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Harmony plays an important role in the lives of its employees, communities, government, suppliers and other stakeholders.
Harmony’s value-added statement for FY12 includes a breakdown of payments made to government. Gold remains a desirable product and we expect the price to remain strong in our next financial year, especially with continued global uncertainty (refer to Chairman and CEO reports in our integrated annual report).
Our growth strategy focuses on acquiring long-life assets that offer higher grades and we regularly assess opportunities in Africa and south-east Asia that could fit the Harmony portfolio.
In FY12, we continued restructuring our asset base in line with our strategy to deliver 1.7 million safe, profitable and sustainable ounces by 2016.
Harmony’s capital expenditure totalled R3.2 billion in FY12, largely on growth projects in South Africa and developing Hidden Valley mine in PNG.
Equity ownership by historically disadvantaged South African (HDSA) interests in the company. Empowerment and transformation of the procurement base in South Africa, by developing small, medium and micro enterprises (SMMEs) that are broad-based black economically empowered (BBBEE), and based in the provinces of operation as well as by doing business with large BBBEE companies. Contracts awarded by Morobe Mining Joint Ventures (MMJV) to the company owned by three landowner groups – Nauti, Kwembu and Winima – for catering, fuel haulage, general freight, plant hire, security, labour hire and bus services. Harmony’s preferential procurement strategy has been refined to comply with South African legislation and deliver maximum benefits for qualifying suppliers. Opening regional enterprise development centres that will make it easier for SMME suppliers from the local community to deal with Harmony to sustain themselves financially.
SMME HDSA compliant vendor development that will enable suppliers to deliver services and goods at acceptable standards. Harmony remains committed to progressively transforming its procurement practices and performance.
Our revised preferential procurement strategy promotes expenditure with companies recognised as BBBEE entities under the revised Mining Charter (September 2010). Harmony’s procurement expenditure with BBBEE entities in FY12 was R2 254 million (42% of total discretionary expenditure including the value of overhead spend) (FY11: R2 267 million or 42% of total discretionary spend).
Harmony continues to face various challenges in achieving its affirmative procurement targets given the limited skills in the supplier base. Harmony’s enterprise development centres, now operating in Welkom and Soweto, are structured to support affirmative procurement and make it easier for qualifying suppliers to do business with Harmony. In phase 1 (complete), we developed a database of local 100% black-owned suppliers and documented their competencies. Complementing the centres in Welkom and Soweto, a new centre is to be developed in Carletonville.
The third challenge involves the Mining Charter requirement of multinational support for socio-economic development. In PNG, in terms of agreements with local authorities, landowners and communities, we endeavour to issue contracts to local citizens wherever possible. Amir DossalAmir Dossal is a 25-year veteran of the United Nations. As the primary interface for the UN Foundation, Amir successfully attracted new investments of over $560 million from various donors, which supported over 450 international projects for women and children’s health, climate change and bio-diversity. Cherie BlairCherie Blair is the wife of former British Prime Minister Tony Blair, leading lawyer and committed campaigner for women’s rights.
Uche currently serves on the Boards of the Nigeria Mortgage Refinance Company, NSIA Motorways Investment Company and NSIA Power Investment Company.
He studied Chemical Engineering at the University of Port Harcourt, Nigeria and also obtained an MBA from Harvard Business School in 1998. President Paul KagameHis Excellency Paul Kagame is a Rwandan military leader and politician who is best known for defeating Hutu extremist forces to end the 1994 Rwandan genocide.
Mark Bristow led Randgold’s growth through the discovery and development of world-class assets into a major gold mining business with a market capitalisation of more than US $10 billion. Bassim HaidarBassim Haidar is co-founder and CEO of GMT Group and chairman and CEO of Channel IT Group, a leading vendor for communications in Africa, Asia and the Middle East, with more than 1,400 employees and a turnover of $1.6 billion per year. Zemedeneh NegatuZemedeneh Negatu is the Managing Partner for Ethiopia and Head of Transaction Advisory Services for Eastern Africa at Ernst & Young. Mahamed ElmandrjaMohamed Elmandjra began his career in 1991 at General Electric Medical Systems Europe leading marketing activities for the Magnetic Resonance Imaging. Bob DiamondFounder and Chief Executive of Atlas Merchant Capital, Atlas makes merchant banking investments in financial services firms with a special focus on Africa and investment management. Mick DavisMick was CEO of Xstrata from October 2001, joining ahead of its listing on the London Stock Exchange in 2002.
Marie Cruz Evuna AndemeHer Excellency Mari-Cruz Evuna Andeme has been the Ambassador Extraordinary and Plenipotentiary of the Republic of Equatorial Guinea to the United Kingdom since October 2012. Prior to her current appointment, Ambassador Evuna served as Charge d’Affaires at the Embassy of Equatorial Guinea in Belgium, and was also accredited to Denmark, Norway, Luxembourg, the Netherlands, Sweden and the European Union.
Ambassador Evuna’s Diplomatic Service began in 1996 when she was appointed to the Embassy of Equatorial Guinea to the United States of America. Prime Minister Philemon YangPhilemon Yang has been the Prime Minister of Cameroon since 2009. He was also made the Assistant Secretary-General of the Presidency of Cameroon in 2004 and served the post until 2008. Charles RobertsonCharles Robertson, a leading emerging markets specialist, is Renaissance Capital’s Global Chief Economist and head of the Firm’s macro-strategy unit. Charles was ranked the number-one economics and macro analyst for emerging Europe, the Middle East and Africa in the Extel survey in 2007, 2008, 2009 and 2010. He graduated from the London School of Economics in 1993, and worked at a UK parliamentary defence think-tank and a research boutique before joining the financial services industry in 1998. Tonye ColeTonye Cole is co-founder and Group Executive Director of Sahara Group, an energy conglomerate founded in 1996 with operations spanning the entire energy chain. Aidan HeaveyAidan Heavey is the founder of Tullow Oil and has been Chief Executive Officer since 1985.
Andrew BrownAndrew Brown is a Managing Director and the Chief Investment Officer for Emerging Capital Partners (ECP). Ramaphosa is also known for the role he played during the negotiations to bring a peaceful end to the apartheid and for steering the country towards its first democratic elections in 1994. David GryllsDavid has over 20 years of experience developing, financing and managing power and energy projects. Within Actis’s Infrastructure fund, David has an emerging market focus on power distribution and generation. Before joining Actis in 2008, David worked at Globeleq (an Actis investee company) for five years where he was responsible for business development, mainly in Africa, completing a number of projects including privatisations, acquisitions, re-financings and exits, in Egypt, Uganda and Panama. Paolo ScaroniBorn in 1946, Paolo Scaroni served as CEO of Eni, one of the world’s leading energy companies, until 2014, and is now deputy chairman of Rothschild Group. He earned a degree in economics and commerce from Milan’s Bocconi University in 1969 and worked for three years at Chevron before receiving an MBA from Columbia Business School in 1973. Nana SaoNana has a 16 year track record in finance and investment banking having previous worked at DMC partners, Goldman Sachs, Merrill Lynch and Citigroup (Salomon Smith Barney) . Nana was previously a Partner and Head of Africa private equity at DMC Partners, an investment firm focused on selected emerging markets globally, with a strong focus on Ghana, Nigeria, Angola, South Africa, Mozambique, and Kenya. Prior to this, Nana was a Managing Director at Goldman Sachs International, where he spent 7 years in London and Johannesburg.
Carolyn CampbellCarolyn Campbell is a Managing Director and Founding Partner of Emerging Capital Partners (ECP). Paul HinksPaul is the founder of Symbion Power and is the driving force behind the company. Simon Cleasby has a degree in chemical engineering and an MBA from the University of Cape Town, South Africa. Valentine ChitaluValentine is the Chairman of Phatisa Group, MTN (Zambia) and SABMiller (Zambia).
Verne GrinsteadVerne has been a Managing Partner of Appian Capital Advisory since March 2012. HCM has made a strategic investment and purchased a significant interest in Wenco International Mining Systems, Ltd.


Phil Walshe, the President and CEO of Wenco, stated, "This investment by Hitachi will provide Wenco with a new and strong corporate foundation that will significantly increase our opportunity to provide customers with a high level of product support and enhanced technical service. HCM's main product line is hydraulic excavators, with the company manufacturing many models, from medium-sized and mini excavators all the way up to 780-ton ultra-large excavators.
Wenco International Mining Systems was founded in 1986 and is headquartered in British Columbia, Canada.
This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province. Papua New Guinea’s largest gold mine (based on 2008 gold production), LGL’s Lihir Island operation, has proven itself as one of the world’s safest mines after achieving a record 365 days without a Lost Time Injury (LTI).
Developed specifically for mining, quarry and construction applications, this product is intended for 40 - 100 tonnes nominal payload off-highway trucks in order to help them keep materials moving at high volume with lower costs per ton. July 8, 2009 - Toronto, Canada - Geosoft announced the availability of its 2009 mid-year software release today.
Tracked excavators in the 16- to less-than-21-metric-ton range sit on the cusp between compact models and medium size diggers. We follow a slightly more conservative approach to the gold price in our planning in line with SEC regulations.
Stringent criteria govern any possible acquisition, including the requirement that any acquisition should complement the substantial asset base currently under management and add value to the company’s highly competent team of employees. The objective of the mining charter is to facilitate meaningful participation of HDSAs in the mining and mineral industry. Harmony’s procurement processes and expenditure are governed by our group strategy and policy.
MMJV continues to comply with the memorandum of agreement on the Hidden Valley project by offering business development opportunities to landowners. Preferential procurement is just one element of a broader supply chain strategy focused on supporting the company’s business short- and long-term goals (see integrated annual report). We have also faced challenges in dealing with BBBEE companies not familiar with tax law, health and safety requirements, and other issues. The business development centres alert these suppliers to new opportunities from Harmony and assist them with tender and vendor processes. The definition of a multinational supplier was established and this status was captured for 56 suppliers on the enterprise resource planning (ERP) system for reporting purposes. During the year, contracts valued at R431 million were awarded to local companies for activities ranging from environmental rehabilitation to electrical maintenance. He has developed numerous partnerships and secured sizeable social investments from such major names as the American Red Cross, the Bill and Melinda Gates Foundation, Coca-Cola, The Rockefeller Foundation, and Rotary International.
He has also played a significant part in promoting the emergence of a sustainable mining industry in Africa.
He ascended the throne in 1999 and serves as the political and spiritual head of the Asante people.
Babatunde Temitope Soyoye is Co-Founding Partner, Managing Director, and Managing Partner at Helios Investment Partners LLP.  He has over 10 years principal investment experience and has played a key role in the execution of over $7 billion completed investments across Africa, Europe, Asia and North America.
Haidar has spearheaded ventures in the technology and telecommunications industries and oversees the business units at Channel IT.
An American of Ethiopian origin, his global clients have ranged from “Fortune Global 500” companies to Latin American multi-nationals to African governments. ThakkarAshish is a serial entrepreneur who started his first business in 1996 at the age of 15 with a $5,000 loan. In 1994, he was asked to join GE Medical headquarters in Milwaukee WI to lead product development for advanced MRI technologies which represented an $800M business worldwide. Prior to Xstrata, Mick was CFO of Billiton Plc and Executive Chairman of Billiton Coal, and before joining Billiton, was an Executive Director of South Africa’s electricity utility Eskom.
From 2008 to 2012, she worked as a member of the Equatorial Guinea Committee on EPA (Economic Partnership Agreement) with the EU. He also served as Cameroon’s ambassador to Canada for twenty years, from 1984 to 2004. In addition, his team was ranked the best macro team in Extel’s 2010 survey of equity investors, and number one for SSA in the 2012 Institutional Investor survey. Mr Bruhn, an agronomist by training and an experienced entrepreneur, has been in the agribusiness for more than 20 years.
The Group operates primarily through 9 operating companies with offices in 8 countries employing approximately 680 direct employees and annual turnover of $10.6 billion (Year Ended 2012). He has played a key role in Tullow’s development as a leading independent oil and gas exploration and production group. With over $2 billion under management, ECP is a leading private equity manager focused exclusively on Africa. Brown worked at Amundi Private Equity Funds as Chief Investment Officer of the Kantara Fund, a €150 million buyout and expansion capital fund investing in North Africa.
At Actis, he gets to use this experience to provide returns for investors while helping to improve the lives of others. David was previously Managing Director of Midlands Power International, responsible for their power generation businesses in the UK, Pakistan and Turkey.
Scaroni became CEO of Techint, where he oversaw the privatizations of SIV, Italimpianti, and Dalmine. Scaroni is a non-executive deputy chairman of the London Stock Exchange Group, as well as a non-executive director of Assicurazioni Generali and Veolia Environnement.
He was Head of Goldman Sachs’ Natural Resources business responsible for clients in South Africa and Sub-Saharan Africa and also a member of Goldman Sachs Global Merger Leadership Group.
Campbell was a Senior Associate at White & Case LLP in the firm’s Warsaw, London, and Washington, DC offices.
He is also a Non-Executive Chair of Harmony Gold Mining Company Limited as well as Chair of Naledi Mining and Future Mining. He has spent his life in the power industry where he has been responsible for the operation and construction of large-scale power plants, transmission lines and substations.
Cleasby has had an extensive career within the sugar and food industries in Africa for over 25 years and has developed a broad experience in agricultural operations, ethanol production and power co-generation.
He also sits on a number of boards of listed companies in the United Kingdom, Australia and South Africa, as well as being a main board member of CDC Group plc. Prior to this he had been in investment banking for over 30 years, most recently as a Managing Director with JPMorganCazenove within the Equity Capital Markets team.
He was a member of the Lesotho Congress for Democracy (LCD) and served in the government of Prime Minister Pakalitha Mosisili from 1998 to 2006, but in 2006 he split from the LCD and formed the All Basotho Convention. The new entity will combine Wenco's leading expertise in fleet management systems and software development with Hitachi's long experience in the manufacturing and maintenance of mining equipment. HCM is a leader in the area of construction machinery, and has manufacturing facilities in Europe, the U.S. Using the latest GPS, wireless broadband communication, computer technology, and software applications, Wenco provides proven and sustainable benefits to the mining industry. The milestone equates to more than 12 million hours worked at the site, and is considered to be an outstanding record by global safety standards in mining. Harmony has achieved this objective by entering into a number of transactions with HDSAs, both at a shareholder and operational level. This will result in Harmony only claiming procurement spend for suppliers complying with the ownership requirement described in the charter as follows: “BBBEE entity means an entity of which a minimum of 25% + one vote of share capital is directly owned by HDSA as measured in accordance with flow-through principle”. We are addressing these shortcomings through our enterprise development programmes and enterprise development centres.
Harmony will now be able to negotiate participation with the relevant suppliers and further develop the system to track these commitments. Over 40% of our discretionary expenditure is spent in PNG and the bulk of that in Morobe Province. Amir also oversaw management of the UN Democracy Fund, which he established in 2005 as an instrument to strengthen democratic institutions and enhance governance in new and restored democracies.
After studying in the United Kingdom, Osei Tutu II worked briefly in private and public organizations in the United Kingdom and Canada before returning to Ghana in 1989 to set up Transpomech Ghana, a $12 million (sales) company that provides mining equipment to several large industrial companies in Ghana.


Mr Soyoye serves on the Board of Directors of Helios Towers Nigeria Limited (HTN) and the Nigerian Government’s Privatization Share Purchase Loan Scheme (PSPLS). In 2013, Channel IT added two businesses: Channel Technologies, a research and development arm, and Channel Power, a company that provides electrical infrastructure products and engineering services for generation, transmission and distribution companies in Nigeria. Across Africa he has advised clients extensively in various sectors including financial services, airlines, telecoms, manufacturing and agro-industry. Since then, he has driven the growth of the company from a small IT business in Uganda to the globally recognised multi-sector investment group that exists today.
ECP has seven offices across Africa and over 15 years of investing experience, having made over 60 investments and 30 exits with operations in over 40 countries on the continent. He joined Pilkington in 1996, serving as CEO until 2002, then became CEO of Enel, Italy’s leading electricity utility, until 2005. She was also an Associate Professor at George Washington University National Law Center, lecturing on international negotiations. His career spans over 30 years and in that period, he has lived and worked in the USA, Africa, the Middle East and Asia.
He has held a number of general management and board roles, and has successfully overseen business acquisitions and agro-industrial projects. Valentine is a chartered accountant and has worked with KPMG Peat Marwick, United Kingdom, Meridien Financial Services, Zambia, and the Zambia Privatisation Agency where, as CEO, he oversaw the disposal and privatisation of around 240 businesses. The mining industry continues to need evolving technology solutions to improve operating efficiencies and manage costs. When it was still part of Hitachi, HCM was involved in the production of Japan's first mechanical excavator, more than 50 years ago. Wenco has experience in implementing and supporting systems in a wide variety of mines from the Canadian Arctic, to Siberia, to the Australian Outback. LGL Executive General Manager Noel Foley said the result was well ahead of world’s best practice, with the most common safety benchmark in metalliferous mining an LTI frequency rate of 5. The rand weakened against the dollar throughout FY12, leaving the company with strong margins. These transactions resulted in our effective ownership as defined by the mining charter to be 28% as at 30 June 2012.
Channel VAS was created in 2011 as the group expanded into value-added services for the mobile industry.
Zemedeneh is presently advising investors from around the world about investments in Africa. Through its investments, Mara Group now employs over 8,000 people across 19 African countries in sectors spanning IT services, manufacturing, real estate and agriculture. In 2004, he started his own farm management, agri consulting and bioenergy company before focusing entirely on Amatheon since 2011. Brown started working in emerging market private equity in 1998, when he joined the Commonwealth Development Corporation (CDC), the UK’s Development Finance Institution in London, specializing in telecoms and infrastructure investments in Africa, Asia, and Latin America. Ramaphosa is best known for founding the National Union of Mineworkers, the most powerful trade union in South Africa. From 1973 until 1985, he held a series of positions with Saint-Gobain, culminating with his appointment as president of the Saint-Gobain glass division.
Campbell is also a member of ECP’s Executive Committee and of the Funds’ investment committees. He was previously Chairman of the Zambia Venture Capital Fund, was on the board of Commonwealth Africa Investments (Comafin) and was Central African Director for CDC Capital Partners, where he initiated and executed a number of private equity transactions. HCM also markets wheel loaders, off-road dump trucks, and other products made by HCM Group companies or in partnership with major manufacturers. Wenco provides solutions to the mining industry's largest, most respected companies such as BHP-Billiton, DeBeers, AngloGold, Teck, and US Steel. LTI frequency rate is the number of lost time injuries multiplied by 1,000,000 divided by hours worked over a 12-month period.
One of these transactions culminated in African Rainbow Minerals (ARM) becoming one of our largest individual shareholders.
Haidar founded Channel IT in 2003 to provide supplies and services to Nigeria’s telecom industry. He led a high powered Mergers & Acquisition team which advised on a very successful project for Diageo, plc, the world’s largest spirits company, in one of its largest acquisitions in Africa. ADAC was a publicly traded company and the world leader in Nuclear Medicine, another advanced imaging modality helping in the diagnosis of cancer and cardiac disease. Brown is responsible for overseeing the firm’s investment processes including deal sourcing, transaction execution, investment management, and exits. He later became the Cairo-based Egypt Country Manager for Actis, an emerging market private equity investor established as a spinout from CDC. He created Symbion in response to the need for electrical infrastructure reconstruction during the Iraq and Afghanistan wars. Prior to JPMorgan acquiring Bear Stearns, Verne was a Senior Managing Director at Bear Stearns International. GMT, the leading procurement, finance and logistics provider in West Africa, was founded in 1995. Previously, Zemedeneh had led the Ernst and Young team, which helped transform Ethiopian Airlines to the second largest in Africa and more profitable than all African airlines combined. The firm Zemedeneh leads was recently awarded “Lead Advisory Firm of the Year” for 2012 by a leading UK based financial publication.
In December 2000, ADAC was acquired by Philips for $420M and he was named Senior Vice President of International Operations at Philips. Ibrahim served as the Technical Director at UK mobile operator BT Cellnet before founding MSI Cellular (Celtel’s parent company) in 1998. Brown was a Management Consultant for Coopers & Lybrand in London specializing in telecoms and media and an Associate Director in Zambia specializing in privatization. Zemedeneh was recently recognized as “Pioneer Ethiopian-American Diaspora Business Person of the Year” in Washington D.C. He left Philips in December 2001 to take the position of President and Chief Executive Officer at ViOptix , a medical high tech company in Silicon Valley.
He is currently chairman for Mobile Systems International Cellular Investments Holdings BV, and for cellular network operators, Zamtel in Zambia, and Celtel in Malawi and Congo. Zemedeneh completed Harvard Business School’s LSE program, received a business degree from Howard University, Washington, D.C.
Under his leadership, the company successfully raised venture capital, completed product development and FDA clearance and commercialized a revolutionary technology in the US, China and Japan. CCA is the largest organization in the United States that promotes trade and investment between the U.S. The company conducted a successful IPO which was the 8th best IPO of 2007 in the US and the 5th largest Medical Device deal IPO in history.
Since March 2008, he has been the CEO at Meditel, the second telecom operator in Morocco and one of the country’s largest companies. Ibrahim was presented with the BNP Paribas Prize for Philanthropy and listed by TIME Magazine as one of the 100 most influential people in the world in 2008.
He has also been awarded The Economist’s Innovation award for Social and Economic Innovation, and has been presented with a number of honorary doctorates.
Early in his career, he taught at the University and authored a dozen scientific papers and lectured at British, American and French universities. Dr Elmandjra received numerous awards and has been featured in The Who’s Who, Silicon Valley Business Journal, NBC, Moroccan TV, World Business Review, Oxford Business Group, Jeune Afrique and many other publications.



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