Harmony gold company

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  • Publié le : 5 août 2010
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TABLE OF CONTENTS

CORPORATE PROFILE

THE BUSINESS…………………………………………………………………….….Page 3

THE STRATEGY………………………………………………………………………..Page 4

THE COMPETITORS…………………………………………………………………Page 5

FINANCIAL REPORT & KEY FIGURES INTERPRETATION

Balance Sheet…………………………………………………………………………..Page 6

Income Statements……………………………………………………………….….Page 7

Retained EarningsStatement………………………….…………………….….Page 8

Cash Flow…………………………………………………………………………...….Page 9

DOL / DFL / DTL…………………………………………………………….….….Page 10

1) THE BUSINESS IT IS IN

Harmony Gold Mining Company Limited (Harmony), one of the world’s largest gold mining companies, operates primarily in South Africa, exploiting the gold-bearing reefs of the Witwatersrand Basin.
Harmony was incorporated and registered as a publiccompany 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. The group receivedadditional mining rights in the Free State, Mpumalanga, Gauteng and North West province in South Africa when it acquired Lydex in 1997, Evander in 1998, Kalgold in 1999, Randfontein in 2000, ARMgold in 2003 and Avgold in 2004.

Mining operations are conducted through various subsidiaries. Harmony's principal subsidiaries are Randfontein Estates, Evander Gold Mines, ARMgold/Harmony Freegold JV,ARMgold, Avgold Kalahari Goldridge Mining Company and Harmony Gold (Australia) (Pty) Limited. All are wholly-owned, direct subsidiaries incorporated in South Africa.

In FY09, Harmony produced 1.46 million ounces of gold, making it one of the world’s largest gold mining companies. The group’s operations are located primarily on the Witwatersrand Basin in South Africa, encompassing ten undergroundoperations, an open-pit mine and surface operations that encompass four provinces, Gauteng, North West Province, Mpumalanga and the Free State. The Company also operates an open-pit mine in Papua New Guinea.

2. HARMONY’S STRATEGY

Harmony’s strategy to produce 2.2 million ounces of gold by 2012 remains intact. Accordingly, action has been taken and capital expenditure committed to increaseproduction at existing operations, further the development of current projects and advance scoping studies so as to ensure the future production pipeline of tomorrow’s gold by growing reserves and resources and strengthening the quality of our asset base.

Comments :

We can notice that the cost labour are very higher in harmony’s company.

The group’s primary listing is on the JSE Limited(share code: HAR) in South Africa. Harmony’s ordinary shares are also listed on stock exchanges in London (HRM), Paris (HG) and Berlin (HAM1), and are quoted in the form of American Depositary Receipts on the New York and NASDAQ exchanges (HMY), and as International Depositary Receipts on the Brussels exchange (HMY).
Harmony’s shareholders are located around the world, primarily in South Africa(42%), United States (32%) and the United Kingdom (14%).

Demand is driven by industrial demand and economic growth, both domestic and foreign. Individual company profitability depends on volume and operating efficiency. Large companies can afford to discover and develop new deposits and increase reserves. Small companies typically own just one mine, limit exploration to that one property, andoperate it as efficiently as possible. Metal ore mining is capital-intensive: annual revenue per employee is about $300,000. The industry includes companies that mine and process gold, silver, copper, nickel, lead, zinc, iron ore, and other metals.

4. BALANCE SHEET

5. INCOME STATEMENTS

EBIT :

Here, we observe that Harmony’’s EBIT is growing significantly. Indeed,...
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