and indirectly employs more than 30 000 people in South Africa and around 100 in Papua New Guinea.
The company’s history stems back to 1950 when it was incorporated as a public company in South Africa and later became a Randgold-managed company, before it was recreated as a separate entity in 1995. Today, the group’s principle, wholly-owned subsidiaries are Randfontein Estates, Evander Gold Mines, ARMgold and Harmony Gold Australia. Today, Harmony Gold shares are available to buy on the Johannesburg Stock Exchange (JSE), the New York Stock Exchange and the Berlin Stock Exchange.
Harmony Gold Shares Growth Driver
Harmony Gold had several difficult years from 2012 to 2015, with the live online stocks chart showing that Harmony Gold share price fell from R114 to just R8.70 by the end of 2015. The company suffered a R1.2 billion loss in 2014 and a R4.5 billion loss in 2015, as a result of a falling gold price, higher operating costs and a challenging economic environment. This prompted extensive restructuring of the company’s asset portfolio, with a focus on cutting costs, improving labour productivity, increasing overall mining grade and mining only safe and profitable ounces.
In Papua New Guinea, the principle objective is to develop the Golpu copper-gold deposit into a producing mine. The mine is forecast to be in full production by 2025, with 500 000 ounces expected between 2025 to 2029. A strengthening gold price has boosted Harmony Gold share price performance of late, with the financial data for the first quarter of the 2016 financial year showing a R76 million return to profitability.
Harmony Gold Group Investor Tip
After a long slide, Harmony Gold share price has been rising due to foreign currency gains against the rand, a stronger gold price and an announcement that the company has started repaying its debt, making the shares a worthwhile buy again.
The restructuring of the company has begun to reap rewards, and Harmony Gold is well positioned to continue on its upward trajectory. In July 2016, the company announced it had met annual targets of 1.1 million ounces and became the first company to return to hedging to provide some stability in a volatile gold market. This means that Harmony Gold will be able to put gold from future production up for sale at a fixed price. This is expected to guarantee profits if the rand goes down. Overall, Harmony Gold is a company which is slowly on the rise, and could yield a good return for investors looking to buy the shares at their current low price.
Harmony Gold Major Shareholders
African Rainbow Minerals, Allan Gray Unit Trust Management, Van Eck Associate Corporation.
Sector
Materials
Industry
Metals & Mining
Sub industry
Precious Metal Mining
How to buy Harmony Gold Group Shares
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Frequently Asked Questions
What is Harmony Gold?
The third largest gold mining and exploration company in South Africa and the fifth largest producer of gold in the world, with operations in Papua New Guinea as well.
Can you buy Harmony Gold shares online?
The website of SA Shares makes it easy for you to buy JSE listed shares online.
Who are the major shareholders in Harmony Gold?
APG Asset Management NV, Lighthouse Capital Limited, Baillie Gifford & Co, Coronation Asset Management (Pty) Ltd., J.O. Hambro Capital Management Ltd., The Vanguard Group, Inc., Peel Land & Property Investments Plc, Rockcastle Global Real Estate Co. Ltd. (UK), Norges Bank Investment Management, Barclays Bank Plc (Private Banking).
Is Harmony Gold a buy?
Consensus rating of Buy. Average rating score is 3.00 based on 1 buy rating, no hold ratings and no sell ratings.
When was Harmony Gold founded?
1950