Harmony Gold Mining Company

Mining Africa - Mining Companies - Glencore
Glencore
September 29, 2020
Mining Africa - Mxolisi Mgojo
Mxolisi Mgojo
November 17, 2019

Harmony Gold Mining Company

  • Year Founded: 1950
  • Key Founding Individuals: Unknown
  • Mined Resources:Gold, silver and copper
  • Operational Regions: South Africa and Papua New Guinea

History

Harmony was publicly incorporated and registered in August 1950. Soon after, it became a Randgold-managed company and operated through a single mining lease. In 1994, changes were made when service agreements were cancelled and Randgold separated from the corporation. In 1995 Harmony began operating separately and underwent massive expansion including the acquisition of Kalgold and West Rand Consolidated Mines Ltd. in 1999 and the acquisition of Randfontein Estates Ltd. in 2000. In 2008 the government of Papua New Guinea approved the joint venture of Harmony and Morobe Mining in Papua New Guinea. Further expansion led to Harmony eventually evolving from being a single lease-bound mining company into a leading independent international producer. Today, Harmony is the largest gold producer in South Africa and a major player in Papua New Guinea, one of the top gold and copper regions in the world.

Company Mission and Vision

The Harmony mission and vision is to increase margins while producing profitable and safe ounces. This is based on four strategic pillars: operational excellence, cash certainty, effective capital allocation and responsible stewardship. In addition to the strategic pillars, Harmony prescribes to the following value system:

  • Safety – A priority regardless of circumstance
  • Accountability – Committed to delivering
  • Achievement – A core element of the company’s success
  • Honesty – Open and honest communication with all stakeholders in all business dealings
  • Connection – One team working together to achieve success

Staff and Employees

Up to around 5,000 staff members are employed by Harmony in several provinces throughout South Africa, mainly in the Free State and Gauteng, and in Papua New Guinea. Employees enjoy the benefits of Sisonke, a share ownership plan launched in 2019.

Directors and Management

The board of directors of Harmony believes in good corporate governance and supporting ethical and effective leadership in order to create value, maintain an ethical culture, and practice responsible corporate citizenship. As in August 2020, the board consists of:

  • Dr Patrice Motsepe – Chairman
  • Modise Motloba – Deputy Chairman
  • Mavuno Msimang – Lead Independent Non-Executive Director
  • Peter Steenkamp – Chief Executive Officer
  • Boipelo Lekubo – Financial Director
  • Harry Ephraim Mashego – Executive Director of Corporate Affairs
  • Frank Abbott – Executive Director of New Business Development

Social Responsibility

The Harmony business strategy and decision-making process is based on the principles of sustainable development, which is covered by the fourth strategic pillar: responsible stewardship. This underpins the company’s operational philosophy which is simply, profit with a purpose. This hinges on maintaining strong relationships with stakeholders and on several policies implemented with sustainability at heart. The policies cover energy efficiency and climate change, environment, a sustainable development framework, the South African preferential procurement policy, a biodiversity and rehabilitation position statement, a water management strategy and also a code of conduct and a behavioural code of ethics. The sustainable development governance framework is overseen by the social and ethics committee.

Harmony Gold Mining Company