How Harmony Gold Became The First Largest Gold Mining Company Is South Africa. Harmony Gold is the first largest gold mining company in South Africa. Harmony operates in South Africa and in Papua New Guinea. The company has nine underground mines, one open-pit mine and several surface operations in South Africa. In Papua New Guinea, it has Hidden Valley, open-pit gold and silver mine and a 50% interest in the Morobe Mining Joint Venture, which includes the Wafi-Golpu project and extensive exploration tenements. Outside the joint venture, Harmony’s own exploration portfolio focuses principally on highly prospective areas in Papua New Guinea.
The company is the ultimate resource for precious diamond, gold, copper cathode and total product realisation. It sources rough uncut diamond and other precious gemstones from Artisan mines located within the SADC region of Africa. Most of the gemstones originate from Angola, Namibia, Lesotho, the Democratic Republic of Congo, Mozambique and very few from South Africa.
In FY17, its South African operations accounted for 91% of total gold production of 1.09Moz, with 9% coming from Papua New Guinea. In June 2017, Harmony reported gold equivalent mineral reserves of 36.7Moz of gold and attributable gold mineral resources of 104.3Moz. At the end of FY17, Harmony has employed 33 201 people in total – 26 478 employees and 4 512 contractors in South Africa and 1 300 employees and 911 contractors in Papua New Guinea (excluding employees of the Morobe Mining Joint Ventures).
Harmony was incorporated and registered as a public company in South Africa on 25 August 1950 and later became a Randgold-managed company, exploiting the single Harmony mine lease. In 1995, Harmony was recreated as a separate entity following the winding up of Randgold. Harmony’s operations have grown significantly since 1995, expanding from a single, lease-bound mining operation into an independent, world-class gold producer. No matter the circumstances, safety is its main priority; it is accountable for delivering on its commitments as achievement is core to its success.
The company seeks to be mindful of and to manage and limit the impacts of its activities on its employees, host communities and the environment. This encompasses its environmental, social and governance (ESG) performance. It also aims to evaluate and prioritise organic growth opportunities and safe, value-accretive acquisitions to ensure positive stakeholder returns and increase margins.
