20-F/A

As filed with the Securities and Exchange Commission on November 23, 2018

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________

FORM 20-F/A

(Amendment No. 1)

¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2018

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from___ to___

Commission file number: 001 — 31545

HARMONY GOLD MINING COMPANY LIMITED

(Exact name of registrant as specified in its charter)

REPUBLIC OF SOUTH AFRICA

(Jurisdiction of incorporation or organization)

RANDFONTEIN OFFICE PARK, CNR WARD AVENUE AND MAIN REEF ROAD,

RANDFONTEIN, SOUTH AFRICA, 1759

(Address of principal executive offices)

Riana Bisschoff, Group Company Secretary

Tel: +27 11 411 6020, riana.bisschoff@harmony.co.za, fax: +27 (0) 11 696 9734,

Randfontein Office Park, CNR Ward Avenue and Main Reef Road, Randfontein, South Africa, 1759

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Ordinary shares, with no par value per share*

(Title of Class)

American Depositary Shares (as evidenced by American Depositary Receipts),

each representing one ordinary share

(Title of Class)

* Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

Name of Exchange on Which Registered

New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

The number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the last full fiscal year covered by this Annual Report was 500,251,751 ordinary shares, with no par value per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES x  NO ¨

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.   YES ¨ NO x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   YES x  NO ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES x  NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “accelerated filer and large accelerated filer” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ Emerging growth company ¨

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

US GAAP ¨ International Financial Reporting Standards as issued by the International Accounting Standards Board x Other ¨

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17 ¨Item 18 ¨

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ¨ NO x

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

YES ¨ NO ¨

Explanatory Note

Harmony Gold Mining Company Limited is filing this Amendment No. 1 (“Form 20-F/A”) to its annual report on Form 20-F (“Form 20-F”) for the fiscal year ended June 30, 2018, to submit the Interactive Data File (as defined in Rule 11 of Regulation S-T) with respect to the audited consolidated financial statements of Harmony Gold Mining Company Limited (as defined in Form 20-F) for that fiscal year as an exhibit to Form 20-F pursuant to paragraph 101 under “Instructions as to Exhibits” of Form 20-F in accordance with Rule 405 of Regulation S-T.

Other than as expressly set forth below, this Form 20-F/A does not, and does not purport to, amend, update or restate the information in any Item of the Form 20-F.

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EXHIBITS

1.1	Memorandum of Incorporation of Harmony (previously known as Memorandum and Articles of Association) (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2014, filed on October 23, 2014) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex11.htm
2.1	Notice to shareholders dated October 25, 2018 in respect of the annual general meeting to be held on December 7, 2018 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018). http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit21nom.htm
2.2	Amended and Restated Deposit Agreement among Harmony, Deutsche Bank Trust Company Limited, as Depositary, and owners and holders of American Depositary Receipts, dated as of October 7, 2011 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2011, filed on October 24, 2011) http://www.sec.gov/Archives/edgar/data/1023514/000119312511278584/d242812dex22.htm
2.3	Form of ADR (included in Exhibit 2.2) (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2011, filed on October 24, 2011) http://www.sec.gov/Archives/edgar/data/1023514/000119312511278584/d242812dex22.htm
4.1	Deed of Extinguishment of Royalty (Wafi-Golpu Project) dated February 16, 2009 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2009, filed on October 26, 2009) http://www.sec.gov/Archives/edgar/data/1023514/000095012309053204/u07679exv4w25.htm
4.2	Subscription, Sale and Shareholders’ Agreement dated March 20, 2013 between Harmony Gold Mining Company Limited, Business Venture Investments No. 1692 Proprietary Limited, Histopath Proprietary Limited, Business Venture Investments No. 1677 Proprietary Limited, Business Venture Investments No. 1687 Proprietary Limited, Business Venture Investments No. 1688 Proprietary Limited and the Trustees for the time being of the Harmony Gold Community Trust (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex423.htm
4.3	First Addendum to the Subscription, Sale and Shareholders’ Agreement dated May 28, 2013 between Harmony Gold Mining Company Limited, Business Venture Investments No. 1692 Proprietary Limited, Histopath Proprietary Limited, Business Venture Investments No. 1677 Proprietary Limited, Business Venture Investments No. 1687 Proprietary Limited, Business Venture Investments No. 1688 Proprietary Limited and the Trustees for the time being of the Harmony Gold Community Trust (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex424.htm
4.4	Second Addendum to the Subscription, Sale and Shareholders’ Agreement dated July 10, 2013 between Harmony Gold Mining Company Limited, Business Venture Investments No. 1692 Proprietary Limited, Histopath Proprietary Limited, Business Venture Investments No. 1677 Proprietary Limited, Business Venture Investments No. 1687 Proprietary Limited, Business Venture Investments No. 1688 Proprietary Limited and the Trustees for the time being of the Harmony Gold Community Trust (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex425.htm
4.5	Contractor Agreement dated March 20, 2013 between Harmony Gold Mining Company Limited, Business Venture Investments No. 1692 Proprietary Limited and ARMGold/Harmony Freegold Joint Venture Company (Proprietary) Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex427.htm
4.6	Services Agreement dated March 20, 2013 between Harmony Gold Mining Company Limited and Business Venture Investments No. 1692 Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex428.htm
4.7	Sale of Property Agreement dated March 20, 2013 between ARMGold/Harmony Freegold Joint Venture Company (Proprietary) Limited and Business Venture Investments No. 1692 Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex429.htm
4.8	Agreement of Lease dated March 20, 2013 between ARMGold/Harmony Freegold Joint Venture Company (Proprietary) Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex430.htm
4.9	Borrower Pledge and Cession Agreement dated March 20, 2013 between Business Venture Investments No. 1677 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex431.htm

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4.1	Borrower Pledge and Cession Agreement dated March 20, 2013 between Business Venture Investments No. 1687 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex432.htm
4.11	Borrower Pledge and Cession Agreement dated March 20, 2013 between Business Venture Investments No. 1688 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex433.htm
4.12	Borrower Pledge and Cession Agreement dated March 20, 2013 between Histopath Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex434.htm
4.13	Cashflow Waterfall Agreement dated March 20, 2013 between Harmony Gold Mining Company Limited, Business Venture Investments No. 1692 Proprietary Limited, Histopath Proprietary Limited, Business Venture Investments No. 1677 Proprietary Limited, Business Venture Investments No. 1687 Proprietary Limited and Business Venture Investments No. 1688 Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex435.htm

4.14	Addendum to the Cashflow Waterfall Agreement dated May 28, 2013 between Harmony Gold Mining Company Limited, Business Venture Investments No. 1692 Proprietary Limited, Histopath Proprietary Limited, Business Venture Investments No. 1677 Proprietary Limited, Business Venture Investments No. 1687 Proprietary Limited and Business Venture Investments No. 1688 Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex436.htm
4.14	Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1677 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex437.htm
4.15	Addendum to the Term Loan Facility Agreement dated May 23, 2013 between Business Venture Investments No. 1677 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex438.htm
4.16	Waiver letter dated June 24, 2013 in respect of the Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1677 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex439.htm
4.16	Extension letter dated May 10, 2013 in respect of the Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1677 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex440.htm
4.17	Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1687 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex441.htm
4.18	Addendum to the Term Loan Facility Agreement dated May 24, 2013 between Business Venture Investments No. 1687 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex442.htm
4.18	Waiver letter dated June 24, 2013 in respect of the Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1687 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex443.htm
4.19	Extension letter dated May 10, 2013 in respect of the Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1687 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex444.htm
4.20	Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1688 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex445.htm

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4.21	Addendum to the Term Loan Facility Agreement dated May 24, 2013 between Business Venture Investments No. 1688 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex446.htm
4.22	Waiver letter dated June 24, 2013 in respect of the Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1688 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex447.htm
4.23	Extension letter dated May 10, 2013 in respect of the Term Loan Facility Agreement dated March 20, 2013 between Business Venture Investments No. 1688 Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex448.htm
4.24	Term Loan Facility Agreement dated March 20, 2013 between Histopath Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex449.htm
4.25	Addendum to the Term Loan Facility Agreement dated May 24, 2013 between Histopath Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex450.htm
4.26	Waiver letter dated June 24, 2013 in respect of the Term Loan Facility Agreement dated March 20, 2013 between Histopath Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex451.htm
4.27	Extension letter dated May 10, 2013 in respect of the Term Loan Facility Agreement dated March 20, 2013 between Histopath Proprietary Limited and Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2013, filed on October 25, 2013) http://www.sec.gov/Archives/edgar/data/1023514/000119312513411617/d612311dex452.htm
4.28	First Addendum to the Exchange and Sale of Mining Right Portions Agreement dated April 16, 2014 between Armgold/Harmony Freegold Joint Venture Company Proprietary Limited and Sibanye Gold Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2014, filed on October 23, 2014) http://www.sec.gov/Archives/edgar/data/1023514/000119312514379647/d804845dex453.htm
4.29	Reinstatement and Second Addendum to the Exchange and Sale of Mining Right Portions Agreement dated May 6, 2014 between Armgold/Harmony Freegold Joint Venture Company Proprietary Limited and Sibanye Gold Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2014, filed on October 23, 2014) http://www.sec.gov/Archives/edgar/data/1023514/000119312514379647/d804845dex454.htm
4.31	Loan Agreement between Harmony Gold Mining Company Limited and the Trustees for the time being of the ARM Broad-Based Economic Empowerment Trust, dated March 1, 2016 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2016, filed on October 26, 2016) http://www.sec.gov/Archives/edgar/data/1023514/000120561316000327/ex4_63.htm
4.32	Intercreditor agreement between African Rainbow Minerals Limited and Harmony Gold Mining Company Limited, dated March 1, 2016 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2016, filed on October 26, 2016) http://www.sec.gov/Archives/edgar/data/1023514/000120561316000327/ex4_64.htm
4.33	Second Amendment and Restatement Agreement amongst Nedbank Limited (acting through its Corporate and Investment Banking division) (as Original Lender, Arranger and Facility Agent), the Trustees for the time being of the ARM Broad-Based Economic Empowerment Trust (as Borrower), African Rainbow Minerals Limited (as Guarantor) and Harmony Gold Mining Company Limited (as Guarantor), dated March 1, 2016 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2016, filed on October 26, 2016) http://www.sec.gov/Archives/edgar/data/1023514/000120561316000327/ex4_67.htm
4.34	Subordination Agreement between Nedbank Limited (acting through its Corporate and Investment Banking division), the Trustees for the time being of the ARM Broad-Based Economic Empowerment Trust, African Rainbow Minerals Limited and Harmony Gold Mining Company Limited, dated March 1, 2016 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2016, filed on October 26, 2016) http://www.sec.gov/Archives/edgar/data/1023514/000120561316000327/ex4_68.htm
4.35	Share Purchase Agreement between Harmony Gold (PNG Services) Proprietary Limited and Harmony Gold Mining Company Limited and Newcrest International Proprietary Limited and Newcrest Mining Limited, dated September 18, 2016 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2016, filed on October 26, 2016) http://www.sec.gov/Archives/edgar/data/1023514/000120561316000327/ex4_69.htm

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4.36	The amendment and restatement agreement dated 30 June 2016 entered into amongst the Finance Parties (as defined in the Amended and Restated USD Facility Agreement) and the Obligors (listed in Schedule 1 thereto), pursuant to which the revolving credit facility agreement of up to USD250,000,000 dated 22 December 2014 between, amongst others, Harmony Gold Mining Company Limited as Borrower, the Original Guarantors listed in Part I of Schedule 1 thereto, Absa Bank Limited (acting through its Corporate and Investment Banking division) (as Coordinator and Original Lender) and Nedbank Limited (acting through its Corporate and Investment Banking division) (as Facility Agent, Coordinator and Original Lender), Nedbank Limited (acting through its London Branch), HSBC Bank plc (acting through its Johannesburg Branch), JPMorgan Chase Bank, N.A., London Branch as original lenders and to which Caterpillar Financial Services Corporation has acceded, as amended and/or amended and restated from time to time, has been, or will be, further amended and restated (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2017, filed on October 26, 2017) http://www.sec.gov/Archives/edgar/data/1023514/000162828017010249/exhibit436amendedandrestat.htm
4.37	The third amendment and restatement agreement dated 24 January 2017 entered into amongst the Finance Parties (as defined in the Third Amended and Restated ZAR RCF Agreement) and the Obligors (listed in Schedule 1 thereto), pursuant to which the ZAR1,300,000,000 revolving credit facility agreement dated 20 December 2013 between, amongst others, Harmony Gold Mining Company Limited as Borrower, the Original Guarantors listed in Part I of Schedule 1 thereto and Nedbank Limited (acting through its Corporate and Investment Banking division) (as Original Lender and Facility Agent), as amended and/or amended and restated from time to time, has been, or will be, further amended and restated(incorporated by reference to /Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2017, filed on October 26, 2017 (incorporated by reference to /Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2017, filed on October 26, 2017) http://www.sec.gov/Archives/edgar/data/1023514/000162828017010249/exhibit437thirdamendedandr.htm
4.38	Harmony Gold Mining Company Limited 2006 Share Plan as amended and approved 25 November 2016 (incorporated by reference to /Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2017, filed on October 26, 2017) http://www.sec.gov/Archives/edgar/data/1023514/000162828017010249/exhibit438harmonygold2006s.htm
4.39	Wafi-Golpu Joint Venture Agreement, dated May 22, 2008 between Wafi Mining Limited, Newcrest PNG 2 Limited and Wafi-Golpu Services Limited (incorporated by reference to /Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2017, filed on October 26, 2017) http://www.sec.gov/Archives/edgar/data/1023514/000162828017010249/exhibit439wafi-golpujointv.htm
4.40	Sale Agreement dated October 18, 2017 among Harmony Gold Mining Company Limited, AngloGold Ashanti Limited and Harmony Moab Khotsong Operations Proprietary Limited (previously known as Coreland Property Investment Company Proprietary Limited) (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit440saleagreement.htm
4.41	Addendum to Sale Agreement dated November 16, 2017 among Harmony Gold Mining Company Limited, AngloGold Ashanti Limited and Harmony Moab Khotsong Operations Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit441addendumtosaleag.htm
4.42	Second Addendum to Sale Agreement dated February 28, 2018 among Harmony Gold Mining Company Limited, AngloGold Ashanti Limited and Harmony Moab Khotsong Operations Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit442secondaddsaleagr.htm
4.43	Extention Agreement dated January 12, 2018 among Harmony Gold Mining Company Limited, AngloGold Ashanti Limited and Harmony Moab Khotsong Operations Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit443extensionagreeme.htm
4.44	Second Extention Agreement dated February 7, 2018 among Harmony Gold Mining Company Limited, AngloGold Ashanti Limited and Harmony Moab Khotsong Operations Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit444secondextensiona.htm
4.45	Term and Revolving Credit Facilities Agreement of up to US$350,000,000 dated July 28, 2017 among Harmony Gold Mining Company Limited, Nedbank Limited, Absa Bank Limited, JP Morgan Chase Bank, Caterpillar Financial Services Corporation, HSBC Bank plc, The State Bank of India, Citibank, NA, and the Bank of China (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit445facilitiesagreem.htm
4.46	Bridge Facility Agreement of up to US$200,000,000 dated October 18, 2017 among Harmony Gold Mining Company Limited, UBS Limited, Nedbank Limited, JP Morgan Securities Plc and Absa Bank Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit446bridgefacilityag.htm
4.47	Third Amended and Restated Revolving Credit Facility Agreement of up to R1 billion dated February 20, 2017 among Harmony Gold Mining Company Limited and Nedbank Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit447thirdamendedrcf.htm

v

4.48	ESOP trust deed (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit448esoptrustdeed.htm
4.49	Condition Precedent Waiver Agreement dated February 19, 2018 among AngloGold Ashanti Limited, Harmony Gold Mining Company Limited and Harmony Moab Khotsong Operations Proprietary Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit449beecpwaiveragree.htm
8.1	Significant subsidiaries of Harmony Gold Mining Company Limited (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit81significantsubsid.htm
†12.1	Certification of the principal executive officer required by Rule 13a-14(a) or Rule 15(d)-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit121petersteenkamp.htm
†12.2	Certification of the principal financial officer required by Rule 13a-14(a) or Rule 15(d)-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit122frankabbott.htm
†13.1	Certification of the principal executive officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit131petersteenkamp.htm
†13.2	Certification of the principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit132frankabbott.htm
††15.1	Integrated Annual Report for the 20-F 2018 dated October 25, 2018 (adjusted version) (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit151integratedannual.htm
99.1	Consolidated Financial Statements 2018 dated October 25, 2018 (incorporated by reference to Harmony’s Annual Report on Form 20-F for the fiscal year ended June 30, 2018, filed on October 25, 2018) http://www.sec.gov/Archives/edgar/data/1023514/000162828018012896/exhibit991groupfin30june20.htm

† This certification will not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), except to the extent that the Registrant specifically incorporates it by reference.

†† Certain of the information included in Exhibit 15.1 is incorporated by reference into the Harmony 2018 Form 20-F, as specified elsewhere in this report, in accordance with Rule 12b-23(a) of the Exchange Act. With the exception of the items so specified, the Integrated Annual Report for the 20-F 2018 is not deemed to be filed as part of Harmony 2018 Form 20-F.

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Linkbase Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

vi

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign the Form 20-F/A on its behalf.

HARMONY GOLD MINING COMPANY LIMITED

By: /s/ Frank Abbott

Name: Frank Abbott

Title: Financial Director

Date: 23 November 2018

S-1

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Document and Entity Information	12 Months Ended
	Jun. 30, 2018 shares
Entity [Abstract]
Entity Registrant Name	HARMONY GOLD MINING CO LTD
Entity Central Index Key	0001023514
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Document Type	20-F/A
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Entity Common Stock, Shares Outstanding	500,251,751

XML

Group Income Statements - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Profit or loss [abstract]
Revenue	$ 1,584.0	$ 1,416.0	$ 1,264.0
Cost of sales	(1,800.0)	(1,448.0)	(1,088.0)
Production costs	(1,167.0)	(1,089.0)	(914.0)
Amortisation and depreciation	(200.0)	(185.3)	(149.0)
(Impairment)/reversal of impairment of assets	(386.0)	(131.0)	3.0
Other items	(47.0)	(43.0)	(28.0)
Gross profit/(loss)	(216.0)	(32.0)	176.0
Corporate, administration and other expenditure	(63.0)	(38.0)	(28.0)
Exploration expenditure	(11.0)	(18.0)	(13.0)
Gains on derivatives	8.0	75.0	30.0
Other operating expenses	(53.0)	(68.0)	(54.0)
Operating profit/(loss)	(335.0)	(81.0)	111.0
Gain on bargain purchase	0.0	60.0	0.0
Loss on liquidation of subsidiaries	0.0	(1.0)	0.0
Share of profit/(loss) from associate	3.0	(1.0)	0.0
Acquisition-related costs	(8.0)	0.0	0.0
Investment income	27.0	20.0	17.0
Finance costs	(26.0)	(17.0)	(19.0)
Profit/(loss) before taxation	(339.0)	(20.0)	109.0
Taxation	18.0	37.0	(43.0)
Net profit/(loss) for the year	(321.0)	17.0	66.0
Attributable to:
Owners of the parent	$ (321.0)	$ 17.0	$ 66.0
Earnings/(loss) per ordinary share (cents)
Total earnings/(loss) (in dollars per share)	$ (0.72)	$ 0.04	$ 0.15
Diluted earnings/(loss) per ordinary share (cents)
Total diluted earnings/(loss) (in dollars per share)	$ (0.72)	$ 0.04	$ 0.15

XML

Group Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Statement of comprehensive income [abstract]
Net profit/(loss) for the year	$ (321)	$ 17	$ 66
Other comprehensive income/(loss) for the year, net of income tax	(175)	309	(375)
Items that may be reclassified subsequently to profit or loss	(174)	309	(375)
Foreign exchange translation gain/(loss)	(117)	225	(375)
Remeasurement of Rand gold hedging contracts	(57)	84	0
Items that will not be reclassified to profit or loss:	(1)	0	0
Remeasurement of retirement benefit obligation	(1)	0	0
Total comprehensive income/(loss) for the year	(496)	326	(309)
Attributable to:
Owners of the parent	$ (496)	$ 326	$ (309)

XML

Group Balance Sheets - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Non-current assets
Property, plant and equipment	$ 2,245	$ 2,292
Intangible assets	37	46
Restricted cash	6	5
Restricted investments	237	203
Investments in associates	6	4
Inventories	3	3
Trade and other receivables	18	14
Derivative financial instruments	6	24
Other non-current assets	1	0
Total non-current assets	2,559	2,591
Current assets
Inventories	127	86
Restricted cash	3	1
Trade and other receivables	83	76
Derivative financial instruments	39	117
Cash and cash equivalents	51	95
Total current assets	303	375
Total assets	2,862	2,966
Share capital and reserves
Share capital and premium	4,115	4,036
Other reserves	(1,402)	(1,255)
Accumulated loss	(878)	(547)
Total equity	1,835	2,234
Non-current liabilities
Deferred tax liabilities	83	130
Provision for environmental rehabilitation	240	201
Provision for silicosis settlement	67	70
Retirement benefit obligation	13	14
Borrowings	357	23
Other non-current liabilities	3	1
Derivative financial instruments	1	0
Total non-current liabilities	764	439
Current liabilities
Borrowings	50	140
Trade and other payables	198	153
Derivative financial instruments	15	0
Total current liabilities	263	293
Total equity and liabilities	$ 2,862	$ 2,966

XML

Group Statements of Changes in Equity in Shareholders' Equity - USD ($) $ in Millions	Total	Share capital and share premium	Accumu- lated loss	Other reserves
Beginning balance (in shares) at Jun. 30, 2015		436,187,133
Beginning balance at Jun. 30, 2015	$ 2,200	$ 4,035	$ (597)	$ (1,238)
Exercise of employee share options (in shares)		1,077,346
Shares issued to the Tlhakanelo Employee Share Trust (in shares)		35,000
Share-based payments	22			22
Reversal of provision for odd lot repurchases	1	$ 1
Net profit (loss) for the year	66		66
Other comprehensive income (loss) for the year	$ (375)			(375)
Ending balance (in shares) at Jun. 30, 2016	437,299,000	437,299,479
Ending balance at Jun. 30, 2016	$ 1,914	$ 4,036	(531)	(1,591)
Exercise of employee share options (in shares)		2,657,720
Share-based payments	27			27
Net profit (loss) for the year	17		17
Other comprehensive income (loss) for the year	309			309
Dividends paid	$ (33)		(33)
Ending balance (in shares) at Jun. 30, 2017	439,957,000	439,957,199
Ending balance at Jun. 30, 2017	$ 2,234	$ 4,036	(547)	(1,255)
Exercise of employee share options (in shares)		5,239,502
Shares issued and fully paid (in shares)		55,055,050
Shares issued and fully paid	79	$ 79
Share-based payments	29			29
Net profit (loss) for the year	(321)		(321)
Other comprehensive income (loss) for the year	(175)			(175)
Reclassification from other reserves			1	(1)
Dividends paid	$ (11)		(11)
Ending balance (in shares) at Jun. 30, 2018	500,252,000	500,251,751
Ending balance at Jun. 30, 2018	$ 1,835	$ 4,115	$ (878)	$ (1,402)

XML

Group Cash Flow Statements - USD ($) $ in Millions		12 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated by operations		$ 334.0	$ 320.0	$ 322.0
Interest received		6.0	6.0	5.0
Interest paid		(14.0)	(6.0)	(11.0)
Income and mining taxes refunded/(paid)		(23.0)	(40.0)	(4.0)
Cash generated by operating activities		303.0	280.0	312.0
CASH FLOW FROM INVESTING ACTIVITIES
(Increase)/decrease in restricted cash		(2.0)	0.0	(1.0)
Decrease in amounts invested in restricted investments		0.0	1.0	3.0
Cash on acquisition of Hidden Valley		0.0	33.0	0.0
Acquisition of Moab Khotsong		(300.0)	0.0	0.0
Loan to ARM BBEE Trust		0.0	0.0	(14.0)
Additions to intangible assets		(1.0)	0.0	0.0
Proceeds from disposal of property, plant and equipment		0.0	3.0	0.0
Additions to property, plant and equipment		(355.0)	(286.0)	(168.0)
Cash utilised by investing activities		(658.0)	(249.0)	(180.0)
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings raised		565.0	54.0	24.0
Borrowings repaid		(312.0)	(50.0)	(138.0)
Proceeds from the issue of shares	[1]	79.0	0.0	0.0
Dividends paid		(12.0)	(33.0)	0.0
Cash generated from/(utilised by) financing activities		320.0	(29.0)	(114.0)
Foreign currency translation adjustments		(9.0)	8.0	(21.0)
Net increase/(decrease) in cash and cash equivalents		(44.0)	10.0	(3.0)
Cash and cash equivalents - beginning of year		95.0	85.0	88.0
Cash and cash equivalents - end of year		51.0	$ 95.0	$ 85.0
Share issue costs		$ 3.7

[1] Net of share issue cost of US$3.7 million

XML

General Information

12 Months Ended

Jun. 30, 2018

Disclosure Of General Information About Financial Statements [Abstract]

General Information

GENERAL INFORMATION

Harmony Gold Mining Company Limited (the company) and its subsidiaries (collectively Harmony or the group) are engaged in gold mining and related activities, including exploration, extraction and processing. Gold bullion, the group’s principal product, is currently produced at its operations in South Africa and Papua New Guinea (PNG).

The company is a public company, incorporated and domiciled in South Africa. The address of its registered office is Randfontein Office Park, Corner Main Reef Road and Ward Avenue, Randfontein, 1759.

The consolidated financial statements were authorised for issue by the board of directors on 25 October 2018.

XML

Accounting Policies

12 Months Ended

Jun. 30, 2018

Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]

Accounting Policies

ACCOUNTING POLICIES

BASIS OF PREPARATION

The principal accounting policies applied in the preparation of the consolidated financial statements have been consistently applied in all years presented.

Share capital and share premium, which were presented separately in the statements of changes in equity in 2017, have been combined into a single share capital and premium column for 2018.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) and IFRIC Interpretations (collectively IFRS).

The consolidated financial statements have been prepared on a going concern basis.

The consolidated financial statements have been prepared to the nearest million and rounding may cause differences.

RECENT ACCOUNTING DEVELOPMENTS

New standards, amendments to standards and interpretations to existing standards adopted by the group

The standards and amendments to standards that becameeffective during the2018year did not have an impact on the consolidated financial statements with the exception of the following:

Pronouncement	Title	Effective date
IAS 7 (Amendments)	Statement of Cash Flows - Disclosure initiative	1 January 2017

New standards, amendments to standards and interpretations to existing standards that are not yet effective and have not been early adopted.

At the date of authorisation of these financial statements, the standards, amendments to standards and interpretations listed below were in issue but not yet effective. These new standards and interpretations have not been early adopted by the group and the group plans on adopting these standards, amendments to standards and interpretations on the dates when they become effective. The effective dates below are for the financial periods beginning on or after the given date.

The following standards, amendments to standards and interpretations to existing standards may possibly have an impact on the group:

Pronouncement	Title	Effective date
IFRS 9	Financial Instruments	1 January 2018
	This standard on classification and measurement of financial assets and financial liabilities will replace IAS 39, Financial Instruments: Recognition and Measurement. IFRS 9 has two measurement categories: amortised cost and fair value.
	The group does not expect the new guidance to have a significant impact on the classification and measurement of its financial assets for the following reasons: –__-The equity instruments that are currently classified as available-for-sale financial assets appear to satisfy the conditions for classification as at fair value through other comprehensive income and hence there will be no change to the accounting for these assets. –__-A fair value through other comprehensive income (FVOCI) election is available for the equity instruments which are currently classified as available-for-sale. –__-Equity investments currently measured at fair value through profit or loss (FVPL) will likely continue to be measured on the same basis under IFRS 9. –__-Debt instruments currently classified as held-to-maturity and measured at amortised cost appear to meet the conditions for classification at amortised cost under IFRS 9.

2 ACCOUNTING POLICIES continued

RECENT ACCOUNTING DEVELOPMENTS continued

The following standards, amendments to standards and interpretations to existing standards may possibly have an impact on the group:

Pronouncement	Title	Effective date
IFRS 9	Financial Instruments continued	1 January 2018
	There will be no impact on the group’s accounting for financial liabilities, as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss and the group does not have any such liabilities.
	The derecognition rules for all financial instruments have been transferred from IAS 39.
	Hedge accounting
	The new hedge accounting rules will align the accounting for hedging instruments more closely with the group’s risk management practices. As a general rule, more hedge relationships might be eligible for hedge accounting, as the standard introduces a more principles-based approach. However, at this stage the group does not expect to identify any new hedge relationships. The group’s existing hedge relationships appear to qualify as continuing hedges upon the adoption of IFRS 9. As a consequence, the group does not expect a significant impact on the accounting for its hedging relationships.
	Expected credit losses
	The impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses as is the case under IAS 39. The impact of the new impairment requirements is not expected to be material for the following reasons: –__-The group does not generally carry significant assets that are subject to the new impairment requirements; and –__-The group expects to make use of practical expedients when measuring expected credit losses on trade receivables.
	Disclosures
	Extensive disclosures are required, including reconciliations from opening to closing amounts of the ECL provision, assumptions and inputs and a reconciliation on transition of the original classification categories under IAS 39 to the new classification categories in IFRS 9. These are expected to change the nature and extent of the group’s disclosures about its financial instruments particularly in the year of the adoption of the new standard.
	Transition
	The group expects to apply the standard prospectively without restating any comparative figures. The difference between the carrying amount of financial instruments before the adoption of IFRS 9 and the new carrying amount calculated in accordance with the standard at the beginning of the annual reporting period that includes the date of initial application will be recognised directly in the opening balance of equity in the annual reporting period that includes the date of initial application.

2 ACCOUNTING POLICIES continued

RECENT ACCOUNTING DEVELOPMENTS continued

The following standards, amendments to standards and interpretations to existing standards may possibly have an impact on the group:

Pronouncement	Title	Effective date
IFRS 15	Revenue from Contracts with Customers	1 January 2018
	Revenue is currently recognised when the goods are delivered and a certificate of sale is issued by the customer, which is taken to be the point in time at which the customer accepts the goods and the related risks and rewards of ownership transfer. Revenue is recognised at this point provided that the revenue and costs can be measured reliably, the recovery of the consideration is probable and there is no continuing management involvement with the goods.
	Under IFRS 15, revenue will be recognised when a customer obtains control of the goods. The group expects that the certificate of sale will continue to drive revenue recognition as this is the point when control of the goods effectively transfers to the customer.
	However, we expect that the adoption of IFRS 15 will result in the recognition of by-product revenue in “revenue from product sales”. Revenue from product sales includes gold income and by-product revenue. This change in classification results in a consequential increase in costs of sales, and therefore will not have an impact on previously reported gross profit or loss.
	The group expects to apply the standard retrospectively to each prior reporting period presented in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
IFRS 16	Leases	1 January 2019
	The new standard requires lessees to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ for virtually all lease contracts (with limited exceptions), whereas previously, lessees were required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet).
	The guidance on the definition of a lease (as well as the guidance on the combination and separation of contracts) has been updated, affecting lessors, although the accounting remains almost unchanged. The new accounting model for lessees is expected to impact negotiations between lessors and lessees.
	The group is still assessing the impact of the new standard. In general, it is expected that assets and liabilities will increase as right of use assets and lease liabilities will be recognised for most of the group’s leases. This is expected to lead to an increase in depreciation and interest expense and a change in the classification of cash flows.

MEASUREMENT BASIS

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities at fair value through profit or loss and cash-settled share-based payments.

GROUP ACCOUNTING POLICIES

Accounting policies are included in the relevant notes to the consolidated financial statements and have been highlighted between red lines in the notes to the consolidated financial statements. The accounting policies that follow are applied throughout the financial statements:

Consolidation

The group recognises that control is the single basis for consolidation for all types of entities in accordance with IFRS 10 - Consolidated Financial Statements.

The consolidated financial information includes the financial statements of the company, its subsidiaries, interest in associates and joint arrangements and structured entities. Where the group has no control over an entity, that entity is not consolidated.

Control

The group, regardless of the nature of its involvement with an entity, shall determine whether it is a parent by assessing whether it controls the investee.

The group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

(i) Subsidiaries

Subsidiaries are entities over which the group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the group up until when that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the group.

The group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of an acquiree is the fair value of the assets transferred, liabilities incurred and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement below operating profit or loss.

(ii) Associates

Associates are entities in which the group has significant influence, but not control, over operational and financial policies. This may be when there is a shareholding of between 20% and 50% of the voting rights or when significant influence can be otherwise demonstrated, for example where the group has the right of representation on the board of directors, or other governing body, of the entity.

Investments in associates are accounted for by using the equity method of accounting, and are initially recognised at cost. The group’s investment in associates includes goodwill identified on acquisition. Cumulative post-acquisition movements are adjusted against the carrying amount of the investment. The group’s share of the associates’ post-acquisition profits or losses is recognised in the income statement, and its share of post acquisition movement in reserves is recognised in other reserves.

When the group’s share of losses in an associate equals or exceeds its interest in the associate, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

The carrying value of an associate is reviewed on a regular basis and, if impairment in the carrying value has occurred, it is written off in the period in which such impairment is identified.

Accounting policies of associates have been reviewed to ensure consistency with the policies adopted by the group.

(iii) Joint arrangements

Joint arrangements are arrangements of which two or more parties have joint control and are contractually bound. The joint arrangement can either be a joint operation or a joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement and have the right to the assets, and obligations for the liabilities, relating to the arrangement. These parties are called joint operators. A joint venture is a joint arrangement where the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Those parties are called joint venturers. For interest in joint operations, the group includes its share of the joint operations' individual income and expenses, assets and liabilities and cash flows on a line-by-line basis with similar items in the group’s financial statements.

Where an additional interest in a joint operation is acquired, the principles of IFRS 3 are applied to account for the transaction.

The group recognises the portion of gains or losses on the sale of assets by the group to the joint operation that is attributable to the other joint operators. The group does not recognise its share of profits or losses from the joint operation that results from the purchase of assets by the group from the joint operation until it resells the assets to an independent party. However, if a loss on the transaction provides evidence of a reduction in the net realisable value of current assets or an impairment loss, the loss is recognised immediately.

The group recognises its interest in a joint venture as an investment and accounts for it using the equity accounting method.

2 ACCOUNTING POLICIES continued

GROUP ACCOUNTING POLICIES continued

2.1 Consolidation continued

(iv) Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.

The accounting treatment for a structured entity will fall into one of the aforementioned categories (i to iii) depending on whether the group has control over that structured entity.

Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency).

For translation of the rand financial statement items to US dollar, the average of R12.85 (2017: R13.60) (2016: R14.50) per US$1 was used for income statement items (unless this average was not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case these items were translated at the rate on the date of the transactions) and the closing rate of R13.81 (2017: R13.11) per US$1 for asset and liability items. Equity items were translated at historic rates.

The translation effect from rand to US dollar is included in other comprehensive income in the US$ financial statements.

References to “A$” refers to Australian currency, “R” to South African currency, “$” or “US$” to United States currency and “K” or “kina” to Papua New Guinean currency.

(ii) Transactions and balances

Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation to year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Gains and losses recognised in the income statement are included in the determination of other operating expenses.

(iii) Group companies

The results and financial position of all group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet while equity items are translated at historic rates;

• Income and expenses for each income statement are translated at average exchange rates (the rate on the date of the transaction is used if the average is not a reasonable rate for the translation of the transaction);

• All resulting exchange differences are recognised as a separate component of other comprehensive income.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold or control is otherwise lost, exchange differences that were recorded in other comprehensive income are recognised in profit or loss in the period of the disposal or change in control. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign entity and translated at the closing rate.

Derivatives and hedging activities

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

The difference between the fair value of the derivative at initial recognition and expected forward transaction price is deferred and recognised as a day one gain or loss. The day one gain or loss is amortised over the derivative contract period and recognised in profit or loss in gains/losses on derivatives.

The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity is more than 12 months; it is classified as a current asset or liability when the remaining maturity is less than 12 months.

(i) Cash flow hedge

The group designates certain derivatives as hedges of a particular risk associated with the cash flows of highly probable forecast transactions (cash flow hedges). The group documents at the inception of the hedging transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will continue to be highly effective in offsetting changes in cash flows of hedged items.

2 ACCOUNTING POLICIES continued

GROUP ACCOUNTING POLICIES continued

2.3 Derivatives and hedging activities continued

(i) Cash flow hedge continued

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within gains/losses on derivatives.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the forecast sale that is hedged takes place and affects profit or loss. The gain or loss relating to the effective portion of the rand gold forward sales contracts is recognised in profit or loss within revenue.

When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction that was hedged is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.

(ii) Derivatives not designated for hedge accounting purposes

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value as well as gains and losses on expiry, disposal or termination of any derivative instrument that does not qualify for hedge accounting are recognised immediately in profit or loss and are included in gains/losses on derivatives.

Exploration expenditure

The group has elected to expense all exploration and evaluation expenditures until it is concluded that the project is technically feasible and commercially viable, and that future economic benefits are therefore probable. The information used to make that determination depends on the level of exploration as well as the degree of confidence in the ore body as set out below.

Exploration and evaluation expenditure on greenfield sites, being those where the group does not have any mineral deposits which are already being mined or developed, is expensed as incurred until the technical and commercial viability of the project has been demonstrated usually through the completion of a final feasibility study. However, in certain instances, the technical and commercial viability of the deposit may be demonstrated at an earlier stage, for example where an extended feasibility study is conducted and the underlying feasibility study in respect of specific components of the mineral deposit has advanced to such a stage that significant commercially viable reserves has been established, and the other criteria for the recognition of an asset have been met.

Exploration and evaluation expenditure on brownfield sites, being those adjacent to mineral deposits which are already being mined or developed, is expensed as incurred until the group is able to demonstrate that future economic benefits are probable through the completion of a feasibility study, after which the expenditure is capitalised as mine development cost. A ‘feasibility study’ consists of a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method has been established, and which, if an effective method of mineral processing has been determined, includes a financial analysis based on reasonable assumptions of technical, engineering, operating economic factors and the evaluation of other relevant factors. The feasibility study, when combined with existing knowledge of the mineral property that is adjacent to mineral deposits that are already being mined or developed, allows the group to conclude that the project is technically feasible and commercially viable.

Exploration and evaluation expenditure relating to extensions of mineral deposits which are already being mined or developed, including expenditure on the definition of mineralisation of such mineral deposits, is capitalised as a mine development cost following the completion of an economic evaluation equivalent to a feasibility study. This economic evaluation is distinguished from a feasibility study in that some of the information that would normally be determined in a feasibility study is instead obtained from the existing mine or development. This information, when combined with existing knowledge of the mineral property already being mined or developed, allows the directors to conclude that the project is technically feasible and commercially viable.

Impairment of non-financial assets

Assets that have an indefinite useful life are not subject to amortisation or depreciation and are tested annually for impairment or when there is an indication of impairment.

Assets that are subject to amortisation are reviewed annually on 30 June for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised in the income statement for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Each operating shaft, along with allocated common assets such as plants and administrative offices, is considered to be a cash generating unit as each shaft is largely independent from the cash flows of other shafts and assets belonging to the group

2 ACCOUNTING POLICIES continued

GROUP ACCOUNTING POLICIES continued

2.5 Impairment of non-financial assets continued

Fair value less cost to sell is generally determined by using discounted estimated after-tax future cash flows. Future cash flows are estimated based on quantities of recoverable minerals, expected gold prices (considering current and historical prices, price trends and related factors), production levels and cash costs of production, all based on life-of-mine (LoM) plans. Future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and risk specific to the asset. Refer to note 15 for detail.

The term “recoverable minerals” refers to the estimated amount of gold that will be obtained from reserves and resources and all related exploration stage mineral interests (except for other mine-related exploration potential and greenfields exploration potential discussed separately below) after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from such related exploration stage mineral interests will be risk adjusted based on management’s relative confidence in such materials.

In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of cash flows from other asset groups. With the exception of other mine-related exploration potential and greenfields exploration potential, estimates of future undiscounted cash flows are included on an area of interest basis, which generally represents an individual operating mine, even if the mines are included in a larger mine complex.

In the case of mineral interests associated with other mine-related exploration potential and greenfields exploration potential, cash flows and fair values are individually evaluated based primarily on recent exploration results and recent transactions involving sales of similar properties, if any. Assumptions underlying future cash flow estimates are subject to significant risks and uncertainties.

Impairment losses on goodwill are recognised immediately in the income statement and are not reversed. The impairment testing is performed annually on 30 June or when events or changes in circumstances indicate that it may be impaired.

Non-financial assets other than goodwill that suffered an impairment are reviewed annually for possible reversal of the impairment at 30 June. Reversal of impairments is also considered when there is objective evidence to indicate that the asset is no longer impaired. Where an impairment subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not higher than the carrying value that would have been determined had no impairment been recognised in prior years.

Operating profit

The group defines operating profit as the profit earned from the normal core mining operations. In reporting operating profit in the income statement, transactions for capital transactions involving subsidiaries, joint arrangements and associates are excluded from operating profit as these are not considered to be part of the mining operations of the Harmony group. Any gains or losses on capital transactions are presented below the operating profit line.

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Critical Accounting Estimates and Judgements

12 Months Ended

Jun. 30, 2018

Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]

Critical Accounting Estimates and Judgements

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of the financial statements in conformity with IFRS requires the group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Refer to the specific notes below for further information on the key accounting estimates and assumptions applied.

• Valuation of derivative financial instruments – note 4;

• Estimate of taxation – note 12;

• Valuation of acquired assets and assumed liabilities for Moab Khotsong and Hidden Valley– note 14;

• Gold mineral reserves and resources – note 15;

• Production start date – note 15;

• Stripping activities – note 15;

• Impairment of assets – note 15;

• Depreciation of property plant and equipment – note 15;

• Impairment of goodwill – note 16;

• Valuation of loans receivable – note 19;

• Valuation of interest in associate – note 21;

• Provision for stock obsolescence - note 23;

• Estimate of exposure and liabilities with regard to rehabilitation costs – note 26;

• Estimate of provision for silicosis settlement – note 27;

• Estimate of employee benefit liabilities – note 28;

• Fair value of share-based payments – note 34;

• Assessment of contingencies – note 36.

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Financial Risk Management

12 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Financial Risk Management

FINANCIAL RISK MANAGEMENT

The group's operating activities expose it to a variety of financial risks: market risk (including commodity price risk, currency risk, cash flow interest rate risk and other price risk), credit risk and liquidity risk. The group may use derivative financial instruments to hedge certain risk exposures.

The group's financial assets and liabilities are set out below:

Figures in million (US dollars)	Loans and receivables	Available-for-sale financial assets	Held-to-maturity investments	Hedging instruments	Fair value through profit or loss	Financial liabilities at amortised cost
At 30 June 2018
Financial assets
Restricted cash	9	—	—	—	—	—
Restricted investments	2	—	169	—	66	—
Investment in financial assets	—	1	—	—	—	—
Other non-current receivables	18	—	—	—	—	—
Derivative financial instruments	—	—	—	34	11	—
Trade and other receivables	45	—	—	—	—	—
Cash and cash equivalents	51	—	—	—	—	—
Financial liabilities
Derivative financial instruments	—	—	—	—	16	—
Borrowings	—	—	—	—	—	407
Trade and other payables	—	—	—	—	—	56
At 30 June 2017
Financial assets
Restricted cash	6	—	—	—	—	—
Restricted investments	2	—	137	—	64	—
Other non-current receivables	14	—	—	—	—	—
Derivative financial instruments	—	—	—	105	36	—
Trade and other receivables	39	—	—	—	—	—
Cash and cash equivalents	95	—	—	—	—	—
Financial liabilities
Borrowings	—	—	—	—	—	163
Other non-current liabilities	—	—	—	—	—	1
Trade and other payables	—	—	—	—	—	47

Risk management is carried out by a central treasury department (Group treasury) under policies approved by the board of directors. Group treasury identifies, evaluates and hedges certain selected financial risks in close cooperation with the group's operating units. The audit and risk committee and the board provides written principles for overall risk management, as well as written policies covering specific areas, such as commodity price risk, foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and the investment of excess liquidity.

MARKET RISK

(i) Foreign exchange risk

The group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar (US$). Foreign exchange risk arises when future commercial transactions, recognised assets and liabilities are denominated in a currency that is not the entity’s functional currency. Harmony’s revenues are sensitive to the R/US$ exchange rate as all revenues are generated by gold sales denominated in US$. Harmony may enter into hedging transactions to reduce this risk. The limit set by the board is 15% of the group's foreign exchange risk exposure over two years. Subsequent to year-end the board approved for the limit to be set at 25% of the group's foreign exchange risk exposure over two years. Refer to note 20 for details of the contracts. The audit and risk committee review the details of the programme quarterly.

The group is exposed to foreign exchange risk arising from borrowings and cash denominated in a currency other than the functional currency of that entity.

The group has reviewed its foreign currency exposure on financial assets and financial liabilities and has identified the following sensitivities for a 10% change in the exchange rate that would affect profit or loss. Management considers a range between 10% and 20% to be a reasonable change given the volatility in the market.

	US dollar
Figures in million	2018		2017
Sensitivity analysis - borrowings
Rand against US$
Balance at 30 June	370		140
Strengthen by 10%	37		14
Weaken by 10%	(37	)	(14	)
Closing rate	13.81		13.11
Sensitivity analysis - financial instruments
Rand against US$
Balance at 30 June	(10	)	34
Strengthen by 10%	48		40
Weaken by 10%	(45	)	(34	)
Closing rate	13.81		13.11
US$ against Kina
Balance at 30 June	2		7
Strengthen by 10%	—		1
Weaken by 10%	—		(1	)
Closing rate	0.30		0.32

(ii) Commodity price sensitivity

The profitability of the group’s operations, and the cash flows generated by those operations, are affected by changes in the market price of gold, and in the case of Hidden Valley, silver as well. During July 2016, Harmony started entering into derivative contracts to manage the variability in cash flows from the group’s production, in order to create cash certainty and protect the group against lower commodity prices. The limits currently set by the Board are for 20% of the production from gold and 25% from silver over a 24-month period. Subsequent to year end the permitted level of cover for the silver has been increased to 50%. Management continues to top up these programmes as and when opportunities arise to lock in attractive margins for the business, but are not required to maintain hedging at these levels. The audit and risk committee review the details of the programme quarterly.

The exposure to the variability in the price of gold is managed by entering into gold forward sales contracts for a portion of the group's production. A portion of the production of the South African operations is hedged by Rand gold forward contracts. These contracts have been designated as cash flow hedging instruments and hedge accounting has been applied. US$ gold forward contracts entered into are for the production from Hidden Valley which were not designated as hedging instruments for hedge accounting and the gains and losses are accounted for in the income statement.

4 FINANCIAL RISK MANAGEMENT continued

MARKET RISK continued

(ii) Commodity price sensitivity continued

The exposure to the variability in the price of silver for Hidden Valley is managed by entering into US$/silver zero cost collars. These contracts have not been designated as hedging instruments for hedge accounting and the gains and losses are accounted for in the income statement.

Refer to note 7 and 20 and the fair value determination for financial assets and liabilities section below for further detail on these contracts.

The group has reviewed its exposure to commodity linked instruments and has identified the following sensitivities for a 10% change in the commodity price specified per contract that would affect other comprehensive income and profit or loss. Management considers a range between 10% and 20% to be a reasonable change given the recent volatility in the market.

	US dollar
Figures in million	2018		2017
Sensitivity analysis
Rand gold derivatives
Other comprehensive income
Increase by 10%	(38	)	(41	)
Decrease by 10%	37		40
US$ gold derivatives
Profit or loss
Increase by 10%	(12	)	(8	)
Decrease by 10%	12		8
US$ silver derivatives
Profit or loss
Increase by 10%	(1	)	(1	)
Decrease by 10%	1		1

(iii) Other price risk

The group is exposed to the risk of fluctuations in the fair value of the available-for-sale financial assets and fair value through profit or loss financial assets as a result of changes in market prices (other than changes in interest rates and foreign currencies). Harmony generally does not use any derivative instruments to manage this risk.

Sensitivity analysis

Certain of the restricted investments are linked to the Top 40 Index on the JSE. A 10% increase in the Top 40 index at the reporting date, with all other variables held constant, would have increased profit or loss by US$3.3 million (2017: US$2.4 million); an equal change in the opposite direction would have decreased profit or loss by US$2.5 million (2017: US$1.6 million).

(iv) Interest rate risk

The group's interest rate risk arises mainly from long-term borrowings. The group has variable interest rate borrowings. Variable rate borrowings expose the group to cash flow interest rate risk. The group has not entered into interest rate swap agreements as this is a risk that management is prepared to take. The audit and risk committee reviews the exposures quarterly.

Interest rate risk arising from long-term borrowings is offset by cash, restricted cash and restricted investments held at variable rates.

A change of 100 basis points in interest rates at the reporting date would have increased/(decreased) profit or loss before tax by the amounts shown below. This analysis assumes that all other variables remain constant. The analysis is performed on the same basis for 2017.

4 FINANCIAL RISK MANAGEMENT continued

MARKET RISK continued

(iv) Interest rate risk continued

	US dollar
Figures in million	2018		2017
Sensitivity analysis - borrowings (finance costs)
Increase by 100 basis points	(4	)	(2	)
Decrease by 100 basis points	4		2
Sensitivity analysis - financial assets (interest received)
Increase by 100 basis points	2		2
Decrease by 100 basis points	(2	)	(2	)

CREDIT RISK

Credit risk is the risk that a counterparty may default or not meet its obligations in a timely manner. Financial instruments, which subject the group to concentrations of credit risk, consist predominantly of restricted cash, restricted investments, derivative financial assets, trade and other receivables (excluding non-financial instruments) and cash and cash equivalents.

Assessment of credit risk

In April 2017, two of the three international rating agencies, Standard and Poor's and Fitch, downgraded South Africa's long-term sovereign credit rating. Moody's has kept the sovereign credit risk of South Africa as investment grade. This was largely limited to international scale ratings, not the national scale ratings. The group has identified the following risks as a result of this downgrade, which are:

- Increased credit risk;

- Increased cost of capital; and

- Difficulty in obtaining funding.

In assessing the credit worthiness of local institutions, management uses the national scale long-term ratings which are unchanged. Management will continue monitoring these ratings.

Exposure to credit risk on trade and other receivables is monitored on a regular basis. Refer to note 19 for management's assessment. The credit risk arising from restricted cash, cash and cash equivalents and restricted investments is managed by ensuring amounts are only invested with financial institutions of good credit quality. The contracts for derivative financial assets were entered into with counterparties of good credit quality. The group has policies that limit the amount of credit exposure to any one financial institution. The audit and risk committee reviews the exposure on a quarterly basis.

The group’s maximum exposure to credit risk is represented by the carrying amount of all financial assets determined to be exposed to credit risk, amounting to US$405.7 million as at 30 June 2018 (2017: US$498.7 million).

The social plan trust fund of US$2.4 million (2017: US$2.8 million) has been invested in unit trusts comprising shares in listed companies.

4 FINANCIAL RISK MANAGEMENT continued

CREDIT RISKcontinued

Financial institutions' credit rating by exposure (Source: Fitch Ratings and Global Credit Ratings)

	US dollar
Figures in million	2018	2017
Cash and cash equivalents
AA+	—	43
AA	45	30
AA-	6	22
	51	95
Restricted cash
AA	7	6
AA-	2	—
	9	6
Restricted investments (environmental trusts)
AA+	109	86
AA	126	90
AA-	—	24
	235	200
Derivative financial assets
AA+	9	54
AA	26	2
AA-	10	85
	45	141

LIQUIDITY RISK

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, and the availability of funding through an adequate amount of committed credit facilities.

In the ordinary course of business, the group receives cash from its operations and is required to fund working capital and capital expenditure requirements. Management prepares cash flow forecasts weekly and ensures that surplus funds are invested in a manner to achieve market-related returns and to provide sufficient liquidity at the minimum risk. The group maintains and refinances committed credit facilities as medium-term forecasts require. The audit and risk committee reviews the updated forecasts quarterly. The group is able to actively source financing at competitive rates. Where necessary, funds will be drawn from its revolving credit facilities (refer to note 29).

4 FINANCIAL RISK MANAGEMENT continued

LIQUIDITY RISKcontinued

The following are the contractual maturities of financial liabilities (including principal and interest payments assuming the closing R/US$ exchange rate and interest rate at year end):

	US dollar
Figures in million	Current	More than 1 year
2018
Trade and other payables (excluding non-financial liabilities)	56	—
Derivative financial liabilities	9	7
Borrowings
Due between 0 to six months	51	—
Due between six to 12 months	—	—
Due between one to two years	—	42
Due between two to five years	—	362
	116	411

2017
Other non-current liabilities	—	1
Trade and other payables (excluding non-financial liabilities)	47	—
Borrowings
Due between 0 to six months	4	—
Due between six to 12 months	142	—
Due between one to two years	—	2
Due between two to five years	—	24
	193	27

CAPITAL RISK MANAGEMENT

The primary objective of managing the group’s capital is to ensure that there is sufficient capital available to support the funding requirements of the group, in a way that optimises the cost of capital and matches the current strategic business plan.

The group manages and makes adjustments to the capital structure, which consists of debt and equity, as and when borrowings mature or when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. In doing so, the group ensures it stays within the debt covenants agreed with lenders. The group may also sell assets to reduce debt or schedule projects to manage the capital structure.

During the 2018 financial year the level of gearing increased due to the funding required for the acquisition of the Moab Khotsong operations (refer to note 14). Notwithstanding, the group continues to follow a conservative approach to debt and prefers to maintain low levels of gearing. Net debt is as follows:

	US dollar
Figures in million	2018		2017
Cash and cash equivalents	51		95
Borrowings	(407	)	(163	)
Net debt	(356	)	(68	)

There were no changes to the group's approach to capital management during the year.

4 FINANCIAL RISK MANAGEMENT continued

FAIR VALUE DETERMINATION FOR FINANCIAL ASSETS AND LIABILITIES

The fair value levels of hierarchy are as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets;

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from other prices);

Level 3: Inputs for the asset that are not based on observable market data (that is, unobservable inputs).

The following table presents the group's financial assets and liabilities that are measured at fair value by level at reporting date:

Figures in million (US dollar)	Fair value hierarchy level	At 30 June 2018		At 30 June 2017
Available-for-sale financial assets
Investment in financial assets1		1		—
Fair value through profit and loss financial assets and liabilities
Restricted investments2	Level 2	66		64
Derivative financial instruments3		29		141
Forex hedging contracts	Level 2	(10	)	34
Rand gold hedging contracts	Level 2	33		105
US$ gold hedging contracts	Level 2	6		2

¹  Level 3 fair values have been valued by the directors by performing independent valuations on an annual basis.

²  The majority of the level 2 fair values are directly derived from the Top 40 index on the JSE, and are discounted at market interest rate. This relates to equity-linked deposits in the group's environmental rehabilitation trust funds. The balance of the environmental trust funds are held to maturity and therefore not disclosed here.

³  The fair value measurements are derived as follows:

Forex hedging contracts

(a) Zero cost collars: a Black-Scholes valuation technique, derived from spot rand/US$ exchange rate inputs, implied volatilities on the rand/US$ exchange rate, rand/US$ inter-bank interest rates and discounted at market interest rate (zero-coupon interest rate curve).

(b) Forward exchange contracts: spot rand/US$ exchange rate, rand and dollar interest differential (forward points) and discounted at market interest (zero-coupon bond interest rate curve).

Rand gold hedging contracts (forward sale contracts): spot rand/US$ exchange rate, rand and dollar interest rates (forward points), spot US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at market interest rate.

US$ gold hedging contracts (forward sale contracts): spot US$ gold price, differential between the US interest rate and gold lease interest rate and discounted at market interest rate.

Silver hedging contracts (zero cost collars): a Black-Scholes valuation technique, derived from spot US$ silver price, strike price, implied volatilities, time to maturity and interest rates and discounted at market interest rate.

The carrying values (less any impairment allowance) of short-term financial instruments are assumed to approximate their fair values.

The fair values of borrowings are not materially different to their carrying amounts since the interest payable on those borrowings is at floating interest rates. The fair value of borrowings are based on discounted cash flows using a current borrowing rate. The determination of the fair values are level 3 in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

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Revenue

12 Months Ended

Jun. 30, 2018

Revenue [abstract]

Revenue

REVENUEACCOUNTING POLICY

The group has determined that gold is its primary product and other metals produced as part of the extraction process are considered to be by-products of gold. Revenue arising from metal sales is only recognised when the significant risks and rewards of ownership have been transferred, neither continuing managerial involvement nor effective control over the metals sold has been retained, the amount of revenue and costs incurred can be measured reliably and it is probable that the economic benefits associated with the sale will flow to the group. These conditions are satisfied when the gold has been delivered in terms of the contract and the sales price fixed, as evidenced by the certificate of sale issued by the refinery. The sales price for the majority of the group’s gold is based on the gold spot price according to the afternoon London Bullion Market fixing price for gold on the date the sale is concluded.

Revenues from by-product sales such as silver and uranium are credited to production costs as a by-product credit.

The effective portion of gains or losses on the derivatives designated as cash flow hedging items (forecast sales transactions) are recognised in revenue when the forecast sales transactions occur. See the accounting policy for derivatives and hedging activities in note 2.

	US dollar
Figures in million	2018	2017	2016
Gold sales	1 491	1 363	1 264
Hedging gain¹	93	53	—
Total revenue	1 584	1 416	1 264

¹ Relates to the realised effective portion of the Rand gold hedge. Refer to note 20 for further information.

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Cost of Sales

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Cost of sales

COST OF SALES

	US dollar
Figures in million	2018		2017		2016
Production costs (a)	1 167		1 089		914
Amortisation and depreciation of mining assets	192		179		144
Amortisation and depreciation of assets other than mining assets (b)	8		6		5
Rehabilitation expenditure/(credit) (c)	5		2		(3	)
Care and maintenance costs of restructured shafts	10		8		8
Employment termination and restructuring costs (d)	16		5		1
Share-based payments (e)	19		29		23
Impairment of assets (f)	386		131		(3	)
Other	(3	)	(1	)	(1	)
Total cost of sales	1 800		1 448		1 088

(a) Production costs include mine production and transport and refinery costs, applicable general administrative costs, movement in inventories and ore stockpiles, ongoing environmental rehabilitation costs and transfers for stripping activities. Employee termination costs are included, except for employee termination costs associated with major restructuring and shaft closures, which are separately disclosed.

Production costs for 2018 include US$78.6 million related to the Moab Khotsong operations. Production costs related to Hidden Valley were US$78.5 million lower than the comparative period due to the capitalisation of costs during the plant upgrade and the development of the stage 5 and 6 cut back. Refer to note 15 for further information.

6 COST OF SALES

(a) Production costs continued

Production costs, analysed by nature, consist of the following:

	US dollar
Figures in million	2018		2017		2016
Labour costs, including contractors1	759		662		559
Consumables	266		266		230
Water and electricity	199		170		148
Insurance	7		7		7
Transportation	9		13		12
Change in inventory2	(16	)	27		7
Capitalisation of mine development costs	(121	)	(97	)	(93	)
Stripping activities3	(13	)	(6	)	(3	)
By-product sales	(7	)	(17	)	(23	)
Royalty expense	9		16		12
Other	75		48		58
Total production costs	1 167		1 089		914

¹ Labour costs increased as a result of the acquisition of the Moab Khotsong operations, annual increases and bonuses.

² Change in inventory decreased as the physical gold stock increased mainly due to the acquisition of Moab Khotsong. The change in 2017 relates primarily to the effect of treating the run-of-mine stockpiles at Hidden Valley when the mining of stage 4 concluded.

³ Stripping activities increased as a result of increased development at Hidden Valley.

(b) Amortisation and depreciation of assets other than mining assets includes the amortisation of intangible assets.

(c) For the assumptions used to calculate the rehabilitation costs, refer to note 26. This expense includes the change in estimate for the rehabilitation provision where an asset no longer exists as well as costs related to the rehabilitation process. For 2018, US$7.3 million (2017: US$7.1 million) (2016: US$4.8 million) was spent on rehabilitation in South Africa.

(d) The employment termination and restructuring costs in 2018 relates to a voluntary severance programme. The 2017 amount includes contractor fees for the optimisation of the Hidden Valley operation of US$4.8 million.

(e) Refer to note 34 for details on the share-based payment schemes implemented by the group.

(f) Impairment recognised during the year is an outcome of forecast cost inflation, a subdued forecast gold price and the resultant impact on margins. Lower resource values at Doornkop's Kimberley Reef and Target North further contributed to the impairment recognised. Refer to note 15 for further information. The impairment/(reversal of impairment) of assets consists of the following:

	US dollar
Figures in million	2018	2017	2016
Tshepong Operations	71	19	—
Doornkop	23	—	(50	)
Kusasalethu	42	52	—
Target 1	51	60	—
Joel	11	—	—
Unisel	35	—	—
Masimong	24	—	15
Target North	106	—	—
Hidden Valley	—	—	32
Other mining assets	23	—	—
Total impairment/(reversal on impairment) of assets	386	131	(3	)

The impairment assessment performed at 30 June 2018 resulted from lower recoverable amounts driven by the lower increase in the forecast gold price relative to the forecast cost inflation assumptions used in the life-of-mine plans which impacted negatively on margins. There were no reversals of impairment recorded in the 2018 or 2017 financial years.

6 COST OF SALES continued

(f) Impairment continued

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2018 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Tshepong Operations	The impairment was mainly driven by sensitivity to fluctuations in the gold price. Furthermore the updated life-of-mine for the Tshepong operations presented a marginal decrease in recovered grade.	538
Joel	The updated life-of-mine for the Joel operation, presented a marginal decrease in recovered grade.	63
Target 1	Exploration drilling results during the year pointed towards lower grade estimates within certain blocks that have now been excluded from the life-of-mine plans.	88
Unisel	Excluded the Leader Reef from the life-of-mine plan to focus on the higher grade Basal Reef. This reduced the life-of-mine from four years to eighteen months.	3
Masimong	The impairment at Masimong was as a result of the depletion of the higher grade B Reef and subsequent reduced life-of-mine.	4
Kusasalethu	Kusasalethu's old section of the mine at the operation was excluded in the FY19 life-of-mine plan.	155
Doornkop	The impairment of Doornkop is primarily as a result of a decrease in the Kimberley Reef's resource values.	198
Target North	The impairment of Target North was as a result of a decrease in resource values.	267
Other mining assets	The updated life-of-mine plans for the CGU's in Freegold and Harmony resulted in the impairment of other mining assets.	26

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2017 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Tshepong Operations	The impairment was mainly driven by the restriction on hoisting capacity at Phakisa along with the general pressure on margins.	595
Target 1	Information gained from the underground drilling during the year indicated that some areas of the bottom reef of the Dreyerskuil are highly channelised, which negatively impacted on the overall grade for the operation. These areas were subsequently excluded from the life-of-mine plan. This, together with the general pressure on margins, reduced the profitability of the operation over its life and contributed to the decrease in the recoverable amount.	153
Kusasalethu	The impairment was driven by a reduction in the additional attributable resource value as a result of a decrease in the ounces. The company investigated the viability of a decline to extend the life. The business case showed that the option was not feasible and therefore the resource ounces were reduced.	214

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2016 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Hidden Valley	The updated life-of-mine plan for Hidden Valley resulted in lower production for the 2017 financial year as the mine would only process ore stockpiles followed by an extended period of care and maintenance, compared to the previous plan. Stripping activities for stage 5 were planned to recommence in the 2018 financial year according to the year-end life-of-mine plan.	22
Doornkop	The higher recoverable amount for Doornkop, which resulted in the reversal was mainly due to the increased rand gold price assumption, improvements in operational efficiencies during the 2016 financial year that resulted in increased production levels in the updated life-of-mine plan and new mining areas included in the life-of-mine plan based on additional exploration performed during 2016.	190
Masimong	Masimong is a low margin operation and had a remaining life of three years at the time. The exploration programme to locate additional areas of the higher grade B Reef proved unsuccessful and was stopped during the 2016 financial year. In addition, the grade estimation of the Basal Reef decreased and as a result a portion of the resource was abandoned at 30 June 2016. The lower resource value resulted in a lower recoverable amount and the recognition of an impairment.	32

The recoverable amounts for these assets have been determined on a fair value less costs to sell basis using the assumptions per note 15 in discounted cash flow models and attributable resource values. These are fair value measurements classified as level 3. During 2018, the resource multiples were reassessed in order to be reflective of current market conditions using multiples derived from past transactions with an adjustment for the gold price. The transactions were used to derive US$/oz multiples for resources. The resource per ounce values have decreased substantially as a result of the low levels of merger and acquisition activity influencing the marketability of resource companies in South Africa, and more specifically gold mining companies.

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Gains on Derivatives

12 Months Ended

Jun. 30, 2018

Gains (losses) on change in fair value of derivatives [abstract]

Gains on Derivatives

GAINS ON DERIVATIVES

Gains on derivatives include the fair value movements of derivatives which have not been designated as hedging instruments for hedge accounting purposes, the amortisation of day one gains and losses for derivatives and the hedging ineffectiveness. The day one adjustment arises from the difference between the contract price and market price on the day of the transaction.

	US dollar
Figures in million	2018		2017		2016
Derivative gain1	11		81		30
Hedge ineffectiveness	—		1		—
Day one loss amortisation	(3	)	(7	)	—
Total gains on derivatives	8		75		30

¹ Relates primarily to foreign exchange collars (refer to note 20).

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Other Operating Expenses

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Other Operating Expenses

OTHER OPERATING EXPENSES

	US dollar
Figures in million	2018		2017		2016
Profit on sale of property, plant and equipment	—		(3	)	—
Social investment expenditure	6		6		4
Loss on scrapping of property, plant and equipment (refer to note 15)	—		10		4
Foreign exchange translation (gain)/loss (a)	53		(14	)	43
Silicosis settlement provision/(reversal of provision) (b)	(5	)	70		—
Provision/(reversal of provision) for ARM BEE Loan (c)	(3	)	1		2
Other (income)/expenses - net	2		(2	)	1
Total other operating expenses	53		68		54

(a) The majority of the foreign exchange gains and losses relates to the US$ borrowings. Refer to note 29 for more details.

(b) Refer to note 27 or details on the movement in the silicosis settlement provision.

(c) The provision was reversed following an increase in African Rainbow Minerals Limited's share price and dividends paid in the period between July 2017 and June 2018, which form part of the recoverability test at 30 June 2018. Refer to note 19 for further details on the ARM BEE loan.

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Operating Profit/(Loss)

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Operating Profit/(Loss)

OPERATING PROFIT/(LOSS)

The following have been included in operating profit/(loss):

	US dollar
Figures in million	2018	2017	2016
Auditor's remuneration
Made up as follows:
External
Fees - current year	3	2	2
Total auditor's remuneration	3	2	2

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Investment Income

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Investment Income

INVESTMENT INCOME

ACCOUNTING POLICY

Interest income is recognised on the effective interest method, taking into account the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the group. Dividend income is recognised when the shareholder's right to receive payment is established. This is recognised at the last date of registration.

Cash flows from interest and dividends received are classified under operating activities in the cash flow statement.

10 INVESTMENT INCOME continued

	US dollar
Figures in million	2018	2017	2016
Interest income	21	20	16
Loans and receivables	—	1	2
Held-to-maturity investments	12	11	9
Cash and cash equivalents	9	8	5
Net gain on financial instruments1	6	—	1
Total investment income	27	20	17

¹ Relates to the environmental trust funds and the social trust fund. Refer to note 18.

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Finance Costs

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Finance Costs

FINANCE COSTS

ACCOUNTING POLICY

Borrowing costs are capitalised to the extent that they are directly attributable to the acquisition and construction of qualifying assets. Qualifying assets are assets that take a substantial time to get ready for their intended use. These costs are capitalised until the asset moves into the production phase. Other borrowing costs are expensed. The foreign exchange translation loss is included in the borrowing cost calculation to the extent that it is considered to be a part of interest.

	US dollar
Figures in million	2018		2017		2016
Financial liabilities
Borrowings	18		8		12
Total finance costs from financial liabilities	18		8		12
Non-financial liabilities
Post-retirement benefits	1		1		1
Time value of money component of silicosis provision	6		—		—
Time value of money and inflation component of rehabilitation costs	15		13		11
Total finance costs from non-financial liabilities	22		14		12
Total finance costs before interest capitalised	40		22		24
Interest capitalised (a)	(14	)	(5	)	(5	)
Total finance costs	26		17		19

(a)    The capitalisation rate used to determine capitalised borrowing costs is:

	2018		2017		2016
	%		%		%
Capitalisation rate	10.5	%	4.2	%	10.5	%

The change in the rate from 2017 to 2018 is due to the effect of the foreign exchange translation loss in 2018 compared with a gain in 2017 on the calculation of the rate.

The change in the rate from 2016 to 2017 is due to the effect of the foreign exchange translation gain in 2017 compared with a loss of 2016 on the calculation of the rate.

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Taxation

12 Months Ended

Jun. 30, 2018

Income Taxes [Abstract]

Taxation

TAXATION

ACCOUNTING POLICY

Taxation is made up of current and deferred taxation. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred taxation is recognised on temporary differences existing at each reporting date between the tax base of all assets and liabilities and their carrying amounts. Substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred taxation, except to the extent that deferred tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and does not affect the accounting or taxable profit or loss at the time of the transaction. Deferred tax is charged to profit or loss, except where the tax relates to items recognised in other comprehensive income or directly in equity in which case the tax is also recognised in other comprehensive income or directly in equity. The effect on deferred tax of any changes in tax rates is recognised in the income statement, except to the extent that it relates to items previously charged or credited directly to equity.

The principal temporary differences arise from amortisation and depreciation on property, plant and equipment, provisions, unutilised tax losses, unutilised capital allowances carried forward and unrealised gains and losses on the gold forward sale contracts. Deferred tax assets relating to the carry forward of unutilised tax losses and unutilised capital allowances are recognised to the extent that it is probable that future taxable profit will be available against which the unutilised tax losses and unutilised capital allowances can be utilised. The recoverability of these assets is reviewed at each reporting date and adjusted if recovery is no longer probable.

Deferred income tax is provided on temporary differences arising from investments in subsidiaries, joint ventures and associates, except where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The group is subject to income tax in several jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

Management has to exercise judgement with regard to deferred tax assets. Where the possibility exists that no future taxable income may flow against which these assets can be offset, the deferred tax assets are not recognised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. When different tax rates apply to different levels of taxable income, deferred tax assets and liabilities are measured using the average tax rates that are expected to apply to the taxable profit (tax loss) of the periods in which the temporary differences are expected to reverse. At the group’s South African operations, such average tax rates are directly impacted by the profitability of the relevant mine. The deferred tax rate is therefore based on the current estimate of future profitability of an operation when temporary differences will reverse, based on tax rates and tax laws that have been enacted at the balance sheet date. The future profitability of each mine, in turn, is determined by reference to the LoM plan for that operation. The LoM plan is influenced by factors as disclosed in note 15, which may differ from one year to the next and normally result in the deferred tax rate changing from one year to the next.

12 TAXATION continued

The taxation (expense)/credit for the year is as follows:

	US dollar
Figures in million	2018		2017		2016
SA taxation
Mining tax (a)	(3	)	(17	)	(3	)
- current year	(3	)	(17	)	(4	)
- prior year	—		—		1
Non-mining tax (b)	(13	)	(19	)	(5	)
- current year	(13	)	(19	)	(5	)
Deferred tax (c)	34		73		(35	)
- current year	34		73		(35	)
Total taxation (expense)/credit	18		37		(43	)

(a) Mining tax on gold mining taxable income in South Africa is determined according to a formula, based on the taxable income from mining operations. 5% of total revenue is exempt from taxation while the remainder is taxable at a higher rate (34%) than non-mining income (28%) as a result of applying the gold mining formula.

All qualifying mining capital expenditure is deducted from taxable mining income to the extent that it does not result in an assessed loss. Accounting depreciation is eliminated when calculating the South African mining tax income. Excess capital expenditure is carried forward as unredeemed capital to be claimed from future mining taxable income. The group has several tax paying entities in South Africa. In terms of the mining ring-fencing application, each ring-fenced mine is treated separately and deductions can normally only be utilised against mining income generated from the relevant ring-fenced mine.

(b) Non-mining taxable income of mining companies and the taxable income for non-mining companies are taxed at the statutory corporate rate of 28% (2017: 28%) (2016: 28%).The expense relates to non-mining tax arising from derivative gains (realised and unrealised) recognised on the foreign currency derivatives as well as the realised gains on the gold forward sale contracts. Refer to note 5 and 7 for details on the group's derivative gains recorded.

(c) The deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when temporary differences will reverse based on tax rates and tax laws that have been enacted at the balance sheet date. Depending on the profitability of the operations, the deferred tax rate can consequently be significantly different from year to year.

The deferred tax credit in the 2018 and 2017 years is mainly a result of the impairment of assets, a decrease in the weighted average deferred tax rate due to reduced estimated profitability at most South African operations, as well as the provision for silicosis settlement raised in 2017.

The deferred tax expense in 2016 includes the unwinding of the deferred tax asset related to the utilisation of unredeemed capital expenditure for Freegold (Harmony) Pty Ltd (Freegold) against mining taxable income due to increased profitability for Freegold during 2016.

(d) Mining and non-mining income of Australian entities and PNG operation are taxed at a standard rate of 30% (2017: 30%) (2016: 30%).

12 TAXATION continued

INCOME AND MINING TAX RATES

The tax rate remains unchanged for the 2016, 2017 and 2018 years.

Major items causing the group's income tax provision to differ from the South African mining statutory tax rate of 34% (2017: 34%) (2016: 34%) were:

	US dollar
Figures in million	2018		2017		2016
Tax on net profit/loss at the mining statutory tax rate	115		6		(37	)
Non-allowable deductions	(30	)	(6	)	(20	)
Gain on bargain purchase	—		21		—
Share-based payments	(8	)	(8	)	(6	)
Impairment of assets	(17	)	(6	)	(8	)
Exploration expenditure	(5	)	(4	)	(4	)
Finance costs	(4	)	(3	)	(3	)
Other	4		(6	)	1
Difference between effective mining tax rate and statutory mining rate on mining income	(34	)	10		8
Difference between non-mining tax rate and statutory mining rate on non-mining income	3		4		1
Effect on temporary differences due to changes in effective tax rates1	(54	)	(10	)	(15	)
Prior year adjustment	—		—		1
Capital allowances, sale of business and other rate differences2	51		43		33
Deferred tax asset not recognised3	(33	)	(10	)	(14	)
Income and mining taxation	18		37		(43	)
Effective income and mining tax rate (%)	5		185		40

¹ This mainly relates to the decrease in the deferred tax rate related to Freegold (12.5% to 8.7%) (2017: 20.0% to 12.5%), Randfontein Estates Limited (Randfontein) (3.8% to 1.8%) (2017: 10.1% to 3.8%) and Harmony Gold Mining Company Limited (Harmony) (19.4% to 10.5%) (2017: 21.1% to 19.4%) mainly due to a lower estimated profitability. In 2016, the increase in the deferred tax rates related to Harmony (12.5% to 21.1%) and Freegold (16.7% to 20.0%) mainly due to the higher estimated profitability is partially offset by the decrease in deferred tax rates for Randfontein (14.3% to 10.1%), mainly due to lower estimated profitability.

² This relates to the additional capital allowance that may be deducted from taxable income from mining operations in South Africa. A significant portion relates to Avgold Limited (Avgold) which has a 0% effective tax rate.

³ This relates to tax losses and deductible temporary differences for which future taxable profits are uncertain and are not considered probable. The current year includes US$30.9 million deferred tax asset not recognized relating to Harmony company as a result of foreign exchange losses on the US dollar loan facility. The remaining deferred tax asset not recognised in 2018, 2017 and 2016 primarily relates to Hidden Valley and PNG exploration operations.

DEFERRED TAX

The analysis of deferred tax assets and liabilities is as follows:

	US dollar
Figures in million	2018		2017
Deferred tax assets	(29	)	(32	)
Deferred tax asset to be recovered after more than 12 months	(18	)	(15	)
Deferred tax asset to be recovered within 12 months	(11	)	(17	)
Deferred tax liabilities	112		162
Deferred tax liability to be recovered after more than 12 months	101		135
Deferred tax liability to be recovered within 12 months	11		27
Net deferred tax liability	83		130

12 TAXATION continued

DEFERRED TAXcontinued

Deferred tax liabilities and assets on the balance sheet as of 30 June 2018 and 30 June 2017 relate to the following:

	US dollar
Figures in million	2018		2017
Gross deferred tax liabilities	112		162
Amortisation and depreciation	105		140
Derivative assets	7		22
Gross deferred tax assets	(29	)	(32	)
Unredeemed capital expenditure	(20	)	(10	)
Provisions, including non-current provisions	(8	)	(20	)
Tax losses	(1	)	(2	)
Net deferred tax liability	83		130

Movement in the net deferred tax liability recognised in the balance sheet as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	130		164
Credit per income statement	(34	)	(73	)
Tax directly charged to other comprehensive income	(15	)	21
Moab Khotsong acquisition	7		—
Translation	(5	)	18
Balance at end of year	83		130

	US dollar
Figures in million	2018	2017
As at 30 June, the group had the following potential future tax deductions:
Unredeemed capital expenditure available for utilisation against future mining taxable income1	2 803	2 606
Tax losses carried forward utilisable against mining taxable income2	314	378
Capital Gains Tax (CGT) losses available to be utilised against future CGT gains	41	43
As at 30 June, the group has not recognised the following deferred tax asset amounts relating to the above:	885	883
The unrecognised temporary differences are:
Unredeemed capital expenditure3	2 464	2 429
Tax losses2	304	329
CGT losses4	41	43

¹ Includes Avgold US$1 230.4 million (2017: US$1 151.6 million), Randfontein US$156.6 million (2017: US$157.0 million), Moab Khotsong US$151.4 million (2017: US$nil) and Hidden Valley US$1 233.3 million (2017: US$1 277.1 million). These have an unlimited carry-forward period.

² Relates mainly to Hidden Valley and the PNG exploration operations. These have an unlimited carry-forward period.

³ Relates to Avgold and Hidden Valley.

⁴ The CGT losses relate to the gross CGT losses available to be utilised against future CGT gains.

DIVIDEND TAX (DT)

The withholding tax on dividends changed from 15% in 2016 to 20% in 2017 and remained unchanged at 20% in 2018.

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Earnings/(Loss) Per Share

12 Months Ended

Jun. 30, 2018

Earnings per share [abstract]

Earnings/(Loss) Per Share

EARNINGS/(LOSS) PER SHARE

BASIC EARNINGS/(LOSS) PER SHARE

Basic earnings/(loss) per share is calculated by dividing the net income attributable to shareholders by the weighted number of ordinary shares in issue during the year.

	2018		2017		2016
Ordinary shares in issue ('000)	500 252		439 957		437 299
Adjustment for weighted number of ordinary shares in issue ('000)	(54 304	)	(1 077	)	(624	)
Weighted number of ordinary shares in issue ('000)	445 948		438 880		436 675
Treasury shares ('000)	(52	)	(437	)	(936	)
Basic weighted average number of ordinary shares in issue ('000)	445 896		438 443		435 739
	US dollar
	2018		2017		2016
Total net earnings/(loss) attributable to shareholders (millions)	(321	)	17		66
Total basic earnings/(loss) per share (cents)	(72	)	4		15

DILUTED EARNINGS/(LOSS) PER SHARE

For diluted earnings/(loss) per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive ordinary shares as a result of share options granted to employees under the share option schemes in issue. A calculation is performed to determine the number of shares that could have been acquired at fair value, determined as the average annual market share price of the company's shares, based on the monetary value of the subscription rights attached to the outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

	2018	2017	2016
Weighted average number of ordinary shares in issue ('000)	445 896	438 443	435 739
Potential ordinary shares1 ('000)	19 423	20 777	10 659
Weighted average number of ordinary shares for diluted earnings per share1 ('000)	465 319	459 220	446 398

	US dollar
	2018		2017	2016
Total diluted earnings/(loss) per share (cents)	(72	)	4	15

¹ Because of the net loss attributable to shareholders in 2018, the inclusion of the share options as potential ordinary shares had an anti-dilutive (2017 and 2016: dilutive) effect on the loss (2017 and 2016: earnings) per share and were therefore not taken into account in the current year calculation. The issue price and the exercise price of share options issued to employees include the fair value of any service to be supplied to the entity in the future under the share option or other share-based payment arrangement.

DIVIDENDS

ACCOUNTING POLICY

Dividends declared are recognised in the period in which they are approved by the board of directors. Dividends are payable in South African rand.

Cash flows from dividends paid are classified under financing activities in the cash flow statement.

On 17 August 2017, the board declared a dividend of 3 US cents for the year ended 30 June 2017. US$11.4 million was paid on 16 October 2017.

13 EARNINGS/(LOSS) PER SHARE continued

DIVIDENDScontinued

On 15 August 2016, the board declared a dividend of 4 US cents for the year ended 30 June 2016. US$14.9 million was paid on 19 September 2016. On 31 January 2017, the board declared an interim dividend of 4 US cents. US$17.5 million was paid on 20 March 2017.

	US dollar
	2018	2017	2016
Dividend declared (millions)	11	33	—
Dividend per share (cents)	3	8	—

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Acquisitions and Business Combinations

12 Months Ended

Jun. 30, 2018

Disclosure of detailed information about business combination [abstract]

Acquisitions and Business Combinations

ACQUISITIONS AND BUSINESS COMBINATIONS

ACQUISITION OF THE MOAB KHOTSONG OPERATIONS

Effective 1 March 2018 the group acquired the Moab Khotsong and Great Noligwa mines and related infrastructure as well as gold-bearing tailings and the Nufcor uranium plant (collectively the Moab Khotsong operations) from AngloGold Ashanti Limited on a going concern basis. The addition of the Moab Khotsong operations will increase the group's production ounces, free cash flows and average underground gold recovery grade. The combined assets acquired and liabilities assumed constitute a business as defined by IFRS 3 Business Combinations.

For the four months ended 30 June 2018, the Moab Khotsong operations contributed revenue of US$139.9 million and profit of         US$16.7 million to the group's results. Should the acquisition have occurred on 1 July 2017, the group’s unaudited consolidated revenue would have increased by a further US$259.8 million and unaudited consolidated profit would have increased by a further     US$31.1 million.

Consideration transferred

The cash consideration paid to acquire the Moab Khotsong operations amounted to US$300.0 million.

Acquisition-related costs

The group incurred acquisition-related costs of US$7.5 million on advisory and legal fees. These costs are recognised as acquisition-related costs in the income statement. Furthermore, the group incurred US$4.9 million on the integration of the operation. These costs are recognised as corporate, administration and other expenditure on the income statement.

Identifiable assets acquired and liabilities assumed

The purchase price allocation (PPA) has been prepared on a provisional basis in accordance with IFRS 3. If new information obtained within one year of the acquisition date, about facts and circumstances that existed at the acquisition date, then the accounting for the acquisition will be revised. The values measured on a provisional basis include, inter alia, Property, plant and equipment, deferred tax and the finalisation of the effective date tax values.

The fair value of the identifiable net assets acquired was determined on the expected discounted cash flows based on the life-of-mine plans of the Moab Khotsong operations at post-tax real discount rates ranging between 8.20% and 11.30%, exchange rates ranging between R/US$11.86 and R/US$15.82, gold prices ranging between US$1 249/oz and US$1 302/oz and uranium prices ranging between US$30.44/lb and US$37.47/lb. The valuation was performed as at 1 March 2018.

The fair values as at the effective date are as follows:

	US dollar
Figures in million	2018		2017
Property, plant and equipment	322		—
Environmental rehabilitation trust funds	33		—
Inventories	6		—
Deferred tax liabilities	(7	)	—
Provision for environmental rehabilitation	(57	)	—
Retirement benefit obligation	(1	)	—
KOSH decant provision (refer to note 30)	(3	)	—
Leave liabilities	(12	)	—
Other payables	(4	)	—
Fair value of net identifiable assets acquired	277		—

14 ACQUISITIONS AND BUSINESS COMBINATIONS continued

ACQUISITION OF THE MOAB KHOTSONG OPERATIONScontinued

Goodwill

Goodwill arising from the acquisition has been recognised as follows:

	US dollar
Figures in million	2018		2017
Consideration paid	300		—
Fair value of net identifiable assets acquired	(277	)	—
Goodwill	23		—

The goodwill has been allocated to the Moab Khotsong operations. The goodwill is attributable mainly to the skills and technical talent of the Moab Khotsong operations' work force. None of the goodwill recognised is deductible for tax purposes.

ACQUISITION OF FULL OWNERSHIP OF HIDDEN VALLEY

The group had a 50% interest in the mining and exploration assets located in the Morobe province, PNG. Newcrest Mining Limited (Newcrest) owned the remaining 50% interest in these assets. The assets include the Hidden Valley mine and the Wafi-Golpu project. On 19 September 2016 Harmony announced the agreement to purchase Newcrest PNG 1 Ltd, the wholly owned subsidiary of Newcrest which held Newcrest's 50% interest in the Hidden Valley joint venture, for a cash consideration of US$1. As part of the transaction, Newcrest made a once-off contribution of US$22.5 million (R309 million) towards Hidden Valley’s future estimated environmental liability. The transaction was conditional upon certain regulatory approvals which were obtained on 25 October 2016 and Harmony gained control over Hidden Valley from this date.

The step-up transaction from joint control to control has been accounted for in terms of IFRS 3 Business Combinations.

Identifiable assets acquired and liabilities assumed

The fair values of the assets acquired and liabilities assumed are as follows:

	Previously held interest		Acquired interest1		Total (100%)
Figures in million	US dollar
Fair value of identifiable net assets acquired
Property, plant and equipment	46		46		92
Inventories (current)	35		35		70
Trade and other receivables (current)	2		1		3
Cash and cash equivalents	4		33		37
Provision for environmental rehabilitation	(35	)	(35	)	(70	)
Trade and other payables (current)	(8	)	(20	)	(28	)
	44		60		104
Less fair value of previously held interest2					(44	)
Fair value of net identifiable assets acquired					60

¹  Harmony acquired the legal entity which held Newcrest’s interest in Hidden Valley. This subsidiary contained certain assets and liabilities which were different to those held by Harmony with respect to its interest in Hidden Valley.

²  The fair value of the previously held interest equalled the carrying amount of the assets and liabilities recognised by Harmony relating to the previously held interest at the date of acquisition and no gain or loss was recognised with respect to the deemed disposal of the previously held interest.

Gain on bargain purchase

As a result of the acquisition of Hidden Valley, a gain on bargain purchase of US$60 million was recognised in 2017. The gain on bargain purchase is calculated as the difference between the consideration paid of US$1 and the fair value of the net identifiable assets acquired of US$60.0 million.

XML

Property, Plant and Equipment

12 Months Ended

Jun. 30, 2018

Property, plant and equipment [abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

	US dollar
Figures in million	2018	2017
Mining assets (a)	1 755	1 625
Mining assets under construction (b)	183	237
Undeveloped properties (c)	288	414
Other non-mining assets (d)	19	16
Total property, plant and equipment	2 245	2 292

(a) Mining assets

ACCOUNTING POLICY

Mining assets including mine development costs and mine plant facilities are initially recorded at cost, where after they are measured at cost less accumulated depreciation and impairment. Costs include expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably.

The net assets of operations placed on care and maintenance are impaired to their recoverable amount. Expenditure on the care and maintenance of these operations is charged against income, as incurred. Mineral and surface use rights represent mineral and surface use rights for parcels of land both owned and not owned by the group.

Mineral and surface rights include acquired mineral use rights in production, development and exploration phase properties. The amount capitalised related to a mineral and surface right, either as an individual asset purchase or as part of a business combination, is the fair value at acquisition.

The group’s mineral use rights are enforceable regardless of whether proved or probable reserves have been established. In certain limited situations, the nature of use changes from an exploration right to a mining right upon the establishment of proved and probable reserves. The group has the ability and intent to renew mineral use rights where the existing term is not sufficient to recover all identified and valued proved and probable reserves and/or undeveloped mineral interests.

Depreciation

Depreciation of mining assets is computed principally by the units-of-production method over life-of-mine based on estimated quantities of economically recoverable proved and probable reserves, which can be recovered in future from known mineral deposits.

In most instances, proved and probable reserves provide the best indication of the useful life of the group’s mines (and related assets). However, in some instances, proved and probable reserves may not provide a realistic indication of the useful life of the mine (and related assets). This may be the case, for example, where management is confident that further inferred resources will be converted into measured and indicated resources and if they are economically recoverable, they can also be classified as proved and probable reserves. Management is approaching economic decisions affecting the mine on this basis, but has chosen to delay the work required to designate them formally as reserves.

In assessing which resources to include so as to best reflect the useful life of the mine, management considers resources that have been included in the life-of-mine plan. To be included in the life-of-mine plan, resources need to be above the cut-off grade set by management, which means that the resource can be economically mined and is therefore commercially viable. This consistent systematic method for inclusion in the life-of-mine plan takes management’s view of the gold price, exchange rates as well as cost inflation into account. In declaring the resource, management would have had to obtain a specified level of confidence of the existence of the resource through drilling as required by the South African Code for Reporting Exploration Results, Mineral Resources and Mineral Reserves (SAMREC).

Additional confidence in the existence, commercial viability and economical recovery of such resources may be based on historical experience and available geological information, such as geological information obtained from other operations that are contiguous to the group’s as well as where the group mines continuations of these other operations’ orebodies and reefs. This is in addition to the drilling results obtained by the group and management’s knowledge of the geological setting of the surrounding areas, which would enable simulations and extrapolations to be done with a reasonable degree of accuracy.

In instances where management is able to demonstrate the economic recovery of such resources with a high level of confidence, such additional resources, which may also include certain, but not all, of the inferred resources, as well as the associated future development costs of accessing those resources, are included in the calculation of depreciation. The future development costs are those costs that need to be incurred to access these inferred resources, for example the costs to complete a decline or level, which may include infrastructure and equipping costs. These amounts have been extracted from the cash flow projections for the life-of-mine plans.

Mineral rights associated with production phase mineral interests are amortised over the life of mine using the units-of-production method in order to match the amortisation with the expected underlying future cash flows.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

ACCOUNTING POLICY continued

Impairment

Testing for impairment is done in terms of the group policy as discussed in note 2.5.

Stripping activities

The removal of overburden and other mine waste materials is often necessary during the initial development of a mine site, in order to access the mineral ore deposit. The directly attributable cost of this activity is capitalised in full within mining assets under construction, until the point at which the mine is considered to be capable of commercial production.

The removal of waste material after the point at which a mine is capable of commercial production is referred to as production stripping.

When the waste removal activity improves access to ore extracted in the current period, the costs of production stripping are charged to the income statement as operating costs in accordance with the principles of IAS 2 Inventories.

Where production stripping activity both produces inventory and improves access to ore in future periods the associated costs of waste removal are allocated between the two elements. The portion which benefits future ore extraction is capitalised within stripping and development capital expenditure. If the amount to be capitalised cannot be specifically identified it is determined based on the volume of waste extracted compared with expected volume for the identified component of the orebody. Components are specific volumes of a mine’s orebody that are determined by reference to the life-of-mine plan.

In certain instances significant levels of waste removal may occur during the production phase with little or no associated production. The cost of this waste removal is capitalised in full.

All amounts capitalised in respect of waste removal are depreciated using the units-of-production method based on proved and probable ore reserves of the component of the orebody to which they relate. The effects of changes to the life-of-mine plan on the expected cost of waste removal or remaining reserves for a component are accounted for prospectively as a change in estimate.

Scrapping of assets

Where significant adverse changes have taken place relating to the useful life of an asset, that asset is tested for impairment in terms of the group policy as discussed in note 2.5. Whether or not an impairment is recognised, it is then necessary to review the useful lives and residual values of the assets within the CGU – this is reviewed at least annually. Where necessary, the useful lives and residual values of the individual assets are revised.

Where the useful life of an asset is nil as a result of no future economic benefit expected from the use or disposal of that asset, it is necessary to derecognise the asset. The loss arising from the derecognition is included in profit or loss in the period in which the asset was derecognised. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – GOLD MINERAL RESERVES AND RESOURCES

Gold mineral reserves and resources are estimates of the amount of ounces that can be economically and legally extracted from the group’s properties. In order to calculate the gold mineral reserves and resources, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, commodity prices and exchange rates.

Estimating the quantities and/or grade of the reserves and resources requires the size, shape and depth of the orebodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data.

Because the economic assumptions used to estimate the gold mineral reserves and resources change from year to year, and because additional geological data is generated during the course of operations, estimates of the mineral reserves and resources may change from year to year. Changes in the reserves and resources may affect the group’s financial results and financial position in a number of ways, including:

• Asset carrying values may be affected due to changes in estimated cash flows;

• Scrapping of assets to be recorded in the income statement, following the derecognition of assets as no future economic benefit expected;

• Depreciation and amortisation charged in the income statement may change as they are calculated on the units-of-production method;

• Environmental provisions may change as the timing and/or cost of these activities may be affected by the change in mineral reserves; and

• Useful life and residual values may be affected by the change in mineral reserves.

At the end of each financial year, the estimate of proved and probable gold mineral reserves and resources is updated. Depreciation of mining assets is prospectively adjusted, based on these changes.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

SENSITIVITY ANALYSIS - GOLD MINERAL RESERVES AND RESOURCES EFFECT ON DEPRECIATION

The group includes certain inferred resources in the denominator and future development costs in the numerator when performing the depreciation calculation for certain of its operations, where proved and probable reserves alone do not provide a realistic indication of the useful life of mine (and related assets). During periods presented, this related to Doornkop. Had the group only used proved and probably reserves in its calculations, depreciation for 2018 would have amounted to US$214.2 million (2017: US$200.6 million) (2016: US$153.4 million), compared with the reported totals of US$200.0 million (2017: $185.3 million) (2016: US$149.9 million).

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – PRODUCTION START DATE

Various relevant criteria are considered in order to assess when the mine is substantially complete and ready for its intended use and moves into the production phase. Some of the criteria would include but are not limited to the following:

• The level of capital expenditure compared to the total project cost estimates;

• The ability to produce gold in a saleable form (where more than an insignificant amount of gold has been produced); and

• The ability to sustain the ongoing production of gold.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – STRIPPING ACTIVITIES

The group capitalises stripping costs where they are considered to improve access to ore in future periods. Where the amount to be capitalised cannot be specifically identified, it is determined based on the volume of waste extracted compared with expected volume for the identified component of the orebody. This determination is dependent on an individual mine’s design and life-of-mine plan and therefore changes to the design or life-of-mine plan will result in changes to these estimates. Identification of the components of a mine’s orebody is made by reference to the life-of-mine plan. The assessment depends on a range of factors including each mine’s specific operational features and materiality.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – IMPAIRMENT OF ASSETS

The recoverable amount of mining assets is generally determined utilising real discounted future cash flows. Management also considers such factors as the quality of the individual orebody, market risk, asset specific risks and country risk in determining the fair value.

Key assumptions for the calculations of the mining assets’ recoverable amounts are the commodity prices, resource values, marketable discount rates, costs to sell, exchange rates and the annual life-of-mine plans. In determining the commodity prices and resource values to be used, management assesses the long-term views of several reputable institutions on commodity prices and based on this, derives the commodity prices and resource values.

The life-of-mine plans are based on the proved and probable reserves as included in the Reserve Declaration, which are determined in terms of SAMREC and The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC), as well as resources where management has high confidence in the orebody and economical recovery of gold, based on historic and similar geological experience.

During the year under review, the group calculated the recoverable amounts (generally fair value less costs to sell) based on updated life-of-mine plans and the following gold price, silver price and exchange rates assumptions:

	2018	2017	2016
US$ gold price per ounce	1 250	1 200	1 189
US$ silver price per ounce	17.00	17.00	17.80
Exchange rate (R/US$)	13.30	13.61	13.86
Exchange rate (PGK/US$)	3.17	3.16	3.10
Rand gold price (R/kg)	535 000	525 000	530 000

The post-tax real discount rate for Hidden Valley was 9.91% (2017: 11.92%) (2016:11.77%) and the post-tax real discount rates for the South African operations ranged between 8.35% and 10.25% (2017: 8.98% and 11.81%) (2016: 8.43% and 11.48%), depending on the asset, were used to determine the recoverable amounts. Cash flows used in the impairment calculations are based on life-of-mine plans which exceed five years for the majority of the mines. Cash flows from potential projects, life-of-mine extensions and residual ounces can also be included in the impairment assessment where deemed appropriate. An additional risk premium is added to the post-tax real discount rates in these instances. Refer to note 6 for details of impairments recorded. The following is the attributable gold resource value assumption:

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – IMPAIRMENT OF ASSETS continued

	South Africa			Hidden Valley
US dollar per ounce	2018	2017	2016	2018	2017	2016
Measured	25.00	32.69	40.86	n/a	n/a	n/a
Indicated	8.00	18.68	23.35	5.84	5.84	5.84
Inferred	2.80	4.67	5.84	5.84	5.84	5.84

Should management’s estimate of the future not reflect actual events, further impairments may be identified.

Factors affecting the estimates include:

• Changes to proved and probable ore reserves;

• Economical recovery of resources;

• The grade of the ore reserves may vary significantly from time to time;

• Review of strategy;

• Unforeseen operational issues at the mines;

• Differences between actual commodity prices and commodity price assumptions;

• Changes in the discount rate and foreign exchange rates;

• Changes in capital, operating mining, processing and reclamation costs;

• Mines' ability to convert resources into reserves; and

• Potential production stoppages for indefinite periods.

SENSITIVITY ANALYSIS - IMPAIRMENT OF ASSETS

One of the most significant assumptions that influence the life-of-mine plans and therefore impairments is the expected commodity prices. The sensitivity scenario of a 10% decrease or increase in the commodity price used in the discounted cash flow models and the resource values used (with all other variables held constant) would have resulted in the following impairment being recorded as at 30 June 2018 and 2017:

	US dollar
Figures in million	2018	2017
- 10% decrease
Tshepong Operations1	375	281
Kusasalethu	197	157
Hidden Valley	54	79
Target 1	122	137
Doornkop	149	71
Masimong	28	30
Moab Khotsong1	118	—
Joel1	64	—
Target 3	10	—
Other surface operations	39	20
Target North	132	—
Unisel	38	17
Bambanani1	16	10
+ 10% increase
Masimong	4	—
Target North	79	—
Unisel	31	—

¹ The carrying amounts of these CGU's include goodwill and any impairment losses are allocated first to goodwill and then to the identifiable assets.

At all other operations, a 10% increase in the gold price would have resulted in no impairments being recorded.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

The movement in the mining assets balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	3 094		3 189
Fully depreciated assets no longer in use derecognised	—		(295	)
Additions1	198		158
Deemed disposal of 50% of Hidden Valley	—		(332	)
Acquisition of 100% of Hidden Valley	—		76
Acquisition of Moab Khotsong	310		—
Disposals	(5	)	(1	)
Scrapping of assets	—		(23	)
Adjustment to rehabilitation asset	(13	)	(1	)
Transfers and other movements	243		21
Translation	(223	)	302
Balance at end of year	3 604		3 094
Accumulated depreciation and impairments
Balance at beginning of year	1 469		1 648
Fully depreciated assets no longer in use derecognised	—		(295	)
Impairment of assets	251		112
Deemed disposal of 50% of Hidden Valley	—		(294	)
Disposals	(5	)	(1	)
Scrapping of assets	—		(12	)
Depreciation	217		187
Translation	(83	)	124
Balance at end of year	1 849		1 469
Net carrying value	1 755		1 625

¹ Included in additions for 2018 is an amount of US$0.1 million for capitalised depreciation associated with stripping activities at the Hidden Valley operations.

Acquisition and deemed disposal of assets

On 1 March 2018 the group acquired Moab Khotsong. Included in this acquisition was property, plant and equipment with a fair value of US$321.5 million. Of the total acquisition costs, US$309.7 million relates to mining assets and US$11.8 million relates to other non-mining assets respectively. Refer to note 14 for more information relating to the acquisition.

During 2017 the group obtained 100% ownership of Hidden Valley. Included in this acquisition was property, plant and equipment with a fair value of US$92.6 million. Of the total acquisition costs, US$76.2 million relates to mining assets and US$15.6 million relates to assets under construction respectively. Refer to note14 for more information relating to the acquisition.

Loss on scrapping of property, plant and equipment

Losses arising from the derecognition of property, plant and equipment no longer in use amounted to US$0.1 million 2017: US$10.3 million) (2016: US$4.4 million). No future economic benefits are expected from the use or disposal of these assets.

Stripping activities

Included in the balance for mining assets is an amount of US$18.9 million (2017: US$7.2 million) for stripping activities. The movement for 2018 relates to Kalgold and Hidden Valley. Depreciation of US$0.3 million (2017: US$0.4 million) were recorded for these activities.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

Transfer of assets

Transfer of assets relates to assets under construction transferred to mining assets. On 1 June 2018 commercial levels of production were achieved at Hidden Valley following the plant upgrade and the development of stage 5 and 6 cut back and as a result an amount of US$213.6 million was transferred. The remaining transfer of US$29.4 million relates to Tshepong Operations following the completion of a major project.

(b) Mining assets under construction

ACCOUNTING POLICY

At the group’s surface mines, when it has been determined that a mineral property can be economically developed as a result of establishing proved and probable reserves, costs incurred to develop the property are capitalised as incurred until the mine is considered to have moved into the production phase. These costs include costs to further delineate the orebody and remove overburden to initially expose the orebody. At the group’s underground mines, all costs incurred to develop the property, including costs to access specific ore blocks or other areas of the underground mine, are capitalised to the extent that such costs will provide future economic benefits. These costs include the cost of shaft sinking and access, the costs of building access ways, lateral development, drift development, ramps, box cuts and other infrastructure development.

Where a depreciable asset is used in the construction or extension of a mine, the depreciation is capitalised against the mine’s cost.

Exploration properties acquired are recognised in the balance sheet within development cost and are shown at cost less provisions for impairment determined in accordance with the group’s accounting policy on impairment of non-financial assets.

Mineral interests associated with development and exploration phase mineral interests are not amortised until such time as the underlying property is converted to the production stage.

Capitalisation of pre-production costs ceases when commercial levels of production are reached. Commercial levels of production are discussed under “production start date” above.

The movement in the mining assets under construction balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	237		107
Additions1	155		121
Depreciation capitalised2	24		7
Deemed disposal of 50% of Hidden Valley	—		(8	)
Acquisition of 100% of Hidden Valley	—		16
Finance costs capitalised3	14		5
Transfers and other movements	(243	)	(20	)
Translation	(4	)	9
Balance at end of year	183		237

¹ For 2018 pre-production revenue of US$100.2 million (2017: US$nil) was credited against additions.

² Relates primarily to Hidden Valley.

³ Refer to note 11 for further detail on the capitalisation rate applied

Refer to mining assets above for information relating to the acquisition of assets under construction.

(c) Undeveloped properties

ACCOUNTING POLICY

Undeveloped properties are initially recognised at cost, which is generally based on the fair value of resources obtained through acquisitions. The carrying values of these properties are tested annually for impairment. Once development commences, these properties are transferred to mining properties and accounted for in accordance with the related accounting policy.

15 PROPERTY, PLANT AND EQUIPMENT continued

(c) Undeveloped properties continued

The movement in the undeveloped properties balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	415		372
Translation	(21	)	43
Balance at end of year	394		415
Accumulated depreciation and impairments
Balance at beginning and end of year	1		1
Impairment1	105		—
Balance at end of year	106		1
Net carrying value	288		414

¹ The impairment relates to Target North.

(d) Other non-mining assets

ACCOUNTING POLICY

Land is shown at cost and not depreciated. Other non-mining fixed assets are shown at cost less accumulated depreciation and accumulated impairment losses.

Other non-mining fixed assets are depreciated on a straight-line basis over their estimated useful lives as follows:

• Vehicles at 20% per year.

• Computer equipment at 33.3% per year.

• Furniture and equipment at 16.67% per year.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

The movement in the non-mining assets balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	34		29
Fully depreciated assets no longer in use derecognised	—		(1	)
Additions	3		3
Acquisition of Moab Khotsong	12		—
Transfers and other movements	(1	)	—
Translation	(4	)	3
Balance at end of year	44		34

15 PROPERTY, PLANT AND EQUIPMENT continued

(d) Other non-mining assets continued

The movement in the non-mining assets balance: continued

	US dollar
Figures in million	2018		2017
Accumulated depreciation and impairments
Balance at beginning of year	18		15
Fully depreciated assets no longer in use derecognised	—		(1	)
Depreciation	4		3
Impairment	4		—
Translation	(1	)	1
Balance at end of year	25		18
Net carrying value	19		16

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Intangible Assets

12 Months Ended

Jun. 30, 2018

Disclosure of detailed information about intangible assets [abstract]

Intangible Assets

INTANGIBLE ASSETS

ACCOUNTING POLICY

Intangible assets consist of all identifiable non-monetary assets without physical substance. They are stated at cost less accumulated amortisation and accumulated impairment losses, if any. The following are the main categories of intangible assets:

Goodwill

Goodwill is an intangible asset with an indefinite useful life which is not amortised but tested for impairment on an annual basis, or when there is an indication of impairment. The excess of consideration transferred over the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. Goodwill on acquisition of subsidiaries, joint ventures and businesses is included in intangible assets. Goodwill on acquisition of associates is included in investments in associates and tested for impairment as part of the overall balance.

Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more cash generating units to which goodwill has been allocated changes due to a re-organisation, the goodwill is re-allocated to the units affected.

The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entity sold.

Technology-based assets

Acquired computer software licences that require further internal development are capitalised on the basis of costs incurred to acquire and bring to use the specific software. These technology-based assets are classified as intangible assets with a finite useful life. These assets are amortised on a straight-line basis over their estimated useful lives, which are reviewed annually, as follows:

• Computer software at 20% per year.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS - IMPAIRMENT OF GOODWILL

Due to the wasting nature of mining assets and the finite life of a mine's reserves, the allocation of goodwill to a shaft will eventually result in an impairment charge for the goodwill. The group tests annually whether separately identifiable goodwill has suffered any impairment in accordance with the accounting policy stated in note 2.5. These calculations use estimates as per note 15.

16 INTANGIBLE ASSETS continued

	US dollar
Figures in million	2018	2017
Goodwill (a)	36	45
Technology-based assets (b)	1	1
Total	37	46

(a) Goodwill

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	181		161
Acquisition of Moab Khotsong	23		—
Translation	(12	)	20
Balance at end of year	192		181
Accumulated amortisation and impairments
Balance at beginning of year	136		104
Impairment1	27		19
Translation	(7	)	13
Balance at end of year	156		136
Net carrying value	36		45
The net carrying value of goodwill has been allocated to the following cash generating units:
Bambanani	16		17
Moab Khotsong	20		—
Tshepong Operations1	—		25
Joel1	—		3
Net carrying value	36		45

¹ In 2018 goodwill impairment of US$23.6 million (2017: US$19.4 million) was recorded for the Tshepong Operations and goodwill impairment of US$3.0 million (2017: US$nil) was recorded for Joel as the carrying values exceeded the recoverable values of the related cash generating units. Refer to note 6 for further details on the impairment assessment.

(b) Technology-based assets

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	3		13
Fully depreciated assets no longer in use derecognised	—		(11	)
Additions	1		—
Translation	(1	)	1
Balance at end of year	3		3

16 INTANGIBLE ASSETS continued

(b) Technology-based assets continued

	US dollar
Figures in million	2018		2017
Accumulated amortisation and impairments
Balance at beginning of year	2		11
Fully depreciated assets no longer in use derecognised	—		(11	)
Amortisation charge	1		1
Translation	(1	)	1
Balance at end of year	2		2
Net carrying value	1		1

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Restricted Cash

12 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Restricted Cash

RESTRICTED CASH

	US dollar
Figures in million	2018	2017
Non-current (a)	6	5
Current (b)	3	1
Total restricted cash	9	6

(a) The amount primarily relates to funds set aside to serve as collateral against guarantees made to the Department of Mineral Resources (DMR) in South Africa for environmental and rehabilitation obligations. Refer to note 26. The funds are invested equally in short term money market funds and call accounts.

(b) Cash of US$1.4 million relates to monies released from the environmental trusts as approved by the DMR which may only be used for further rehabilitation.

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Restricted Investments

12 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Restricted Investments

RESTRICTED INVESTMENTS

	US dollar
Figures in million	2018	2017
Investments held by environmental trust funds (a)	235	200
Investments held by social trust funds (b)	2	3
Total restricted investments	237	203

(a) Environmental trust funds

ACCOUNTING POLICY

Contributions are made to the group's environmental trust funds, created in accordance with statutory requirements, to fund the estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the group's mines. The trusts are consolidated into the group as the group exercises control of the trusts. The measurement of the investments held by the trust funds is dependent on their classification under financial assets. Income received and gains are treated in accordance with these classifications.

The environmental trust funds are irrevocable trusts under the group's control. Contributions to the trusts are invested in interest-bearing short-term and medium-term cash investments and medium term equity-linked notes issued by commercial banks that provide guaranteed interest and additional interest or growth linked to the growth of the Top 40 index of the JSE. The equity-linked notes are designated as fair value through profit or loss investments and recorded at fair value whilst the interest-bearing short-term investments are classified either as held-to-maturity and recorded at amortised cost or as cash and cash equivalents and recorded at fair value. These investments provide for the estimated cost of rehabilitation at the end of the life of the group's mines. Income earned on the investments is retained in the funds and reinvested.

18 RESTRICTED INVESTMENTS continued

(a) Environmental trust funds continued

The environmental trust funds consist of:

	US dollar
Figures in million	2018	2017
Held-to-maturity financial assets	169	137
Cash and cash equivalents (loans and receivables)	2	2
Fair value through profit or loss financial assets	64	61
Total environmental trust funds	235	200

Reconciliation of the movement in the investments held by environmental trust funds:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	200		167
Interest income	12		11
Fair value gain	6		—
Moab Khotsong acquisition1	33		—
Equity-linked deposits acquired	—		15
Maturity/(acquisition) of held-to-maturity investments	—		(16	)
Net (disposal)/acquisition of cash and cash equivalents	(1	)	2
Translation	(15	)	21
Balance at end of year	235		200

¹ Refer to note 14 for further information. The amount includes US$5.0 million relating to Nufcor SA. Upon receipt the funds were invested within held-to-maturity financial assets.

(b) The social trust fund

The social trust fund is an irrevocable trust under the group's control. The purpose of the trust is to fund the social plan to reduce the negative effects of restructuring on the group's workforce, to put measures in place to ensure that the technical and life skills of the group's workforce are developed and to develop the group's workforce in such a manner as to avoid or minimise the effect of job losses and a decline in employment through turnaround or redeployment strategies.

The social trust fund investment comprises a unit trust portfolio that is exposed to the fair value changes in the equity market and is classified as a fair value through profit or loss investment.

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Trade and Other Receivables

12 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Trade and Other Receivables

TRADE AND OTHER RECEIVABLES

	US dollar
Figures in million	2018		2017
Non-current assets
Financial assets
Loans to associates (b)	8		9
Loan to ARM BBEE Trust (c)	19		17
Provision for impairment (b) (c)	(9	)	(12	)
Total non-current trade and other receivables	18		14
Current assets
Financial assets
Trade receivables (gold)	39		27
Other trade receivables	9		9
Provision for impairment	(4	)	(4	)
Trade receivables - net	44		32
Interest and other receivables (a)	—		6
Employee receivables	1		1
Non-financial assets
Prepayments	6		6
Value added tax	23		30
Income and mining taxes	9		1
Total current trade and other receivables	83		76

(a) No impairment allowance is necessary in respect of any balances included in interest and other receivables as all amounts are classified as fully performing.

(b) The balance in 2018 comprises US$8.4 million (2017: US$8.8 million) owed by Pamodzi Gold Limited (Pamodzi). Pamodzi was placed into liquidation during 2009 and the loan was provided in full. Harmony is a concurrent creditor in the Pamodzi Orkney liquidation.

(c) During 2016, Harmony advanced US$13.5 million to the ARM BBEE Trust, shareholder of African Rainbow Minerals Limited (ARM). The trust is controlled and consolidated by ARM, who holds 12.7% of Harmony's shares. Harmony is a trustee of the ARM BBEE Trust. The loan is subordinated and unsecured. The interest is market related (3 months JIBAR plus 4.50%) and is receivable on the maturity of the loan on 31 December 2022. During the year, the loan was tested for impairment and a reversal of US$3.2 million was recognised following an increase in the ARM share price, compared to a provision of US$1.0 million recorded in June 2017. The recoverable amount of US$18.5 million (2017: US$14.0 million) was calculated using a discounted cash flow model. The cash flows in the model includes projected interest payments and projected ARM share price on the expected repayment date.

The movement in the provision for impairment of current trade receivables during the year was as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	4		2
Impairment loss recognised	1		1
Translation	(1	)	1
Balance at end of year	4		4

19 TRADE AND OTHER RECEIVABLES continued

The movement in the provision of non-current loans receivable during the year was as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	12		13
Impairment loss recognised	—		1
Reversal of impairment loss	(3	)	(3	)
Translation	—		1
Total provision of non-current loans receivable	9		12

The ageing of current trade receivables at the reporting date was:

	US dollar
Figures in million	Gross	Impairment
30 June 2018
Fully performing	42	1
Past due by 1 to 30 days	1	—
Past due by 31 to 60 days	2	—
Past due by 61 to 90 days	—	—
Past due by more than 90 days	1	1
Past due by more than 361 days	2	2
	48	4
30 June 2017
Fully performing	31	—
Past due by 1 to 30 days	1	—
Past due by 31 to 60 days	—	—
Past due by 61 to 90 days	1	1
Past due by more than 90 days	1	1
Past due by more than 361 days	2	2
	36	4

The ageing of non-current loans receivable at the reporting date was:

	US dollar
Figures in million	Gross	Impairment
30 June 2018
Fully performing	19	1
Past due by 1 to 30 days	—	—
Past due by 31 to 60 days	—	—
Past due by 61 to 90 days	—	—
Past due by more than 361 days	8	8
	27	9

19 TRADE AND OTHER RECEIVABLES continued

The ageing of non-current loans receivable continued

	US dollar
Figures in million	Gross	Impairment
30 June 2017
Fully performing	17	3
Past due by 1 to 30 days	—	—
Past due by 31 to 60 days	—	—
Past due by 61 to 90 days	—	—
Past due by more than 361 days	9	9
	26	12

The majority of fully performing trade receivables are indirectly associated with financial institutions of good credit quality. Provisions for the other loans and receivables have been raised following an assessment of their credit risk by management.

During 2017 and 2018 there was no renegotiation of the terms of any receivable.

As at 30 June 2018 and 30 June 2017, there was no collateral pledged or held for any of the receivables.

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Derivative Financial Assets

12 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Derivative Financial Assets

DERIVATIVE FINANCIAL ASSETS

	US dollar
Figures in million	2018	2017
Financial assets
Non-current	6	24
Rand gold hedging contracts - hedge accounted (a)	5	23
US$ commodity contracts (b)	1	1
Current	39	117
Rand gold hedging contracts - hedge accounted (a)	29	82
US$ commodity contracts (b)	5	1
Foreign exchange hedging contracts (c)	5	34
Total derivative financial assets	45	141

	US dollar
Figures in million	2018	2017
Financial liabilities
Non-current	1	—
Rand gold hedging contracts - non-hedge accounted (a)	1	—
Current	15	—
Foreign exchange hedging contracts (c)	15	—
Total derivative financial liabilities	16	—

20 DERIVATIVE FINANCIAL ASSETS continued

a) Harmony has entered into rand gold forward sale derivative contracts to hedge the risk of lower rand/gold prices. Cash flow hedge accounting is applied to the majority of these contracts, resulting in the effective portion of the unrealised gains and losses being recorded in other comprehensive income (other reserves - refer to note 25). During the year ended 30 June 2018, the contracts that matured realised a gain of US$93.2 million (2017: US$54.7 million), of which US$93.2 million (2017: US$53.5 million) has been included in revenue. There was no ineffective portion in the current year (2017: US$1.2 million). The unamortised portion of the day one gain or loss amounted to US$0.9 million at 30 June 2018 (2017: US$2.6 million). The loss from non-hedge accounted rand gold forward sale contracts included in gains on derivatives amounted to US$0.9 million (2017: US$nil).

b) Harmony maintains a hedging programme for Hidden Valley by entering into commodity hedging contracts. The contracts comprise US$ gold forward sale derivative contracts as well as silver zero cost collars which establish a minimum (floor) and maximum (cap) silver sales price. Hedge accounting is not applied and the resulting gains and losses are recorded in gains on derivatives in the income statement. The gain amounted to US$2.7 million (2017: US$1.5 million).

c) Harmony maintains a foreign exchange hedging programme in the form of zero cost collars, which sets a floor and cap US$/Rand exchange rate at which to convert US dollars to Rands, and foreign exchange forward contracts. As hedge accounting is not applied, the resulting gains and losses have been recorded in gains on derivatives in the income statement (refer to note 7). These gains amounted to US$8.8 million (2017: US$79.6 million).

The following table shows the open position at the reporting date:

	FY19				FY20				TOTAL
2018	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
US$ZAR
Zero cost collars
US$m	94	53	45	60	—	—	—	—	252
Floor	14.09	14.14	13.14	13.09	—	—	—	—	13.69
Cap	15.09	15.08	13.80	13.77	—	—	—	—	14.54
Forward contracts
$m	8	59	69	65	18	18	18	18	273
FEC	13.55	13.50	13.63	13.76	14.59	14.76	14.94	15.12	13.95
R/gold
'000 oz	54	51	53	41	43	34	15	9	300
R'000/kg	697	621	630	614	622	643	631	655	639
US$/gold
'000 oz	24	24	20	18	6	4	—	—	96
US$/oz	1 288	1 291	1 335	1 338	1 370	1 400	—	—	1 318
Total gold
'000 oz	78	75	73	59	49	38	15	9	396
US$/silver
'000 oz	240	240	90	90	90	—	—	—	750
Floor	17.10	17.10	17.30	17.30	17.40	—	—	—	17.19
Cap	18.10	18.10	18.30	18.30	18.40	—	—	—	18.19

Refer to note 4 for the details on the fair value measurements.

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Investments in Associates

12 Months Ended

Jun. 30, 2018

Interest in Other Entities [Abstract]

Investments in Associates

INVESTMENTS IN ASSOCIATES

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The investments in associates are evaluated for impairment by comparing the entire carrying value of the investment (including loans to associates and preference shares) to the recoverable amount, which is the higher of value in use or fair value less costs to sell. Discounted cash flow models are used to calculate the net present value of the investments. The cash flows in the models include expected interest and capital payments on loans, dividends, redemption amounts and proceeds on disposal.

(a) Harmony acquired a 32.4% interest in Pamodzi on 27 February 2008, initially valued at US$46.5 million. Pamodzi was listed on the JSE and had interests in operating gold mines in South Africa. Pamodzi was placed in liquidation in March 2009. As at 30 June 2018, the liquidation process has not been concluded. Refer to note 19(b) for details of the loan and provision of impairment of the loan.

(b) Rand Refinery provides precious metal smelting and refining services in South Africa. Harmony holds a 10.38% share in Rand Refinery. This investment is a strategic investment for the group as Rand Refinery is the only company that provides such services in South Africa. Although the group holds less than 20% of the equity shares of Rand Refinery, the group is able to exercise significant influence by virtue of having a right to appoint a director on the board. Through the 10.38% shareholding and the right to appoint a director on the board, the investment has been accounted for as an associate.

In December 2014, Rand Refinery drew down US$88.1 million on an irrevocable subordinated shareholders' loan. Harmony's portion of the shareholders' loan was US$10.4 million. The original loan facility agreement allowed for any unpaid balance to be converted to equity after two years. An amended agreement was concluded on 5 June 2017, converting the loan to cumulative, redeemable preference shares of no par value. The fair value of the loan on conversion was US$5.6 million, resulting in a loss of US$1.2 million.

In 2018, the recoverable amount of the investment in Rand Refinery, after accounting for the current period share in profit, was calculated at US$6.1 million using a discount rate of 15.7%. This resulted in the recognition of an impairment of US$1.2 million.

Rand Refinery has a 31 August year-end.

The net investment in Rand Refinery consists of:

	US dollar
Figures in million	2018	2017
Investment in associate	6	4
Investment in ordinary shares1	—	—
Redeemable preference shares	6	4
Net investments in associates	6	4

¹ Carried at cost less accumulated impairment.

The movement in the investments in associates during the year is as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	4		—
Conversion to preference shares	—		6
Share of profit/(loss) in associate	4		(2	)
Impairment loss	(1	)	—
Translation	(1	)	—
Balance at end of year	6		4

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Investment in Joint Operations

12 Months Ended

Jun. 30, 2018

Interest in Other Entities [Abstract]

Investment in Joint Operations

INVESTMENT IN JOINT OPERATIONS

MOROBE MINING JOINT VENTURES (MMJV) PARTNERSHIP AGREEMENT

The group has a 50% interest in the mining and exploration assets located in the Morobe province, PNG. Newcrest owns the remaining 50% interest in these assets. This partnership was formed during the 2009 financial year through a range of transactions and was completed by 30 June 2009. The assets included the Hidden Valley operation and the Wafi-Golpu project. During the 2017 year, Harmony purchased Newcrest's 50% interest in Hidden Valley. The key remaining asset in the joint arrangement is the Wafi-Golpu project. The joint arrangement is accounted for as a joint operation.

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Inventories

12 Months Ended

Jun. 30, 2018

Inventories [Abstract]

Inventories

INVENTORIES

ACCOUNTING POLICY

Inventories, which include bullion on hand, gold-in-process, gold in lock-up, ore stockpiles and consumables, are measured at the lower of cost and net realisable value. Net realisable value is assessed at each reporting date and is determined with reference to relevant market prices.

The cost of bullion, gold-in process and gold in lock-up is determined by reference to production cost, including amortisation and depreciation at the relevant stage of production. Ore stockpiles are valued at average production cost. Stockpiles and gold in lock-up are classified as non-current assets where the stockpile exceeds current processing capacity and where a portion of static gold in lock-up is expected to be recovered more than 12 months after balance sheet date.

Gold in-process inventories represent materials that are currently in the process of being converted to a saleable product. In-process material is measured based on assays of the material fed to process and the projected recoveries at the respective plants. In-process inventories are valued at the average cost of the material fed to process attributable to the source material coming from the mine or stockpile plus the in-process conversion costs, including the applicable depreciation relating to the process facility, incurred to that point in the process. Gold in-process includes gold in lock-up which is generally measured from the plants onwards.

Gold in lock-up is expected to be extracted when plants are demolished at the end of their useful lives, which is largely dependent on the estimated useful life of the operations feeding the plants.

At the group’s open pit operations, gold in-process represents production in broken ore form.

Consumables are valued at weighted average cost value after appropriate allowances for slow moving and redundant items.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Judgement in applied in estimating the provision for stock obsolescence. The provision is recognised, on items not considered critical, as a percentage of the value of the inventory depending on the period elapsed since the inventory was purchased or issued. Inventory held for longer than 5 years is written down to zero unless there is sufficient evidence of a recoverable amount.

	US dollar
Figures in million	2018		2017
Gold in lock-up	3		3
Gold in-process, ore stockpiles and bullion on hand1	45		21
Consumables at weighted average cost (net of provision)2	82		65
Total inventories	130		89
Non-current portion of gold in lock-up and gold in-process	(3	)	(3	)
Total current portion of inventories	127		86
Included in the balance above is:
Inventory valued at net realisable value	15		15

¹ The restoration of run-of-mine stockpiles at Hidden Valley was the main reason for the increase in ore stockpiles.

² The increase in consumables is mainly as a result of Hidden Valley and the Moab Khotsong acquisition. Refer to note14 for more information.

During the year, an increase of US$2.3 million (2017: US$2.8 million) to the provision for slow moving and redundant stock was made. The increase in 2018 and 2017 in the provision was primarily the result of additional redundant stock items identified in PNG and provided for. The total provision at 30 June 2018 was US$20.4 million (2017: US$19.0 million).

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Share Capital

12 Months Ended

Jun. 30, 2018

Share Capital, Reserves and Other Equity Interest [Abstract]

Share Capital

SHARE CAPITAL

ACCOUNTING POLICY

Ordinary shares are classified as equity, incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

The cost of treasury shares is eliminated against the share capital balance.

AUTHORISED

1 200 000 000 ordinary shares with no par value (2017: 1 200 000 000 ordinary shares of 50 SA cents each).

ISSUED

500 251 751 ordinary shares with no par value (2017: 439 957 199 ordinary shares of 50 SA cents each). All issued shares are fully paid.

During the year, all issued and authorised shares with a par value of 50 SA cents each were converted into ordinary shares of no par value.

SHARE ISSUES

Harmony conducted a placement of new ordinary shares to qualifying investors to raise up to US$100.0 million, which represented approximately 15 per cent of the group’s existing issued ordinary share capital prior to the placement. The placement was conducted through an accelerated bookbuild. The net proceeds of the placement were to be used to pay down part of the outstanding bridge loan raised for the acquisition of the Moab Khotsong operations.

During June 2018, a total of 55 055 050 new ordinary shares were placed with existing and new institutional investors at a price of R19.12 per share, raising gross proceeds of US$82.7 million. Costs directly attributable to the issue of the shares amounted to US$3.7 million.

African Rainbow Minerals Limited (ARM) agreed to subscribe for an additional 11 032 623 shares at R19.12 a share to maintain its shareholding of 14.29% post the placement of shares, subject to Harmony shareholder approval. Refer to note 37 for details on events subsequent to year end.

An additional 5 239 502 (2017: 2 657 720) shares were issued relating to the exercise of share options by employees. Note 34 set out the details in respect of the share option scheme.

TREASURY SHARES

Included in the total of issued shares is an amount of 335 shares held by Lydenburg Exploration Limited, a wholly owned subsidiary of the company and 47 046 shares held by the Kalgold Share Trust. As the trust is controlled by the group, the shares are treated as treasury shares. The 28 507 shares held by the Tlhakanelo Trust as at 30 June 2017 were sold in August 2017.

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Other Reserves

12 Months Ended

Jun. 30, 2018

Disclosure of reserves within equity [abstract]

Other Reserves

OTHER RESERVES

	US dollar
Figures in million	2018		2017
Foreign exchange translation reserve (a)	(1 650	)	(1 528	)
Hedge reserve (b)	27		84
Share-based payments (c)	253		224
Post-retirement benefit actuarial gain/(loss) (d)	(1	)	(2	)
Acquisition of non-controlling interest in subsidiary (e)	(57	)	(57	)
Equity component of convertible bond (f)	41		41
Repurchase of equity interest (g)	(13	)	(13	)
Other	(2	)	(4	)
Total other reserves	(1 402	)	(1 255	)

(a) The balance of the foreign exchange translation reserve movement represents the cumulative translation effect of the group's off-shore operations. The US dollar amount includes the translation effect from rand to US dollar.

(b) During the year, Harmony entered into Rand gold hedging contracts. Cash flow hedge accounting is applied to these contracts, resulting in the effective portion of the unrealised gains and losses being recorded in other comprehensive income (other reserves). Refer to note 20 for further information.

25 OTHER RESERVES continued

(b) Hedge reserve continued

The reconciliation of the hedge reserve is as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	84		—
	17		128
Net gain on Rand gold contracts	21		160
Deferred tax thereon	(4	)	(32	)
	(74	)	(43	)
Released to revenue	(93	)	(54	)
Deferred tax thereon	19		11
	—		(1	)
Released to gains on derivatives (hedge ineffectiveness)	—		(1	)
Deferred tax thereon	—		—
Balance at end of year	27		84

(c) Share-based payments

	US dollar
Figures in million	2018	2017
Balance at beginning of year	224	197
Share-based payments expensed (i)	29	27
Balance at end of year	253	224

(i) The group issues equity-settled instruments to certain qualifying employees under an employee share option scheme and employee share ownership plan (ESOP) to purchase shares in the company’s authorised but unissued ordinary shares. Equity share-based payments are measured at the fair value of the equity instruments at the grant date and are expensed over the vesting period, based on the group’s estimate of the shares that are expected to vest. Refer to note 34 for more details.

(d) The actuarial gains or losses related to the post-retirement benefit obligation will not be reclassified to the income statement.

	US dollar
Figures in million	2018		2017
Balance at beginning of year	(2	)	(2	)
Actuarial loss	1		—
Balance at end of year	(1	)	(2	)

(e) On 15 March 2004, Harmony announced that it had made an off-market cash offer to acquire all the ordinary shares, listed and unlisted options of Abelle Limited, held by non-controlling interests. The excess of the purchase price of US$86.5 million (A$123 million) over the carrying amount of non-controlling interest acquired, amounting to US$57 million, has been accounted for under other reserves.

(f) On 24 May 2004, the group issued a convertible bond. The amount representing the value of the equity conversion component is included in other reserves, net of deferred income taxes. The equity conversion component is determined on the issue of the bonds and is not changed in subsequent periods. The convertible bonds were repaid in 2009.

(g) On 19 March 2010, Harmony Gold Mining Company Limited concluded an agreement with African Vanguard Resources (Proprietary) Limited (AVRD), for the purchase of its 26% share of the mining titles of the Doornkop South Reef. The original sale of the 26% share in the mining titles was accounted for as an in-substance call option by AVRD over the 26% mineral right. The agreement to purchase AVRD's 26% interest during the 2010 financial year is therefore considered to be a repurchase of the option (equity interest). The 26% interest was transferred from AVRD to Harmony in exchange for Harmony repaying the AVRD Nedbank loan and the issue of 2 162 359 Harmony shares. The difference between the value of the shares issued of US$20.5 million, the liability to the AVRD and transaction costs, have been taken directly to equity.

ACCOUNTING POLICY - PROVISIONS (APPLICABLE TO NOTES 26, 27, 28 AND 30)

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made.

The amount recognised as a provision is the net present value of the best estimate of the expenditure required to settle the present obligation at balance sheet date using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The estimate takes into account the associated risks and uncertainties. The increase in the provision due to the passage of time is recognised as interest expense.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic benefits will be required, the provision is reversed.

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Provision for Environmental Rehabilitation

12 Months Ended

Jun. 30, 2018

Provision For Environmental Rehabilitation [Abstract]

Provision for Environmental Rehabilitation

PROVISION FOR ENVIRONMENTAL REHABILITATION

ACCOUNTING POLICY

Estimated long-term environmental obligations, comprising pollution control, rehabilitation and mine closure, are based on the group’s environmental management plans in compliance with current technological, environmental and regulatory requirements.

Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a pre-tax risk-free rate that is adjusted to reflect the current market assessments of the time value of money and the risks specific to the obligation.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. The present value of environmental disturbances created are capitalised to mining assets against an increase in the rehabilitation provision. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in the income statement. If the asset value is increased and there is an indication that the revised carrying value is not recoverable, impairment is performed in accordance with the accounting policy dealing with impairments of non-financial assets. Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control pollution is charged against income as incurred. Over time, the liability is increased to reflect an interest element, and the capitalised cost is depreciated over the life of the related asset.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Significant judgement is applied in estimating the ultimate rehabilitation cost that will be required in future to rehabilitate the group’s mines. Ultimate cost may significantly differ from current estimates. The following rates were used in the calculation of the provision:

	2018	2017	2016
	%	%	%
South African operations
Inflation rate	5.50	6.50	6.75
Discount rates
- 12 months	6.70	7.50	8.00
- one to five years	7.00	7.60	8.40
- six to nine years	8.20	8.40	9.00
- ten years or more	8.60	9.10	9.20
PNG operations:
Inflation rate	6.00	6.60	5.00
Discount rates	6.25	6.25	6.25

The group’s mining and exploration activities are subject to extensive environmental laws and regulations. The group has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation costs are based principally on legal and regulatory requirements.

26 PROVISION FOR ENVIRONMENTAL REHABILITATION continued

The following is a reconciliation of the total liability for environmental rehabilitation:

	US dollar
Figures in million	2018		2017
Provision raised for future rehabilitation
Balance at beginning of year	201		148
Change in estimate - Balance sheet	(13	)	(1	)
Change in estimate - Income statement	5		(1	)
Utilisation of provision	(7	)	(7	)
Time value of money and inflation component of rehabilitation costs	15		13
Acquisitions1	57		35
Translation	(18	)	14
Total provision for environmental rehabilitation	240		201

¹ The 2018 acquisition relates to the Moab Khotsong operations (refer to note 14). The 2017 acquisition relates to Hidden Valley.

The provision for environmental rehabilitation for PNG amounts to US$71.7 million (2017: US$73.9 million) and is unfunded.

While the ultimate amount of rehabilitation costs to be incurred in the future is uncertain, the group has estimated that, based on current environmental and regulatory requirements, the total undiscounted cost for the mines, in the current monetary terms, is as follows:

	US dollar
Figures in million	2018		2017
Future net undiscounted obligation
Ultimate estimated rehabilitation cost	338		273
Amounts invested in environmental trust funds (refer to note 18)	(235	)	(200	)
Total future net undiscounted obligation	103		73

With the introduction of the National Environmental Management Act (NEMA) Regulations on Financial Provisioning, effective from February 2020, there may be changes to the estimate of the liability and the way in which the group funds the obligation.

The group intends to finance the ultimate rehabilitation costs from the money invested in environmental trust funds as well as the proceeds on sale of assets and gold from plant clean-up at the time of mine closure. The group has guarantees in place, some cash-backed, relating to some of the environmental liabilities. Refer to notes 17 and 36.

PROVISION FOR SILICOSIS SETTLEMENTCRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Significant judgement is applied in estimating the cost that will be required in future to settle any claims against the group’s mines. The ultimate cost may differ from current estimates.

The provision amount was based on estimates of number of potential claimants, levels of disease progression and take-up rates. These estimates were informed by historic information, published academic research and professional opinion.

The key assumptions that were made in the determination of the provision amount include:

• Silicosis prevalence rates;

• Estimated settlement per claimant;

• Benefit take-up rates;

• Disease progression rates; and

• Timing of cash flows

A discount rate of 8.5% (2017:8.0%) was used, based on government bonds with similar terms to the obligation.

There is uncertainty with regards to the rate at which potential claims would be reported as well as the benefit take-up rates. Refer to sensitivity analysis on the key assumptions below.

27 PROVISION FOR SILICOSIS SETTLEMENT continued

i) Consolidated class action.

Harmony and certain of its subsidiaries (Harmony group), together with other mining companies, are named in a class action for silicosis and tuberculosis which was certified by the Johannesburg High Court in May 2016.

A gold mining industry working group which includes Harmony (the working group) was formed in November 2014 to address issues relating to the compensation and medical care for occupational lung diseases in the gold mining industry in South Africa. The working group engaged all stakeholders on these matters and on 3 May 2018, announced that they have reached an agreement with the lawyers representing the claimants in the silicosis class action litigation. The settlement is subject to certain suspensive conditions, including the agreement being approved by the South Gauteng High Court.

Management had estimated Harmony's provision towards the silicosis settlement at US$67.0 million (2017: US$70.0 million) as at 30 June 2018. Annual changes in the provision consist of time value of money (recognised as finance costs) and changes in estimates (other operating expenses). The change in estimate is a gain of US$4.9 million due to a change in the timing of expected cashflows. The contributions are expected to be settled by cash flows from the group's South African operations and will occur over a number of years. The nominal amount for Harmony group is US$86.3 million.

The following is a reconciliation of the total provision for the silicosis settlement:

	US dollar
Figures in million	2018		2017
Provision raised for settlement
Balance at beginning of year	70		—
Initial recognition	—		70
Change in estimate	(5	)	—
Time value of money and inflation component	6		—
Translation loss	(4	)	—
Total provision for silicosis settlement	67		70

Sensitivity analysis

The impact of a reasonable change in certain key assumptions would increase or decrease the provision amount by the following amounts:

	US dollar
Figures in million	2018		2017
Effect of an increase in the assumption:
Change in benefit take-up rate1	5		6
Change in silicosis prevalence2	5		6
Change in disease progression rates3	2		3
Effect of a decrease in the assumption:
Change in benefit take-up rate1	(5	)	(6	)
Change in silicosis prevalence2	(5	)	(6	)
Change in disease progression rates3	(2	)	(3	)

¹ Change in benefit take-up rate: the take-up rate does not affect the legal cost allocation, but a 10% change results in a proportionate change in the other values.

² Change in the silicosis prevalence: the assumptions that will result in a change in the estimated number of cases are either a 10% change in the assumed labour number or a 10% change in the disease risk.

³ Change in disease progression rates: a one year shorter/longer disease progression period was used. This assumption is not applicable to the dependant or TB classes.

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.

A change in the settlement claim amount would result in a change in the provision amount on a rand for rand basis.

The ultimate outcome of these matters remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval of the settlement. The provision recorded in the financial statements is consequently subject to adjustment or reversal in the future, depending on the progress of the working group discussions and stakeholder consultations, and the ongoing legal proceedings.

27 PROVISION FOR SILICOSIS SETTLEMENT continued

ii) Individual claims.

Harmony and one of its subsidiaries received a summons from Richard Spoor Attorneys on behalf of an employee. The plaintiff was claiming damages from Harmony and one of its subsidiaries, and another gold mining company. The plaintiff had alleged to have contracted silicosis with progressive massive fibrosis during the course of his employment. The action was subsequently withdrawn against Harmony and its subsidiaries.

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Provision for Silicosis Settlement

12 Months Ended

Jun. 30, 2018

Other provisions, contingent liabilities and contingent assets [Abstract]

Provision for Silicosis Settlement

PROVISION FOR ENVIRONMENTAL REHABILITATION

ACCOUNTING POLICY

Estimated long-term environmental obligations, comprising pollution control, rehabilitation and mine closure, are based on the group’s environmental management plans in compliance with current technological, environmental and regulatory requirements.

Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a pre-tax risk-free rate that is adjusted to reflect the current market assessments of the time value of money and the risks specific to the obligation.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. The present value of environmental disturbances created are capitalised to mining assets against an increase in the rehabilitation provision. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in the income statement. If the asset value is increased and there is an indication that the revised carrying value is not recoverable, impairment is performed in accordance with the accounting policy dealing with impairments of non-financial assets. Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control pollution is charged against income as incurred. Over time, the liability is increased to reflect an interest element, and the capitalised cost is depreciated over the life of the related asset.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Significant judgement is applied in estimating the ultimate rehabilitation cost that will be required in future to rehabilitate the group’s mines. Ultimate cost may significantly differ from current estimates. The following rates were used in the calculation of the provision:

	2018	2017	2016
	%	%	%
South African operations
Inflation rate	5.50	6.50	6.75
Discount rates
- 12 months	6.70	7.50	8.00
- one to five years	7.00	7.60	8.40
- six to nine years	8.20	8.40	9.00
- ten years or more	8.60	9.10	9.20
PNG operations:
Inflation rate	6.00	6.60	5.00
Discount rates	6.25	6.25	6.25

The group’s mining and exploration activities are subject to extensive environmental laws and regulations. The group has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation costs are based principally on legal and regulatory requirements.

26 PROVISION FOR ENVIRONMENTAL REHABILITATION continued

The following is a reconciliation of the total liability for environmental rehabilitation:

	US dollar
Figures in million	2018		2017
Provision raised for future rehabilitation
Balance at beginning of year	201		148
Change in estimate - Balance sheet	(13	)	(1	)
Change in estimate - Income statement	5		(1	)
Utilisation of provision	(7	)	(7	)
Time value of money and inflation component of rehabilitation costs	15		13
Acquisitions1	57		35
Translation	(18	)	14
Total provision for environmental rehabilitation	240		201

¹ The 2018 acquisition relates to the Moab Khotsong operations (refer to note 14). The 2017 acquisition relates to Hidden Valley.

The provision for environmental rehabilitation for PNG amounts to US$71.7 million (2017: US$73.9 million) and is unfunded.

While the ultimate amount of rehabilitation costs to be incurred in the future is uncertain, the group has estimated that, based on current environmental and regulatory requirements, the total undiscounted cost for the mines, in the current monetary terms, is as follows:

	US dollar
Figures in million	2018		2017
Future net undiscounted obligation
Ultimate estimated rehabilitation cost	338		273
Amounts invested in environmental trust funds (refer to note 18)	(235	)	(200	)
Total future net undiscounted obligation	103		73

With the introduction of the National Environmental Management Act (NEMA) Regulations on Financial Provisioning, effective from February 2020, there may be changes to the estimate of the liability and the way in which the group funds the obligation.

The group intends to finance the ultimate rehabilitation costs from the money invested in environmental trust funds as well as the proceeds on sale of assets and gold from plant clean-up at the time of mine closure. The group has guarantees in place, some cash-backed, relating to some of the environmental liabilities. Refer to notes 17 and 36.

PROVISION FOR SILICOSIS SETTLEMENTCRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Significant judgement is applied in estimating the cost that will be required in future to settle any claims against the group’s mines. The ultimate cost may differ from current estimates.

The provision amount was based on estimates of number of potential claimants, levels of disease progression and take-up rates. These estimates were informed by historic information, published academic research and professional opinion.

The key assumptions that were made in the determination of the provision amount include:

• Silicosis prevalence rates;

• Estimated settlement per claimant;

• Benefit take-up rates;

• Disease progression rates; and

• Timing of cash flows

A discount rate of 8.5% (2017:8.0%) was used, based on government bonds with similar terms to the obligation.

There is uncertainty with regards to the rate at which potential claims would be reported as well as the benefit take-up rates. Refer to sensitivity analysis on the key assumptions below.

27 PROVISION FOR SILICOSIS SETTLEMENT continued

i) Consolidated class action.

Harmony and certain of its subsidiaries (Harmony group), together with other mining companies, are named in a class action for silicosis and tuberculosis which was certified by the Johannesburg High Court in May 2016.

A gold mining industry working group which includes Harmony (the working group) was formed in November 2014 to address issues relating to the compensation and medical care for occupational lung diseases in the gold mining industry in South Africa. The working group engaged all stakeholders on these matters and on 3 May 2018, announced that they have reached an agreement with the lawyers representing the claimants in the silicosis class action litigation. The settlement is subject to certain suspensive conditions, including the agreement being approved by the South Gauteng High Court.

Management had estimated Harmony's provision towards the silicosis settlement at US$67.0 million (2017: US$70.0 million) as at 30 June 2018. Annual changes in the provision consist of time value of money (recognised as finance costs) and changes in estimates (other operating expenses). The change in estimate is a gain of US$4.9 million due to a change in the timing of expected cashflows. The contributions are expected to be settled by cash flows from the group's South African operations and will occur over a number of years. The nominal amount for Harmony group is US$86.3 million.

The following is a reconciliation of the total provision for the silicosis settlement:

	US dollar
Figures in million	2018		2017
Provision raised for settlement
Balance at beginning of year	70		—
Initial recognition	—		70
Change in estimate	(5	)	—
Time value of money and inflation component	6		—
Translation loss	(4	)	—
Total provision for silicosis settlement	67		70

Sensitivity analysis

The impact of a reasonable change in certain key assumptions would increase or decrease the provision amount by the following amounts:

	US dollar
Figures in million	2018		2017
Effect of an increase in the assumption:
Change in benefit take-up rate1	5		6
Change in silicosis prevalence2	5		6
Change in disease progression rates3	2		3
Effect of a decrease in the assumption:
Change in benefit take-up rate1	(5	)	(6	)
Change in silicosis prevalence2	(5	)	(6	)
Change in disease progression rates3	(2	)	(3	)

¹ Change in benefit take-up rate: the take-up rate does not affect the legal cost allocation, but a 10% change results in a proportionate change in the other values.

² Change in the silicosis prevalence: the assumptions that will result in a change in the estimated number of cases are either a 10% change in the assumed labour number or a 10% change in the disease risk.

³ Change in disease progression rates: a one year shorter/longer disease progression period was used. This assumption is not applicable to the dependant or TB classes.

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.

A change in the settlement claim amount would result in a change in the provision amount on a rand for rand basis.

The ultimate outcome of these matters remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval of the settlement. The provision recorded in the financial statements is consequently subject to adjustment or reversal in the future, depending on the progress of the working group discussions and stakeholder consultations, and the ongoing legal proceedings.

27 PROVISION FOR SILICOSIS SETTLEMENT continued

ii) Individual claims.

Harmony and one of its subsidiaries received a summons from Richard Spoor Attorneys on behalf of an employee. The plaintiff was claiming damages from Harmony and one of its subsidiaries, and another gold mining company. The plaintiff had alleged to have contracted silicosis with progressive massive fibrosis during the course of his employment. The action was subsequently withdrawn against Harmony and its subsidiaries.

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Retirement Benefit Obligation

12 Months Ended

Jun. 30, 2018

Employee Benefits [Abstract]

Retirement Benefit Obligation

RETIREMENT BENEFIT OBLIGATION

ACCOUNTING POLICY

The group provides medical cover to current employees and certain retirees through certain funds. The medical accounting costs for the defined benefit plan are assessed using the projected unit credit method. The health care obligation is measured at the present value of the estimated future cash outflows using government bond interest rates consistent with the terms and risks of the obligation. Actuarial gains and losses as a result of these valuations are recognised in other comprehensive income (OCI) at revaluation date. Actuarial gains and losses recognised in OCI will not be recycled to profit or loss. The future liability for current and retired employees and their dependants is accrued in full based on actuarial valuations obtained annually.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

An updated actuarial valuation is carried out at the end of each financial year. Assumptions used to determine the liability include a discount rate of 9.8%, no increases in employer subsidies (in terms of the agreement) and mortality rates according to the SA 1956/62 mortality table (SA “”a mf”” tables) (retirement age of 65) and a medical inflation rate of 7.9% (2017: discount rate of 10.0%, retirement age of 60 and 8.0% inflation rate) (2016: discount rate of 9.7%, retirement age of 60 and 7.7% inflation rate).

Management determined the discount rate by assessing government bonds with similar terms to the liability. The changes to the discount rate and medical inflation rate are similar to changes in interest and inflation rates in South Africa.

(a) Pension and provident funds

The group contributes to several pension and provident funds governed by the Pension Funds Act, 1956 for the employees of its South African subsidiaries. The pension funds are multi-employer defined contribution industry plans. The group’s liability is therefore limited to its monthly determined contributions. The provident funds are funded on a “monetary accumulative basis” with the member’s and employer’s contributions having been fixed in the constitution of the funds.

The Australian group companies make contributions to each employee’s superannuation (pension) funds in accordance with the Superannuation Guarantee Scheme (SGS). The SGS is a Federal Government initiative enforced by law which compels employers to make regular payments to regulated funds providing for each employee on their retirement. The SGS were set at a minimum of 9.5% of gross salary and wages for the 2018 year (2017: 9.5%). The fund is a defined contribution plan.

The PNG Superannuation Act 2002 requires a compulsory employer contribution of 8.4% (2017: 8.4%) into an approved superannuation (pension) fund if an employee is appointed for a period of three months or more. The approved superannuation funds are defined contribution plans.

Substantially all the group’s employees are covered by the above mentioned retirement benefit plans. Funds contributed by the group for the 2018 financial year amounted to US$49.0 million (2017: US$40.6 million).

(b) Post-retirement benefits other than pensions

Harmony inherited a post-retirement medical benefit obligation, which existed at the time of the Freegold acquisition in 2002. The group also inherited various post-retirement medical benefit obligations with the acquisition of the Moab Khotsong operations (refer to note 14). Given the materiality of these new obligations, the details have not been included in the discussion below. Except for the abovementioned employees, Harmony has no other post-retirement obligation for the other group employees.

The group’s obligation is to pay a subsidy of 2% for every completed year of employment up to a maximum of 50% of total medical aid contributions, commencing on date of retirement. Should the employee die, either in service or after retirement, this benefit will transfer to his/her dependants. The medical aid tariffs are based on the Bestmed medical scheme (Bestmed) options.

The liability is unfunded and will be settled out of cash and cash equivalents when it becomes due. The liability is based on an actuarial valuation conducted during the year ended 30 June 2018, using the projected unit credit method. The next actuarial valuation will be performed on 30 June 2019.

28 RETIREMENT BENEFIT OBLIGATION continued

(b) Post-retirement benefits other than pensions continued

The principal actuarial assumptions used to determine the present value of unfunded obligations are discussed above. In addition the following was also considered:

● It is assumed that all Continuation and Widow Members (CAWMs) will remain on the current benefit option and income band. For employed members, post-employment contributions were assumed to be equal to the average payable for the current CAWMs membership;

● It is assumed that not all employed members will remain employed until retirement therefore estimated resignation and ill-health retirement rates are also taken into account;

● It is assumed that 90% of employed members will be married at retirement or earlier death and that wives are four years younger than their husbands.

Through the post-employment medical plan, the group is exposed to a number of risks, the most significant of which are discussed below:

● Change in bond yields: A decrease in the bond yields will increase the plan liability.

● Inflation risk: The obligation is linked to inflation and higher inflation will lead to a higher liability.

● Life expectancy: The obligation is to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plan’s liabilities.

The net actuarial loss for 2018 was mainly due to exits of employed and retired members being lower than expected and actual subsidy inflation being higher than assumed (2017: net actuarial gain was mainly exits of current employees being higher than expected, partially offset by exits of CAWMS being lower than expected and the actual subsidy inflation being higher than assumed).

	US dollar
Figures in million	2018		2017
Present value of unfunded obligations	13		14
Current employees	4		5
Retired employees	9		9
Movement in the liability recognised in the balance sheet
Balance at beginning of year	14		11
Contributions paid	(1	)	(1	)
Finance costs	1		1
Net actuarial (gain)/loss recognised during the year1	(1	)	—
Moab Khotsong acquisition (refer to note 14)	1		—
Translation	(1	)	3
Balance at end of year	13		14

¹ The net actuarial (gain)/loss has been recorded in other comprehensive income.

	US dollar
Figures in million	2018	2017
The net liability of the defined benefit plan is as follows:
Present value of defined benefit obligation	13	14
Fair value of plan assets	—	—
Net liability of defined benefit plan	13	14

28 RETIREMENT BENEFIT OBLIGATION continued

(b) Post-retirement benefits other than pensions continued

The effect of a percentage point increase and decrease in the assumed medical cost trend rate is as follows:

	US dollar
Figures in million	2018		2017
Effect of a 1% increase on:
Aggregate of service cost and finance costs	—		—
Defined benefit obligation	2		2
Effect of a 1% decrease on:
Aggregate of service cost and finance costs	—		—
Defined benefit obligation	(1	)	(1	)

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The analysis is performed on the same basis for 2017.

The group expects to contribute approximately US$0.7 million to the benefit plan in 2019.

The weighted average duration of the defined benefit obligation is 14 years.

EMPLOYEE BENEFITS

ACCOUNTING POLICY

• Pension, provident and medical benefit plans are funded through monthly contributions. The group pays fixed contributions into a separate entity in terms of the defined contribution pension, provident and medical plans which are charged to the income statement in the year to which they relate. The group's liability is limited to its monthly determined contributions and it has no further liability, legal or constructive, if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Refer to note 28 for details of the post-retirement medical benefit plan.

• Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after balance sheet date are discounted to present value.

33 EMPLOYEE BENEFITScontinued

	2018	2017
Number of permanent employees as at 30 June:
South African operations1	32 520	26 478
International operations2	1 511	1 403
Total number of permanent employees	34 031	27 881

	US dollar
Figures in million	2018	2017
Aggregate earnings
The aggregate earnings of employees including directors were:
Salaries and wages and other benefits	695	563
Retirement benefit costs	49	41
Medical aid contributions	18	15
Total aggregated earnings3	762	619

¹ Increase in 2018 due to the acquisition of the Moab Khotsong operations.

² The MMJV employees included in the total is 114 (2017: 103).

³ These amounts have been included in cost of sales, corporate expenditure and capital expenditure.

During the 2018 financial year, US$16.8 million (2017: US$6.5 million) was included in the payroll costs for termination costs. Termination costs include the cost relating to the voluntary retrenchment and restructuring process as well as retrenchments due to shaft closures (refer to note 6).

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Borrowings

12 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Borrowings

BORROWINGS

FACILITIES

Nedbank Limited

The R1 billion (US$76.7 million) Nedbank revolving credit facility (RCF) was entered into on 20 February 2017. US$22.4 million was repaid on the facility in September 2017. US$40.2 million was drawn down on the same facility in April 2018.

Interest accrues on a day-to-day basis over the term of the loan at a variable interest rate.

US dollar facilities

US$140 million was repaid on the US$250 million RCF in August 2017. On 28 July 2017, Harmony concluded an agreement for a new three-year syndicated facility of US$350 million (US$175 million term loan plus US$175 million RCF). The facility was negotiated on similar terms to the previous US$250 million facility. US$175 million was drawn down on the term loan in August 2017. US$40 million was drawn down on the RCF during November 2017. A further $110 million was drawn down on the same facility in February 2018.

On 18 October 2017, Harmony concluded an agreement for a new 12-month bridge loan of US$200 million in order to partially fund the acquisition of the Moab Khotsong operations (refer to note 14). The facility was concluded with similar terms and covenants as the existing loan facilities. US$200 million was drawn down on the bridge loan in February 2018. US$50 million was repaid in April 2018 and a further US$100 million was repaid in June 2018. Refer to note 37 for details of events after the reporting date.

TERMS AND DEBT REPAYMENT SCHEDULE AT 30 June 2018

	Interest charge	Repayment terms	Repayment date	Security
Nedbank Limited (Secured loan - rand revolving credit facility)	1, 3 or 6 month JIBAR plus 3.15%, payable at the elected interest interval	Repayable on maturity	February 2020	Cession and pledge of operating subsidiaries' shares and claims
US dollar facility (Secured loan)	3 or 6 month LIBOR plus 3% for the RCF and 3.15% for the term facility, payable at the elected interest interval	Repayable on maturity	July 2020	Cession and pledge of operating subsidiaries' shares and claims
US dollar bridge loan (Secured loan)	LIBOR, plus elected interest of 2.5% first 6 months, 3% next 3 months, 3.5% last 3 months.	Repayable on maturity	October 2018	Cession and pledge of operating subsidiaries' shares and claims

DEBT COVENANTS

The debt covenant tests for both the rand and US dollar facilities are as follows:

● The group's interest cover ratio shall not be less than five (EBITDA¹/Total interest paid);

● Tangible Net Worth² to total net debt ratio shall not be less than six times or eight times when dividends are paid;

● Leverage³ shall not be more than 2.5 times.

¹ Earnings before interest, taxes, depreciation and amortisation (EBITDA) as defined in the agreement excludes unusual items such as impairment and restructuring cost.

² Tangible Net Worth is defined as total equity less intangible assets.

³ Leverage is defined as total net debt to EBITDA.

At the time of entering into the bridge loan the Tangible Net Worth to total net debt ration covenant was renegotiated and relaxed from 6 times to 4 times for the full term of the bridge loan. No breaches of the covenants were identified during the tests in the 2017 and 2018 financial years.

29 BORROWINGS continued

INTEREST BEARING BORROWINGS

	US dollar
Figures in million	2018		2017
Non-current borrowings
Nedbank Limited (secured loan - R1.0 billion revolving credit facility)	36		23
Balance at beginning of year	23		—
Draw down	41		24
Repayments	(24	)	—
Translation	(4	)	(1	)
US$250 revolving credit facility (secured loan)	—		—
Balance at beginning of year	—		139
Draw down	—		30
Repayments	—		(30	)
Amortisation of issue costs	—		1
Transferred to current liabilities	—		(140	)
US$350 facility (secured loan)	321		—
Draw down	325		—
Issue cost	(7	)	—
Amortisation of issue costs	3		—
Total non-current borrowings	357		23
Current borrowings
Nedbank Limited (secured loan - R1.0 billion revolving credit facility)	—		—
Balance at beginning of year	—		20
Repayments	—		(20	)
US$250 revolving credit facility (secured loan)	—		140
Balance at beginning of year	140		—
Repayments	(140	)	—
Transferred from non-current liabilities	—		140
US$200 bridge loan facility (secured loan)	50		—
Draw down	200		—
Repayments	(150	)	—
Total current borrowings	50		140
Total interest-bearing borrowings	407		163

29 BORROWINGS continued

INTEREST BEARING BORROWINGScontinued

	US dollar
Figures in million	2018	2017
The maturity of borrowings is as follows:
Current	51	140
Between one to two years	36	—
Between two to five years	320	23
	407	163

	US dollar
Figures in million	2018	2017
Undrawn committed borrowing facilities:
Expiring within one year	—	110
Expiring after one year	61	53
	61	163

EFFECTIVE INTEREST RATES

	2018	2017
	%	%
Nedbank Limited - rand revolving credit facility	10.2	10.5
US$250 million revolving credit facility	4.2	3.9
US$350 million facility	4.8	—
US$200 million bridge loan	4.5	—

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Other Non-Current Liabilities

12 Months Ended

Jun. 30, 2018

Disclosure of other provisions, contingent liabilities and contingent assets [Abstract]

Other Non-Current Liabilities

OTHER NON-CURRENT LIABILITIES

	US dollar
Figures in million	2018	2017
KOSH deep groundwater pollution liability (a)	3	—
Sibanye Beatrix ground swap royalty	—	1
Total non-current liabilities	3	1

(a) KOSH deep groundwater pollution liability

Harmony purchased selected mining infrastructure in the Klerksdorp, Orkney, Stilfontein, Hartebeesfontein (KOSH) area from AngloGold Ashanti Limited (refer to note 14). During an assessment of the environmental liabilities associated with this purchase, a risk related to the potential decant and pollution of deep ground mine water from the re-watered underground workings was identified.

Due to the interconnected nature of mining operations, any proposed solution needs to be a combined one supported by all the mines located in these gold fields. As a result, the Mineral and Petroleum Resources Development Act (MPRDA) requires that the affected mining companies develop a Regional Mine Closure Strategy to be approved by the Department of Mineral Resources. Harmony has commissioned a detailed assessment of the mine void after closure to provide clarity on the locality and volume of water expected to decant after mine closure and the quality of the decant water. Simulations have shown that the potential impact from this decant is low and that it will not impact on any down-gradient receptors, including the Vaal River.

A contingent liability acquired in a business combination is recognised in the acquisition accounting if it is a present obligation and its fair value can be measured reliably. Based on Harmony's assessment, a liability of US$3.2 million has been raised as part of the liabilities assumed in the business combination.

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Trade and Other Payables

12 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Trade and Other Payables

TRADE AND OTHER PAYABLES

ACCOUNTING POLICY

The group accrues for the cost of the leave days granted to employees during the period in which the leave days accumulate.

	US dollar
Figures in million	2018	2017
Financial liabilities
Trade payables	43	40
Other liabilities (a)	13	7
Non-financial liabilities
Payroll accruals	41	28
Leave liabilities (b)	38	30
Shaft related accruals	42	37
Other accruals	15	7
Value added tax	6	4
Total current trade and other payables	198	153

During the 2018 financial year, Harmony acquired Moab Khotsong operations. Refer to note 14 for details of the transaction and the balances taken on as a result.

(a) Other liabilities

Includes a loan from Village Main Reef Limited of US$3.6 million. The loan was taken-on with the acquisition of the Moab Khotsong operations. The loan is unsecured, interest free and has no fixed terms of payment.

(b) Leave liabilities

Employee entitlements to annual leave are recognised on an ongoing basis. An accrual is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

The movement in the liability recognised in the balance sheet is as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	30		23
Benefits paid	(31	)	(29	)
Total expense per income statement	29		31
Acquisitions1	12		3
Translation (gain)/loss	(2	)	2
Balance at end of year	38		30

¹ Acquisitions of Moab Khotsong operations in 2018 and Hidden Valley in 2017.

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Cash Generated by Operations

12 Months Ended

Jun. 30, 2018

Statement of cash flows [abstract]

Cash Generated by Operations

CASH GENERATED BY OPERATIONS

	US dollar
Figures in million	2018		2017		2016
Reconciliation of profit/(loss) before taxation to cash generated by operations:
Profit/(loss) before taxation	(339	)	(20	)	109
Adjustments for:
Amortisation and depreciation	200		185		149
(Reversal of impairment)/impairment of assets	386		131		(3	)
Share-based payments	28		29		23
Net decrease in provision for post-retirement benefits	—		(1	)	(1	)
Net increase/(decrease) in provision for environmental rehabilitation	(2	)	(8	)	(7	)
Profit on sale of property, plant and equipment	—		(3	)	—
Loss on scrapping of property, plant and equipment	—		10		4
(Profit)/loss from associates	(3	)	1		—
Gain on bargain purchase	—		(60	)	—
Interest received	(27	)	(20	)	(17	)
Finance costs	26		17		19
Inventory adjustments	(16	)	31		7
Foreign exchange translation difference	52		(16	)	45
Non cash portion of gains on derivatives	43		(7	)	(25	)
Day one loss amortisation	3		6		—
Silicosis settlement provision	(5	)	70		—
Other non-cash adjustments	(2	)	(5	)	1
Effect of changes in operating working capital items
Receivables	(8	)	(30	)	12
Inventories	(31	)	2		5
Payables	29		8		1
Cash generated by operations	334		320		322

ADDITIONAL CASH FLOW INFORMATION

The income and mining taxes paid in the statement of cash flow represents actual cash paid less refunds received.

At 30 June 2018, US$61.2 million (2017: US$163.4 million) (2016: US$177.9 million) of borrowing facilities had not been drawn down and is therefore available for future operation activities and future capital commitments. Refer to note 29.

a) Acquisitions of investments/business

The conditions precedent for the acquisition of Moab Khotsong operations in 2018 and full ownership of Hidden Valley in 2017 were fulfilled and the transaction were completed in the respective years. Refer to note 14 for details on the acquired assets, including cash acquired and assumed liabilities.

b) Principal non-cash transactions

Share-based payments (refer to note 34).

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Employee Benefits

12 Months Ended

Jun. 30, 2018

Employee Benefits [Abstract]

Employee Benefits

RETIREMENT BENEFIT OBLIGATION

ACCOUNTING POLICY

The group provides medical cover to current employees and certain retirees through certain funds. The medical accounting costs for the defined benefit plan are assessed using the projected unit credit method. The health care obligation is measured at the present value of the estimated future cash outflows using government bond interest rates consistent with the terms and risks of the obligation. Actuarial gains and losses as a result of these valuations are recognised in other comprehensive income (OCI) at revaluation date. Actuarial gains and losses recognised in OCI will not be recycled to profit or loss. The future liability for current and retired employees and their dependants is accrued in full based on actuarial valuations obtained annually.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

An updated actuarial valuation is carried out at the end of each financial year. Assumptions used to determine the liability include a discount rate of 9.8%, no increases in employer subsidies (in terms of the agreement) and mortality rates according to the SA 1956/62 mortality table (SA “”a mf”” tables) (retirement age of 65) and a medical inflation rate of 7.9% (2017: discount rate of 10.0%, retirement age of 60 and 8.0% inflation rate) (2016: discount rate of 9.7%, retirement age of 60 and 7.7% inflation rate).

Management determined the discount rate by assessing government bonds with similar terms to the liability. The changes to the discount rate and medical inflation rate are similar to changes in interest and inflation rates in South Africa.

(a) Pension and provident funds

The group contributes to several pension and provident funds governed by the Pension Funds Act, 1956 for the employees of its South African subsidiaries. The pension funds are multi-employer defined contribution industry plans. The group’s liability is therefore limited to its monthly determined contributions. The provident funds are funded on a “monetary accumulative basis” with the member’s and employer’s contributions having been fixed in the constitution of the funds.

The Australian group companies make contributions to each employee’s superannuation (pension) funds in accordance with the Superannuation Guarantee Scheme (SGS). The SGS is a Federal Government initiative enforced by law which compels employers to make regular payments to regulated funds providing for each employee on their retirement. The SGS were set at a minimum of 9.5% of gross salary and wages for the 2018 year (2017: 9.5%). The fund is a defined contribution plan.

The PNG Superannuation Act 2002 requires a compulsory employer contribution of 8.4% (2017: 8.4%) into an approved superannuation (pension) fund if an employee is appointed for a period of three months or more. The approved superannuation funds are defined contribution plans.

Substantially all the group’s employees are covered by the above mentioned retirement benefit plans. Funds contributed by the group for the 2018 financial year amounted to US$49.0 million (2017: US$40.6 million).

(b) Post-retirement benefits other than pensions

Harmony inherited a post-retirement medical benefit obligation, which existed at the time of the Freegold acquisition in 2002. The group also inherited various post-retirement medical benefit obligations with the acquisition of the Moab Khotsong operations (refer to note 14). Given the materiality of these new obligations, the details have not been included in the discussion below. Except for the abovementioned employees, Harmony has no other post-retirement obligation for the other group employees.

The group’s obligation is to pay a subsidy of 2% for every completed year of employment up to a maximum of 50% of total medical aid contributions, commencing on date of retirement. Should the employee die, either in service or after retirement, this benefit will transfer to his/her dependants. The medical aid tariffs are based on the Bestmed medical scheme (Bestmed) options.

The liability is unfunded and will be settled out of cash and cash equivalents when it becomes due. The liability is based on an actuarial valuation conducted during the year ended 30 June 2018, using the projected unit credit method. The next actuarial valuation will be performed on 30 June 2019.

28 RETIREMENT BENEFIT OBLIGATION continued

(b) Post-retirement benefits other than pensions continued

The principal actuarial assumptions used to determine the present value of unfunded obligations are discussed above. In addition the following was also considered:

● It is assumed that all Continuation and Widow Members (CAWMs) will remain on the current benefit option and income band. For employed members, post-employment contributions were assumed to be equal to the average payable for the current CAWMs membership;

● It is assumed that not all employed members will remain employed until retirement therefore estimated resignation and ill-health retirement rates are also taken into account;

● It is assumed that 90% of employed members will be married at retirement or earlier death and that wives are four years younger than their husbands.

Through the post-employment medical plan, the group is exposed to a number of risks, the most significant of which are discussed below:

● Change in bond yields: A decrease in the bond yields will increase the plan liability.

● Inflation risk: The obligation is linked to inflation and higher inflation will lead to a higher liability.

● Life expectancy: The obligation is to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plan’s liabilities.

The net actuarial loss for 2018 was mainly due to exits of employed and retired members being lower than expected and actual subsidy inflation being higher than assumed (2017: net actuarial gain was mainly exits of current employees being higher than expected, partially offset by exits of CAWMS being lower than expected and the actual subsidy inflation being higher than assumed).

	US dollar
Figures in million	2018		2017
Present value of unfunded obligations	13		14
Current employees	4		5
Retired employees	9		9
Movement in the liability recognised in the balance sheet
Balance at beginning of year	14		11
Contributions paid	(1	)	(1	)
Finance costs	1		1
Net actuarial (gain)/loss recognised during the year1	(1	)	—
Moab Khotsong acquisition (refer to note 14)	1		—
Translation	(1	)	3
Balance at end of year	13		14

¹ The net actuarial (gain)/loss has been recorded in other comprehensive income.

	US dollar
Figures in million	2018	2017
The net liability of the defined benefit plan is as follows:
Present value of defined benefit obligation	13	14
Fair value of plan assets	—	—
Net liability of defined benefit plan	13	14

28 RETIREMENT BENEFIT OBLIGATION continued

(b) Post-retirement benefits other than pensions continued

The effect of a percentage point increase and decrease in the assumed medical cost trend rate is as follows:

	US dollar
Figures in million	2018		2017
Effect of a 1% increase on:
Aggregate of service cost and finance costs	—		—
Defined benefit obligation	2		2
Effect of a 1% decrease on:
Aggregate of service cost and finance costs	—		—
Defined benefit obligation	(1	)	(1	)

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The analysis is performed on the same basis for 2017.

The group expects to contribute approximately US$0.7 million to the benefit plan in 2019.

The weighted average duration of the defined benefit obligation is 14 years.

EMPLOYEE BENEFITS

ACCOUNTING POLICY

• Pension, provident and medical benefit plans are funded through monthly contributions. The group pays fixed contributions into a separate entity in terms of the defined contribution pension, provident and medical plans which are charged to the income statement in the year to which they relate. The group's liability is limited to its monthly determined contributions and it has no further liability, legal or constructive, if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Refer to note 28 for details of the post-retirement medical benefit plan.

• Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after balance sheet date are discounted to present value.

33 EMPLOYEE BENEFITScontinued

	2018	2017
Number of permanent employees as at 30 June:
South African operations1	32 520	26 478
International operations2	1 511	1 403
Total number of permanent employees	34 031	27 881

	US dollar
Figures in million	2018	2017
Aggregate earnings
The aggregate earnings of employees including directors were:
Salaries and wages and other benefits	695	563
Retirement benefit costs	49	41
Medical aid contributions	18	15
Total aggregated earnings3	762	619

¹ Increase in 2018 due to the acquisition of the Moab Khotsong operations.

² The MMJV employees included in the total is 114 (2017: 103).

³ These amounts have been included in cost of sales, corporate expenditure and capital expenditure.

During the 2018 financial year, US$16.8 million (2017: US$6.5 million) was included in the payroll costs for termination costs. Termination costs include the cost relating to the voluntary retrenchment and restructuring process as well as retrenchments due to shaft closures (refer to note 6).

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Share-Based Payments

12 Months Ended

Jun. 30, 2018

Share-based payment arrangements [Abstract]

Share-Based Payments

SHARE-BASED PAYMENTS

ACCOUNTING POLICY

The group operates an equity-settled share-based payments plan where the group grants share options to certain employees in exchange for services received.

Equity-settled share-based payments are measured at fair value that includes market performance conditions but excludes the impact of any service and non-market performance conditions of the equity instruments at the date of the grant. The share-based payments are expensed over the vesting period, based on the group's estimate of the shares that are expected to eventually vest. The group used an appropriate option pricing model in determining the fair value of the options granted. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the estimates of the number of options that are expected to become exercisable are revised. The impact of the revision of original estimates, if any, is recognised in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The fair value of options granted is being determined using either a binomial, Black-Scholes or a Monte Carlo valuation model. The significant inputs into the model are: vesting period, risk free interest rate, volatility, price on date of grant and dividend yield.

34 SHARE-BASED PAYMENTS continued

EMPLOYEE SHARE-BASED PAYMENTS

The group's 2012 employee share ownership plan (ESOP) ended in 2017. The plan was an equity-settled and cash settled employee ownership plan.

The group has the 2006 employee share ownership plan that is active. The objective of these schemes is to recognise the contributions of employees to the group's financial position and performance and to retain key employees.

The total cost relating to employee share-based payments is made up as follows:

	US dollar
Figures in million	2018	2017
2012 employee share ownership plan	—	1
2006 share plan	28	28
Total employee share-based payments	28	29

The directors are authorised to issue up to 60 011 669 ordinary shares to participants who have received awards in accordance with Harmony's employee share incentive schemes.

Subsequent to the annual general meeting held on 1 December 2010, 11 115 289 share option awards have been issued in terms of the 2006 share plan. 52 376 102 outstanding share option awards have been granted in terms of the 2006 share plan.

Options granted under the 2006 share plan

The 2006 share plan consists of share appreciation rights (SARs), performance shares (PS) and restricted shares (RS). The share plan is equity-settled.

Award	Vesting	Performance criteria
SARs	SARs will vest in equal thirds in year three, four and five, subject to the performance conditions having been satisfied. The SARs will have an expiry date of six years from the grant date and the offer price equals the closing market prices of the underlying shares on the trading date immediately preceding the grant.	2009 to 2013 allocation: The group's headline earnings per share must have grown since the allocation date by more than the South African Consumer Price Index (CPI).
PS	The PS will vest after three years from the grant date, if and to the extent that the performance conditions have been satisfied.	2015 to 2016 allocation: • 50% of the number of rights awarded are linked to the total shareholder return of the group on an absolute basis. • 50% of the number of rights awarded are linked to the total shareholder return of the group as compared to that of the South African gold index. 2014 allocation: • the number of the rights awarded are linked to the group's performance in comparison to the South African Gold Index.
RS	The RS will vest after three years from grant date.	The participant is still employed within the group.

Termination of employees' participation in the share plan is based on "no fault" and "fault" definitions.

● Fault All unvested and unexercised SARs and all PS and RS not yet vested are lapsed and cancelled.

● No fault Accelerated vesting occurs and all unvested and unexercised share options are settled in accordance with the rules of the plan.

Executive management is encouraged to retain performance shares when they vest and a minimum shareholding requirement has been introduced to achieve this. This shareholding is meant to align shareholder and executive objectives to grow total shareholder return.

34 SHARE-BASED PAYMENTS continued

EMPLOYEE SHARE-BASED PAYMENTScontinued

Options granted under the 2006 share plan continued

Activity on share options

	SARs			PS		RS
Activity on options and rights granted but not yet exercised	Number of options and rights		Weighted average option price (SA rand)	Number of rights		Number of rights
For the year ended 30 June 2018
Balance at beginning of year	12 476 697		32.60	37 848 573		701 412
Options granted and accepted	—		—	14 406 437		—
Rights vested and locked up	—		—	(278 629	)	—
Options exercised	(794 351	)	24.37	(3 594 838	)	(120 000	)
Options forfeited and lapsed	(1 834 486	)	52.86	(5 954 259	)	(30 416	)
Balance at end of year	9 847 860		50.20	42 427 284		550 996

	SARs			PS		RS
Activity on options and rights granted but not yet exercised	Number of options and rights		Weighted average option price (SA rand)	Number of rights		Number of rights
For the year ended 30 June 2017
Balance at beginning of year	14 156 782		34.74	34 978 038		859 974
Options granted and accepted	—		—	9 320 599		—
Options granted	113 899		21.89	(160 271	)	—
Options exercised	(451 187	)	27.49	(2 171 953	)	(158 562	)
Options forfeited and lapsed	(1 342 797	)	47.39	(4 117 840	)	—
Balance at end of year	12 476 697		32.60	37 848 573		701 412

	SARs		PS and RS
Options and rights vested but not exercised at year end	2018	2017	2018	2017
Options and rights vested but not exercised	5 331 335	2 869 859	—	—
Weighted average option price (SA rand)	36.26	57.52	n/a	n/a

34 SHARE-BASED PAYMENTS continued

EMPLOYEE SHARE-BASED PAYMENTScontinued

Options granted under the 2006 share plan continued

Activity on share options continued

List of options and rights granted but not yet exercised (listed by grant date)	Number of options and rights	Award price (SA rand)	Remaining life (years)
As at 30 June 2018
Share appreciation rights
16 November 2012	1 127 510	68.84	0.4
15 November 2013	3 891 126	33.18	1.4
17 November 2014	4 829 224	18.41	2.4
	9 847 860
Performance shares
16 November 2015	19 950 203	n/a	0.4
17 February 2016	512 000	n/a	0.4
29 November 2016	8 360 578	n/a	1.4
15 November 2017	13 604 503	n/a	2.4
	42 427 284
Restricted shares1
16 November 2012	137 749	n/a	0.4
16 November 2015	413 247	n/a	0.4
	550 996
Total options and rights granted but not yet exercised	52 826 140

¹ The 2012 and 2015 restricted shares vested in November 2015 and November 2018 respectively. Restricted shares that were not exercised, partially or fully, at that time remain restricted for a further three years, but were supplemented by a matching grant of restricted shares. All restricted shares are then only settled after the end of a further three year period.

	US dollar
Figures in million	2018	2017
Gain realised by participants on options and rights traded during the year	13	8
Fair value of options and rights exercised during the year	14	8

Measurement

The fair value of equity instruments granted during the year was valued using the Monte Carlo simulation on the market-linked PS, Cox-Ross- Rubinstein binomial tree on the SARs and spot share price on grant date for the RS.

(i) Assumptions applied at grant date for awards granted during the year

	Performance shares
29 November 2016 allocation
Risk-free interest rate	7.41	%
Expected volatility1	47.66	%
Expected dividend yield	0.00	%
Vesting period (from grant date)	3	years

¹ The volatility is measured as annualised standard deviation of historical share price returns, using an exponentially weighted moving average (EWMA) model, with a lambda of 0.99. The volatility is calculated on the grant date, and takes into account the previous three years of historical data.

34 SHARE-BASED PAYMENTS continued

OTHER SHARE-BASED PAYMENTS

On 20 March 2013 Harmony signed transaction and funding agreements to give effect to an empowerment transaction to dispose of 30% of its Free State based Phoenix operation (Phoenix) to BEE shareholders, which includes a free-carry allocation of 5% to a community trust that has been created and is currently controlled by Harmony. The transaction closed on 25 June 2013, following the fulfilment of the last condition precedent. In terms of the agreements Phoenix was transferred to a newly incorporated subsidiary; 'PhoenixCo' which subsequently changed its name to Tswelopele Beneficiation Operation (TBO).

The awards to the BEE partners have been accounted for as in-substance options as the BEE partners will only share in the upside, and not the downside of their equity interest in TBO until the date the financing provided by Harmony is fully repaid. On this date the options will be exercised and a non-controlling interest in TBO will be recognised. The award of the options to the BEE partners is accounted for by the group as an equity- settled share-based payment arrangement. The in-substance options carry no vesting conditions and the fair value of the options of US$2.3 million was expensed on the grant date, 25 June 2013.

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Related Parties

12 Months Ended

Jun. 30, 2018

Related Party [Abstract]

Related Parties

RELATED PARTIES

None of the directors or major shareholders of Harmony or, to the knowledge of Harmony, their families, had an interest, directly or indirectly, in any transaction from 1 July 2015 or in any proposed transaction that has affected or will materially affect Harmony or its subsidiaries, other than as stated below.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the group, directly or indirectly, including any director (whether executive or otherwise) of the group.

During 2018, the executive directors received remuneration of US$2.5 million, comprising of US$1.3 million for salaries, US$0.2 million for retirement contributions, US$1.0 million for bonuses and US$0.3 million from the exercising or settlement of share options. The non-executive directors received US$0.8 million in directors’ fees.

During 2017, the executive directors received remuneration of US$2.0 million, comprising of US$1.2 million for salaries, US$0.2 million for retirement contributions, US$0.4 million for bonuses and US$0.2 million from the exercising or settlement of share options. The non-executive directors received US$0.7 million in directors’ fees.

The following directors and prescribed officers own shares in Harmony at year-end:

	Number of shares
Name of director/prescribed officer	2018	2017
Directors
Andre Wilkens	101 301	101 301
Frank Abbott1	747 817	606 742
Harry 'Mashego' Mashego	593	593
Ken Dicks	35 000	35 000
Prescribed officers
Beyers Nel1	42 486	17 553
Johannes van Heerden	75 000	25 000
Philip Tobias1	42 916	11 750

¹ The movement in shares for the 2018 financial year includes the vesting of performance shares that were voluntarily locked up in terms of the minimum shareholding requirement of the 2006 Share Plan but remain beneficially owned.

Modise Motloba, Harmony’s deputy chairman, is a director of Tysys Proprietary Limited (Tysys). Tysys entered into a contract with the group during the 2017 financial year to provide services relating to the group’s small and medium enterprise development projects. The contract has a value of up to US$0.4 million per annum. Approximately US$0.4 million (2017: US$0.1 million) was paid during FY18 relating to services rendered in the current and prior financial years. The contract has a 30-day notice period.

All the production of the group’s South African operations is sent to Rand Refinery in which Harmony holds a 10.38% interest. Refer to note 21.

35 RELATED PARTIES continued

	US dollar
Figures in million	2018	2017
Sales and services rendered to related parties
Joint operations	1	—
Total	1	—

Figures in million	2018	2017
Purchases and services acquired from related parties
Associates	3	2
Total	3	2

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Commitments and Contingencies

12 Months Ended

Jun. 30, 2018

Other provisions, contingent liabilities and contingent assets [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND GUARANTEES

	US dollar
Figures in million	2018	2017
Capital expenditure commitments
Contracts for capital expenditure	16	12
Share of joint venture's contract for capital expenditure	4	16
Authorised by the directors but not contracted for	124	60
Total capital commitments	144	88

Contractual obligations in respect of mineral tenement leases amount to US$4.3 million (2017: US$13.0 million). This includes         US$4.2 million (2017: US$12.7 million) for the MMJV.

	US dollar
Figures in million	2018	2017
Guarantees
Guarantees and suretyships	10	1
Environmental guarantees1	35	37
Total guarantees	45	38

¹ At 30 June 2018, US$5.4 million (2017: US$4.7 million) has been pledged as collateral for environmental guarantees in favour of certain financial institutions. Refer to note 17.

CONTINGENT LIABILITIES

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Contingencies will only realise when one or more future events occur or fail to occur. The exercise of significant judgement and estimates of the outcome of future events are required during the assessment of the impact of such contingencies.

Litigation and other judicial proceedings as a rule raise difficult and complex legal issues and are subject to uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in which the suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the group may be forced to incur charges in excess of the presently established provisions and related insurance coverage. It is possible that the financial position, results of operations or cash flows of the group could be materially affected by the outcome of the litigation.

36 COMMITMENTS AND CONTINGENCIES continued

CONTINGENT LIABILITIEScontinued

The following contingent liabilities have been identified:

(a) On 1 December 2008, Harmony issued 3 364 675 Harmony shares to Rio Tinto Limited (Rio Tinto) for the purchase of Rio Tinto’s rights to the royalty agreement entered into prior to our acquisition of the Wafi deposits in PNG. The shares were valued at US$23 million on the transaction date. An additional US$10 million in cash will be payable when the decision to mine is made. Of this amount, Harmony is responsible for paying the first US$6 million, with the balance of US$4 million being borne equally by the joint operators.

(b) The group may have a potential exposure to rehabilitate groundwater and radiation that may exist where the group has and/or continues to operate. The group has initiated analytical assessments to identify, quantify and mitigate impacts if and when (or as and where) they arise. Numerous scientific, technical and legal studies are underway to assist in determining the magnitude of the contamination and to find sustainable remediation solutions. The group has instituted processes to reduce future potential seepage and it has been demonstrated that Monitored Natural Attenuation (MNA) by the existing environment will contribute to improvement in some instances. Water treatment facilities were successfully implemented at both Doornkop and Kusasalethu. These facilities are now assisting in reducing our dependency on Rand Water and will be key in managing any post closure decant should it arise.

In terms of Free State operations, Harmony has taken the initiative to develop a comprehensive regional closure plan which will ensure that there is sufficient water for our organic growth initiatives. The geohydrological studies confirm that there is no risk of decant in Welkom.

Should the group determine that any part of these contingencies require them being recorded and accounted for as liabilities, that is where they become estimable and probable, it could have a material impact on the financial statements of the group.

(c) Due to the interconnected nature of mining operations in South Africa, any proposed solution for potential flooding and potential decant risk posed by deep groundwater needs to be a combined one, supported by all the mines located in these goldfields. As a result, the Department of Mineral Resource and affected mining companies are involved in the development of a regional mine closure strategy. Harmony operations have conducted a number of specialist studies and the risk of surface decant due to rising groundwater levels has been obviated at the entire Free State region and Kalgold. Therefore, there is no contingency arising from these operations. Additional studies have been commissioned at Doornkop and Kusasalethu. In view of the limitation of current information for accurate estimation of a liability, no reliable estimate can be made for these operations.

(d) The individual Harmony mining operations have applied for the respective National Water Act, Section 21 Water Use Licenses (WUL) to the Department of Water and Sanitation (DWS). As part of the Water Use License Application (WULA) process for the respective operations, Harmony has requested certain exemptions (relevant to the respective mining operations) from GNR 704 of 4 June 1999, “Regulations on the use of water for mining and related activities aimed at the protection of water resources”. The respective WULA’s have subsequently not yet been approved by DWS. Two Water Use Licences have been issued by DWS for Kalgold and Kusasalethu, with neither licence having any material impact to the operation. The remaining WULA’s have not yet been approved by DWS. The WUL conditions for the respective operations are subsequently not yet known and the subsequent potential water resource impact liability as part of the mine rehabilitation and closure process (to which DWS is an important participant and decision maker) is uncertain. The existing WUL for Moab Khotsong, which was recently acquired by Harmony, has already been approved by the DWS. The transferral of the licence and its conditions to Harmony is currently being processed.

(e) In terms of the sale agreements entered into with Rand Uranium, Harmony retained financial exposure relating to environmental disturbances and degradation caused by it before the effective date, in excess of US$5.1 million of potential claims. Rand Uranium is therefore liable for all claims up to US$5.1 million and retains legal liability. The likelihood of potential claims cannot be determined presently and no provision for any liability has been made in the financial statements.

(f) Legal proceedings commenced in December 2010 against the Hidden Valley mine in PNG over alleged damage to the Watut River (which runs adjacent to the Hidden Valley mine), alleged to have been caused by waste rock and overburden run-off from the mine. The damages sought by the plaintiffs were not specified. The defendants intend to defend the claims. No active steps have been taken by the plaintiffs in this proceeding for more than five years. It is not practicable to make any reasonable assessment of the prospects of the plaintiffs succeeding should they proceed with these claims, nor the potential liability of the defendants if the plaintiffs were to succeed. As a result, no provision has been recognised in the financial statements for this matter.

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Subsequent Events

12 Months Ended

Jun. 30, 2018

Events after reporting period [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

(a) On 12 July 2018, shareholders approved the special resolution to issue 11 032 623 new ordinary shares to African Rainbow Minerals Limited at the placing price of R19.12 to raise a total of R211 million (US$15.9 million). The proceeds raised from the ARM Placing were to be used to repay part of the outstanding bridge loan raised for the acquisition of Moab Khotsong.

(b) On 18 July 2018, the remaining outstanding balance of US$50 million was repaid on the US$200 million bridge loan.

(c) On 4 October 2018, Harmony reached a mutually acceptable settlement with the Financial Sector Conduct Authority of South Africa. The dispute related to incorrect financial results reported for the March 2007 quarter. Harmony informed shareholders and the authorities of the error in August 2007. Subsequently Harmony reviewed all financial accounting procedures and systems to ensure that a similar error would not occur. Following various discussions with the authorities, an administrative penalty of R30 million (US$2.2 million) was imposed and paid by Harmony.

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Segment Report

12 Months Ended

Jun. 30, 2018

Disclosure of entity's operating segments [Abstract]

Segment Report

SEGMENT REPORT

ACCOUNTING POLICY

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The chief operating decision-maker has been identified as the CEO's office.

The group has one main economic product, being gold. In order to determine operating and reportable segments, management reviewed various factors, including geographical location as well as managerial structure. It was determined that an operating segment consists of a shaft or a group of shafts or open pit mine managed by a single general manager and management team.

Effective 1 July 2017, Harmony integrated Tshepong and Phakisa into a single operation, Tshepong operations. This was to take advantage of their close proximity, which allows existing infrastructure to be optimised. These two separate segments now form one segment. The results for all periods presented have been re-presented for this change.

After applying the qualitative and quantitative thresholds from IFRS 8, the reportable segments were determined as: Tshepong operations, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong and Unisel. All other operating segments have been grouped together under all other surface operations.

The CODM has been identified as the CEO's office consisting of the chief executive officer, financial director, director corporate affairs, chief operating officer: new business, chief executive officer: South-east Asia and chief operating officer: South Africa. When assessing profitability, the CODM considers the revenue and production costs of each segment. The net of these amounts is the production profit or loss. Therefore, production profit has been disclosed in the segment report as the measure of profit or loss. The CODM also considers capital expenditure when assessing the overall economic sustainability of each segment. The CODM, however, does not consider depreciation or impairment and therefore these amounts have not been disclosed in the segment report.

Segment assets consist of mining assets and mining assets under construction included under property, plant and equipment which can be attributed to the segment. Current and non-current group assets that are not allocated at a segment level form part of the reconciliation to total assets.

A reconciliation of the segment totals to the group financial statements has been included in note 39.

SEGMENT REPORT continued

	Revenue 30 June			Production cost 30 June			Production profit/(loss) 30 June				Mining assets 30 June			Capital expenditure#  30 June			Ounces produced* 30 June			Tons milled* 30 June
	2018	2017	2016	2018	2017	2016	2018		2017	2016	2018	2017	2016	2018	2017	2016	2018	2017	2016	2018	2017	2016
	US$ million			US$ million			US$ million				US$ million			US$ million			oz			t'000
South Africa
Underground
Tshepong Operations (a)	419	372	341	296	270	222	123		102	119	585	645	571	78	52	43	302 026	283 827	289 968	1 893	1 869	1 956
Moab Khotsong	130	—	—	74	—	—	56		—	—	268	—	—	13	—	—	105 969	—	—	360	—	—
Bambanani	126	116	112	70	64	56	56		52	56	48	57	55	5	6	7	90 698	88 415	96 870	257	254	256
Joel	74	96	84	72	69	57	2		27	27	72	69	49	19	18	15	52 566	72 211	73 239	501	567	597
Doornkop	152	114	102	110	91	72	42		23	30	197	227	203	21	18	14	110 245	85 939	87 772	767	706	695
Target 1	127	111	126	103	99	86	24		12	40	91	154	192	24	24	22	91 758	85 809	108 895	749	822	814
Kusasalethu	193	189	143	158	153	125	35		36	18	156	217	256	22	21	25	142 395	141 270	124 198	738	670	736
Masimong	117	107	91	90	82	72	27		25	19	4	33	33	10	9	8	84 332	81 599	78 190	714	706	716
Unisel	57	67	64	60	62	52	(3	)	5	12	3	40	37	7	6	4	41 152	51 280	54 785	415	436	467
Surface
All other surface operations	157	134	110	116	102	88	41		32	22	40	37	30	12	19	5	114 778	102 175	95 553	15 595	12 179	12 112
Total South Africa	1 552	1 306	1 173	1 149	992	830	403		314	343	1 464	1 479	1 426	211	173	143	1 135 919	992 525	1 009 470	21 989	18 209	18 349
International
Hidden Valley(b)	32	110	91	18	97	84	14		13	7	281	175	44	122	98	8	92 015	95 327	72 565	2 757	3 186	1 906
Total international	32	110	91	18	97	84	14		13	7	281	175	44	122	98	8	92 015	95 327	72 565	2 757	3 186	1 906
Total operations	1 584	1 416	1 264	1 167	1 089	914	417		327	350	1 745	1 654	1 470	333	271	151	1 227 934	1 087 852	1 082 035	24 746	21 395	20 255
Reconciliation of the segment information to the consolidated income statement and balance sheet (refer to note 39)	—	—	—	—	—	—	—		—	—	1 117	1 312	1 045
	1 584	1 416	1 264	1 167	1 089	914	417		327	350	2 862	2 966	2 515	333	271	151	1 227 934	1 087 852	1 082 035	24 746	21 395	20 255

^#  Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu of US$22.4 million (2017: US$14.5 million).

^(a)  Tshepong and Phakisa were two separate segments for the 2017 financial year. As of 1 July 2017, they have been integrated into Tshepong Operations and have been treated as one segment for the 2018 financial year. June 2017 and 2016 amounts have been re-presented as a result of the integration.

^(b)  Capital expenditure for 2018 comprises of expenditure of US$203.0 million net of capitalised revenue of US$81.4 million. No revenue was capitalised in 2017.

* Production statistics are unaudited.

RECONCILIATION OF SEGMENT INFORMATION TO CONSOLIDATED INCOME STATEMENTS AND BALANCE SHEETS

	US dollar
Figures in million	2018		2017		2016
Reconciliation of production profit to consolidated profit/(loss) before taxation
Total segment revenue	1 584		1 416		1 264
Total segment production costs	(1 167	)	(1 089	)	(914	)
Production profit	417		327		350
Cost of sales items other than production costs	(633	)	(359	)	(174	)
Amortisation and depreciation of mining assets	(192	)	(179	)	(144	)
Amortisation and depreciation of assets other than mining assets	(8	)	(6	)	(5	)
Rehabilitation credit (net)	(5	)	(2	)	3
Care and maintenance cost of restructured shafts	(10	)	(8	)	(8	)
Employment termination and restructuring costs	(16	)	(5	)	(1	)
Share-based payments	(19	)	(29	)	(23	)
(Impairment) of assets/reversal of impairment	(386	)	(131	)	3
Other	3		1		1
Gross profit/(loss)	(216	)	(32	)	176
Corporate, administration and other expenditure	(63	)	(38	)	(28	)
Exploration expenditure	(11	)	(18	)	(13	)
Gain on derivatives	8		75		30
Other operating expenses	(53	)	(68	)	(54	)
Operating profit/(loss)	(335	)	(81	)	111
Gain on bargain purchase	—		60		—
Loss on liquidation of subsidiaries	—		(1	)	—
Share on profit/(loss) from associate	3		(1	)	—
Acquisition-related costs	(8	)	—		—
Investment income	27		20		17
Finance costs	(26	)	(17	)	(19	)
Profit/(loss) before taxation	(339	)	(20	)	109
Reconciliation of total segment assets to consolidated assets includes the following:
Non-current assets
Property, plant and equipment	500		638		563
Intangible assets	37		46		59
Restricted cash	6		5		4
Restricted investments	237		203		170
Other non-current assets	1		—		—
Investments in associates	6		4		—
Inventories	3		3		3
Other non-current receivables	18		14		12
Derivative financial asset	6		24		—
Current assets
Inventories	127		86		79
Restricted cash	3		1		1
Trade and other receivables	83		76		44
Derivative financial assets	39		117		25
Cash and cash equivalents	51		95		85
	1 117		1 312		1 045

XML

Reconciliation of Segment Information to Consolidated Income Statements and Balance Sheets

12 Months Ended

Jun. 30, 2018

Disclosure of entity's operating segments [Abstract]

Reconciliation of Segment Information to Consolidated Income Statements and Balance Sheets

SEGMENT REPORT

ACCOUNTING POLICY

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The chief operating decision-maker has been identified as the CEO's office.

The group has one main economic product, being gold. In order to determine operating and reportable segments, management reviewed various factors, including geographical location as well as managerial structure. It was determined that an operating segment consists of a shaft or a group of shafts or open pit mine managed by a single general manager and management team.

Effective 1 July 2017, Harmony integrated Tshepong and Phakisa into a single operation, Tshepong operations. This was to take advantage of their close proximity, which allows existing infrastructure to be optimised. These two separate segments now form one segment. The results for all periods presented have been re-presented for this change.

After applying the qualitative and quantitative thresholds from IFRS 8, the reportable segments were determined as: Tshepong operations, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong and Unisel. All other operating segments have been grouped together under all other surface operations.

The CODM has been identified as the CEO's office consisting of the chief executive officer, financial director, director corporate affairs, chief operating officer: new business, chief executive officer: South-east Asia and chief operating officer: South Africa. When assessing profitability, the CODM considers the revenue and production costs of each segment. The net of these amounts is the production profit or loss. Therefore, production profit has been disclosed in the segment report as the measure of profit or loss. The CODM also considers capital expenditure when assessing the overall economic sustainability of each segment. The CODM, however, does not consider depreciation or impairment and therefore these amounts have not been disclosed in the segment report.

Segment assets consist of mining assets and mining assets under construction included under property, plant and equipment which can be attributed to the segment. Current and non-current group assets that are not allocated at a segment level form part of the reconciliation to total assets.

A reconciliation of the segment totals to the group financial statements has been included in note 39.

SEGMENT REPORT continued

	Revenue 30 June			Production cost 30 June			Production profit/(loss) 30 June				Mining assets 30 June			Capital expenditure#  30 June			Ounces produced* 30 June			Tons milled* 30 June
	2018	2017	2016	2018	2017	2016	2018		2017	2016	2018	2017	2016	2018	2017	2016	2018	2017	2016	2018	2017	2016
	US$ million			US$ million			US$ million				US$ million			US$ million			oz			t'000
South Africa
Underground
Tshepong Operations (a)	419	372	341	296	270	222	123		102	119	585	645	571	78	52	43	302 026	283 827	289 968	1 893	1 869	1 956
Moab Khotsong	130	—	—	74	—	—	56		—	—	268	—	—	13	—	—	105 969	—	—	360	—	—
Bambanani	126	116	112	70	64	56	56		52	56	48	57	55	5	6	7	90 698	88 415	96 870	257	254	256
Joel	74	96	84	72	69	57	2		27	27	72	69	49	19	18	15	52 566	72 211	73 239	501	567	597
Doornkop	152	114	102	110	91	72	42		23	30	197	227	203	21	18	14	110 245	85 939	87 772	767	706	695
Target 1	127	111	126	103	99	86	24		12	40	91	154	192	24	24	22	91 758	85 809	108 895	749	822	814
Kusasalethu	193	189	143	158	153	125	35		36	18	156	217	256	22	21	25	142 395	141 270	124 198	738	670	736
Masimong	117	107	91	90	82	72	27		25	19	4	33	33	10	9	8	84 332	81 599	78 190	714	706	716
Unisel	57	67	64	60	62	52	(3	)	5	12	3	40	37	7	6	4	41 152	51 280	54 785	415	436	467
Surface
All other surface operations	157	134	110	116	102	88	41		32	22	40	37	30	12	19	5	114 778	102 175	95 553	15 595	12 179	12 112
Total South Africa	1 552	1 306	1 173	1 149	992	830	403		314	343	1 464	1 479	1 426	211	173	143	1 135 919	992 525	1 009 470	21 989	18 209	18 349
International
Hidden Valley(b)	32	110	91	18	97	84	14		13	7	281	175	44	122	98	8	92 015	95 327	72 565	2 757	3 186	1 906
Total international	32	110	91	18	97	84	14		13	7	281	175	44	122	98	8	92 015	95 327	72 565	2 757	3 186	1 906
Total operations	1 584	1 416	1 264	1 167	1 089	914	417		327	350	1 745	1 654	1 470	333	271	151	1 227 934	1 087 852	1 082 035	24 746	21 395	20 255
Reconciliation of the segment information to the consolidated income statement and balance sheet (refer to note 39)	—	—	—	—	—	—	—		—	—	1 117	1 312	1 045
	1 584	1 416	1 264	1 167	1 089	914	417		327	350	2 862	2 966	2 515	333	271	151	1 227 934	1 087 852	1 082 035	24 746	21 395	20 255

^#  Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu of US$22.4 million (2017: US$14.5 million).

^(a)  Tshepong and Phakisa were two separate segments for the 2017 financial year. As of 1 July 2017, they have been integrated into Tshepong Operations and have been treated as one segment for the 2018 financial year. June 2017 and 2016 amounts have been re-presented as a result of the integration.

^(b)  Capital expenditure for 2018 comprises of expenditure of US$203.0 million net of capitalised revenue of US$81.4 million. No revenue was capitalised in 2017.

* Production statistics are unaudited.

RECONCILIATION OF SEGMENT INFORMATION TO CONSOLIDATED INCOME STATEMENTS AND BALANCE SHEETS

	US dollar
Figures in million	2018		2017		2016
Reconciliation of production profit to consolidated profit/(loss) before taxation
Total segment revenue	1 584		1 416		1 264
Total segment production costs	(1 167	)	(1 089	)	(914	)
Production profit	417		327		350
Cost of sales items other than production costs	(633	)	(359	)	(174	)
Amortisation and depreciation of mining assets	(192	)	(179	)	(144	)
Amortisation and depreciation of assets other than mining assets	(8	)	(6	)	(5	)
Rehabilitation credit (net)	(5	)	(2	)	3
Care and maintenance cost of restructured shafts	(10	)	(8	)	(8	)
Employment termination and restructuring costs	(16	)	(5	)	(1	)
Share-based payments	(19	)	(29	)	(23	)
(Impairment) of assets/reversal of impairment	(386	)	(131	)	3
Other	3		1		1
Gross profit/(loss)	(216	)	(32	)	176
Corporate, administration and other expenditure	(63	)	(38	)	(28	)
Exploration expenditure	(11	)	(18	)	(13	)
Gain on derivatives	8		75		30
Other operating expenses	(53	)	(68	)	(54	)
Operating profit/(loss)	(335	)	(81	)	111
Gain on bargain purchase	—		60		—
Loss on liquidation of subsidiaries	—		(1	)	—
Share on profit/(loss) from associate	3		(1	)	—
Acquisition-related costs	(8	)	—		—
Investment income	27		20		17
Finance costs	(26	)	(17	)	(19	)
Profit/(loss) before taxation	(339	)	(20	)	109
Reconciliation of total segment assets to consolidated assets includes the following:
Non-current assets
Property, plant and equipment	500		638		563
Intangible assets	37		46		59
Restricted cash	6		5		4
Restricted investments	237		203		170
Other non-current assets	1		—		—
Investments in associates	6		4		—
Inventories	3		3		3
Other non-current receivables	18		14		12
Derivative financial asset	6		24		—
Current assets
Inventories	127		86		79
Restricted cash	3		1		1
Trade and other receivables	83		76		44
Derivative financial assets	39		117		25
Cash and cash equivalents	51		95		85
	1 117		1 312		1 045

XML

Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2018

Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]

Basis of Presentation

The principal accounting policies applied in the preparation of the consolidated financial statements have been consistently applied in all years presented.

Share capital and share premium, which were presented separately in the statements of changes in equity in 2017, have been combined into a single share capital and premium column for 2018.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) and IFRIC Interpretations (collectively IFRS).

The consolidated financial statements have been prepared on a going concern basis.

The consolidated financial statements have been prepared to the nearest million and rounding may cause differences.

Statement of IFRS compliance

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) and IFRIC Interpretations (collectively IFRS).

Basis of Preparation/Measurement Basis

MEASUREMENT BASIS

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities at fair value through profit or loss and cash-settled share-based payments.

Consolidation

The group recognises that control is the single basis for consolidation for all types of entities in accordance with IFRS 10 - Consolidated Financial Statements.

The consolidated financial information includes the financial statements of the company, its subsidiaries, interest in associates and joint arrangements and structured entities. Where the group has no control over an entity, that entity is not consolidated.

Control

The group, regardless of the nature of its involvement with an entity, shall determine whether it is a parent by assessing whether it controls the investee.

The group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

(i) Subsidiaries

Subsidiaries are entities over which the group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the group up until when that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the group.

The group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of an acquiree is the fair value of the assets transferred, liabilities incurred and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement below operating profit or loss.

(ii) Associates

Associates are entities in which the group has significant influence, but not control, over operational and financial policies. This may be when there is a shareholding of between 20% and 50% of the voting rights or when significant influence can be otherwise demonstrated, for example where the group has the right of representation on the board of directors, or other governing body, of the entity.

Investments in associates are accounted for by using the equity method of accounting, and are initially recognised at cost. The group’s investment in associates includes goodwill identified on acquisition. Cumulative post-acquisition movements are adjusted against the carrying amount of the investment. The group’s share of the associates’ post-acquisition profits or losses is recognised in the income statement, and its share of post acquisition movement in reserves is recognised in other reserves.

When the group’s share of losses in an associate equals or exceeds its interest in the associate, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

The carrying value of an associate is reviewed on a regular basis and, if impairment in the carrying value has occurred, it is written off in the period in which such impairment is identified.

Accounting policies of associates have been reviewed to ensure consistency with the policies adopted by the group.

(iii) Joint arrangements

Joint arrangements are arrangements of which two or more parties have joint control and are contractually bound. The joint arrangement can either be a joint operation or a joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement and have the right to the assets, and obligations for the liabilities, relating to the arrangement. These parties are called joint operators. A joint venture is a joint arrangement where the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Those parties are called joint venturers. For interest in joint operations, the group includes its share of the joint operations' individual income and expenses, assets and liabilities and cash flows on a line-by-line basis with similar items in the group’s financial statements.

Where an additional interest in a joint operation is acquired, the principles of IFRS 3 are applied to account for the transaction.

The group recognises the portion of gains or losses on the sale of assets by the group to the joint operation that is attributable to the other joint operators. The group does not recognise its share of profits or losses from the joint operation that results from the purchase of assets by the group from the joint operation until it resells the assets to an independent party. However, if a loss on the transaction provides evidence of a reduction in the net realisable value of current assets or an impairment loss, the loss is recognised immediately.

The group recognises its interest in a joint venture as an investment and accounts for it using the equity accounting method.

2 ACCOUNTING POLICIES continued

GROUP ACCOUNTING POLICIES continued

2.1 Consolidation continued

(iv) Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.

The accounting treatment for a structured entity will fall into one of the aforementioned categories (i to iii) depending on whether the group has control over that structured entity.

Consolidation, Subsidiaries

(i) Subsidiaries

Subsidiaries are entities over which the group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the group up until when that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the group.

The group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of an acquiree is the fair value of the assets transferred, liabilities incurred and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement below operating profit or loss.

Business Combinations

The group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of an acquiree is the fair value of the assets transferred, liabilities incurred and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement below operating profit or loss.

Consolidation, Associates

(ii) Associates

Associates are entities in which the group has significant influence, but not control, over operational and financial policies. This may be when there is a shareholding of between 20% and 50% of the voting rights or when significant influence can be otherwise demonstrated, for example where the group has the right of representation on the board of directors, or other governing body, of the entity.

Investments in associates are accounted for by using the equity method of accounting, and are initially recognised at cost. The group’s investment in associates includes goodwill identified on acquisition. Cumulative post-acquisition movements are adjusted against the carrying amount of the investment. The group’s share of the associates’ post-acquisition profits or losses is recognised in the income statement, and its share of post acquisition movement in reserves is recognised in other reserves.

When the group’s share of losses in an associate equals or exceeds its interest in the associate, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

The carrying value of an associate is reviewed on a regular basis and, if impairment in the carrying value has occurred, it is written off in the period in which such impairment is identified.

Accounting policies of associates have been reviewed to ensure consistency with the policies adopted by the group.

Consolidation, Joint Arrangements

(iii) Joint arrangements

Joint arrangements are arrangements of which two or more parties have joint control and are contractually bound. The joint arrangement can either be a joint operation or a joint venture. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement and have the right to the assets, and obligations for the liabilities, relating to the arrangement. These parties are called joint operators. A joint venture is a joint arrangement where the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Those parties are called joint venturers. For interest in joint operations, the group includes its share of the joint operations' individual income and expenses, assets and liabilities and cash flows on a line-by-line basis with similar items in the group’s financial statements.

Where an additional interest in a joint operation is acquired, the principles of IFRS 3 are applied to account for the transaction.

The group recognises the portion of gains or losses on the sale of assets by the group to the joint operation that is attributable to the other joint operators. The group does not recognise its share of profits or losses from the joint operation that results from the purchase of assets by the group from the joint operation until it resells the assets to an independent party. However, if a loss on the transaction provides evidence of a reduction in the net realisable value of current assets or an impairment loss, the loss is recognised immediately.

The group recognises its interest in a joint venture as an investment and accounts for it using the equity accounting method.

Consolidation, Structured Entities

(iv) Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.

The accounting treatment for a structured entity will fall into one of the aforementioned categories (i to iii) depending on whether the group has control over that structured entity.

Foreign Currency Translation

Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency).

For translation of the rand financial statement items to US dollar, the average of R12.85 (2017: R13.60) (2016: R14.50) per US$1 was used for income statement items (unless this average was not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case these items were translated at the rate on the date of the transactions) and the closing rate of R13.81 (2017: R13.11) per US$1 for asset and liability items. Equity items were translated at historic rates.

The translation effect from rand to US dollar is included in other comprehensive income in the US$ financial statements.

References to “A$” refers to Australian currency, “R” to South African currency, “$” or “US$” to United States currency and “K” or “kina” to Papua New Guinean currency.

(ii) Transactions and balances

Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation to year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Gains and losses recognised in the income statement are included in the determination of other operating expenses.

(iii) Group companies

The results and financial position of all group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet while equity items are translated at historic rates;

• Income and expenses for each income statement are translated at average exchange rates (the rate on the date of the transaction is used if the average is not a reasonable rate for the translation of the transaction);

• All resulting exchange differences are recognised as a separate component of other comprehensive income.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold or control is otherwise lost, exchange differences that were recorded in other comprehensive income are recognised in profit or loss in the period of the disposal or change in control. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign entity and translated at the closing rate.

Functional Presentation Currency

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency).

Derivatives and Hedging Activities

Derivatives and hedging activities

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

The difference between the fair value of the derivative at initial recognition and expected forward transaction price is deferred and recognised as a day one gain or loss. The day one gain or loss is amortised over the derivative contract period and recognised in profit or loss in gains/losses on derivatives.

The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity is more than 12 months; it is classified as a current asset or liability when the remaining maturity is less than 12 months.

(i) Cash flow hedge

The group designates certain derivatives as hedges of a particular risk associated with the cash flows of highly probable forecast transactions (cash flow hedges). The group documents at the inception of the hedging transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will continue to be highly effective in offsetting changes in cash flows of hedged items.

2 ACCOUNTING POLICIES continued

GROUP ACCOUNTING POLICIES continued

2.3 Derivatives and hedging activities continued

(i) Cash flow hedge continued

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within gains/losses on derivatives.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the forecast sale that is hedged takes place and affects profit or loss. The gain or loss relating to the effective portion of the rand gold forward sales contracts is recognised in profit or loss within revenue.

When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction that was hedged is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.

(ii) Derivatives not designated for hedge accounting purposes

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value as well as gains and losses on expiry, disposal or termination of any derivative instrument that does not qualify for hedge accounting are recognised immediately in profit or loss and are included in gains/losses on derivatives.

Exploration Expenditure

Exploration expenditure

The group has elected to expense all exploration and evaluation expenditures until it is concluded that the project is technically feasible and commercially viable, and that future economic benefits are therefore probable. The information used to make that determination depends on the level of exploration as well as the degree of confidence in the ore body as set out below.

Exploration and evaluation expenditure on greenfield sites, being those where the group does not have any mineral deposits which are already being mined or developed, is expensed as incurred until the technical and commercial viability of the project has been demonstrated usually through the completion of a final feasibility study. However, in certain instances, the technical and commercial viability of the deposit may be demonstrated at an earlier stage, for example where an extended feasibility study is conducted and the underlying feasibility study in respect of specific components of the mineral deposit has advanced to such a stage that significant commercially viable reserves has been established, and the other criteria for the recognition of an asset have been met.

Exploration and evaluation expenditure on brownfield sites, being those adjacent to mineral deposits which are already being mined or developed, is expensed as incurred until the group is able to demonstrate that future economic benefits are probable through the completion of a feasibility study, after which the expenditure is capitalised as mine development cost. A ‘feasibility study’ consists of a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method has been established, and which, if an effective method of mineral processing has been determined, includes a financial analysis based on reasonable assumptions of technical, engineering, operating economic factors and the evaluation of other relevant factors. The feasibility study, when combined with existing knowledge of the mineral property that is adjacent to mineral deposits that are already being mined or developed, allows the group to conclude that the project is technically feasible and commercially viable.

Exploration and evaluation expenditure relating to extensions of mineral deposits which are already being mined or developed, including expenditure on the definition of mineralisation of such mineral deposits, is capitalised as a mine development cost following the completion of an economic evaluation equivalent to a feasibility study. This economic evaluation is distinguished from a feasibility study in that some of the information that would normally be determined in a feasibility study is instead obtained from the existing mine or development. This information, when combined with existing knowledge of the mineral property already being mined or developed, allows the directors to conclude that the project is technically feasible and commercially viable.

Impairment of Non-Financial Assets

Impairment of non-financial assets

Assets that have an indefinite useful life are not subject to amortisation or depreciation and are tested annually for impairment or when there is an indication of impairment.

Assets that are subject to amortisation are reviewed annually on 30 June for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised in the income statement for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Each operating shaft, along with allocated common assets such as plants and administrative offices, is considered to be a cash generating unit as each shaft is largely independent from the cash flows of other shafts and assets belonging to the group

2 ACCOUNTING POLICIES continued

GROUP ACCOUNTING POLICIES continued

2.5 Impairment of non-financial assets continued

Fair value less cost to sell is generally determined by using discounted estimated after-tax future cash flows. Future cash flows are estimated based on quantities of recoverable minerals, expected gold prices (considering current and historical prices, price trends and related factors), production levels and cash costs of production, all based on life-of-mine (LoM) plans. Future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and risk specific to the asset. Refer to note 15 for detail.

The term “recoverable minerals” refers to the estimated amount of gold that will be obtained from reserves and resources and all related exploration stage mineral interests (except for other mine-related exploration potential and greenfields exploration potential discussed separately below) after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from such related exploration stage mineral interests will be risk adjusted based on management’s relative confidence in such materials.

In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of cash flows from other asset groups. With the exception of other mine-related exploration potential and greenfields exploration potential, estimates of future undiscounted cash flows are included on an area of interest basis, which generally represents an individual operating mine, even if the mines are included in a larger mine complex.

In the case of mineral interests associated with other mine-related exploration potential and greenfields exploration potential, cash flows and fair values are individually evaluated based primarily on recent exploration results and recent transactions involving sales of similar properties, if any. Assumptions underlying future cash flow estimates are subject to significant risks and uncertainties.

Impairment losses on goodwill are recognised immediately in the income statement and are not reversed. The impairment testing is performed annually on 30 June or when events or changes in circumstances indicate that it may be impaired.

Non-financial assets other than goodwill that suffered an impairment are reviewed annually for possible reversal of the impairment at 30 June. Reversal of impairments is also considered when there is objective evidence to indicate that the asset is no longer impaired. Where an impairment subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not higher than the carrying value that would have been determined had no impairment been recognised in prior years.

Operating Profit

Operating profit

The group defines operating profit as the profit earned from the normal core mining operations. In reporting operating profit in the income statement, transactions for capital transactions involving subsidiaries, joint arrangements and associates are excluded from operating profit as these are not considered to be part of the mining operations of the Harmony group. Any gains or losses on capital transactions are presented below the operating profit line.

Revenue

ACCOUNTING POLICY

The group has determined that gold is its primary product and other metals produced as part of the extraction process are considered to be by-products of gold. Revenue arising from metal sales is only recognised when the significant risks and rewards of ownership have been transferred, neither continuing managerial involvement nor effective control over the metals sold has been retained, the amount of revenue and costs incurred can be measured reliably and it is probable that the economic benefits associated with the sale will flow to the group. These conditions are satisfied when the gold has been delivered in terms of the contract and the sales price fixed, as evidenced by the certificate of sale issued by the refinery. The sales price for the majority of the group’s gold is based on the gold spot price according to the afternoon London Bullion Market fixing price for gold on the date the sale is concluded.

Revenues from by-product sales such as silver and uranium are credited to production costs as a by-product credit.

The effective portion of gains or losses on the derivatives designated as cash flow hedging items (forecast sales transactions) are recognised in revenue when the forecast sales transactions occur. See the accounting policy for derivatives and hedging activities in note 2.

Investment Income

ACCOUNTING POLICY

Interest income is recognised on the effective interest method, taking into account the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the group. Dividend income is recognised when the shareholder's right to receive payment is established. This is recognised at the last date of registration.

Cash flows from interest and dividends received are classified under operating activities in the cash flow statement.

Finance Costs

Borrowing costs are capitalised to the extent that they are directly attributable to the acquisition and construction of qualifying assets. Qualifying assets are assets that take a substantial time to get ready for their intended use. These costs are capitalised until the asset moves into the production phase. Other borrowing costs are expensed. The foreign exchange translation loss is included in the borrowing cost calculation to the extent that it is considered to be a part of interest.

Taxation

ACCOUNTING POLICY

Taxation is made up of current and deferred taxation. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred taxation is recognised on temporary differences existing at each reporting date between the tax base of all assets and liabilities and their carrying amounts. Substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred taxation, except to the extent that deferred tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and does not affect the accounting or taxable profit or loss at the time of the transaction. Deferred tax is charged to profit or loss, except where the tax relates to items recognised in other comprehensive income or directly in equity in which case the tax is also recognised in other comprehensive income or directly in equity. The effect on deferred tax of any changes in tax rates is recognised in the income statement, except to the extent that it relates to items previously charged or credited directly to equity.

The principal temporary differences arise from amortisation and depreciation on property, plant and equipment, provisions, unutilised tax losses, unutilised capital allowances carried forward and unrealised gains and losses on the gold forward sale contracts. Deferred tax assets relating to the carry forward of unutilised tax losses and unutilised capital allowances are recognised to the extent that it is probable that future taxable profit will be available against which the unutilised tax losses and unutilised capital allowances can be utilised. The recoverability of these assets is reviewed at each reporting date and adjusted if recovery is no longer probable.

Deferred income tax is provided on temporary differences arising from investments in subsidiaries, joint ventures and associates, except where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Dividends

ACCOUNTING POLICY

Dividends declared are recognised in the period in which they are approved by the board of directors. Dividends are payable in South African rand.

Cash flows from dividends paid are classified under financing activities in the cash flow statement.

Mining Assets

ACCOUNTING POLICY

Mining assets including mine development costs and mine plant facilities are initially recorded at cost, where after they are measured at cost less accumulated depreciation and impairment. Costs include expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably.

The net assets of operations placed on care and maintenance are impaired to their recoverable amount. Expenditure on the care and maintenance of these operations is charged against income, as incurred. Mineral and surface use rights represent mineral and surface use rights for parcels of land both owned and not owned by the group.

Mineral and surface rights include acquired mineral use rights in production, development and exploration phase properties. The amount capitalised related to a mineral and surface right, either as an individual asset purchase or as part of a business combination, is the fair value at acquisition.

The group’s mineral use rights are enforceable regardless of whether proved or probable reserves have been established. In certain limited situations, the nature of use changes from an exploration right to a mining right upon the establishment of proved and probable reserves. The group has the ability and intent to renew mineral use rights where the existing term is not sufficient to recover all identified and valued proved and probable reserves and/or undeveloped mineral interests.

Depreciation

Depreciation of mining assets is computed principally by the units-of-production method over life-of-mine based on estimated quantities of economically recoverable proved and probable reserves, which can be recovered in future from known mineral deposits.

In most instances, proved and probable reserves provide the best indication of the useful life of the group’s mines (and related assets). However, in some instances, proved and probable reserves may not provide a realistic indication of the useful life of the mine (and related assets). This may be the case, for example, where management is confident that further inferred resources will be converted into measured and indicated resources and if they are economically recoverable, they can also be classified as proved and probable reserves. Management is approaching economic decisions affecting the mine on this basis, but has chosen to delay the work required to designate them formally as reserves.

In assessing which resources to include so as to best reflect the useful life of the mine, management considers resources that have been included in the life-of-mine plan. To be included in the life-of-mine plan, resources need to be above the cut-off grade set by management, which means that the resource can be economically mined and is therefore commercially viable. This consistent systematic method for inclusion in the life-of-mine plan takes management’s view of the gold price, exchange rates as well as cost inflation into account. In declaring the resource, management would have had to obtain a specified level of confidence of the existence of the resource through drilling as required by the South African Code for Reporting Exploration Results, Mineral Resources and Mineral Reserves (SAMREC).

Additional confidence in the existence, commercial viability and economical recovery of such resources may be based on historical experience and available geological information, such as geological information obtained from other operations that are contiguous to the group’s as well as where the group mines continuations of these other operations’ orebodies and reefs. This is in addition to the drilling results obtained by the group and management’s knowledge of the geological setting of the surrounding areas, which would enable simulations and extrapolations to be done with a reasonable degree of accuracy.

In instances where management is able to demonstrate the economic recovery of such resources with a high level of confidence, such additional resources, which may also include certain, but not all, of the inferred resources, as well as the associated future development costs of accessing those resources, are included in the calculation of depreciation. The future development costs are those costs that need to be incurred to access these inferred resources, for example the costs to complete a decline or level, which may include infrastructure and equipping costs. These amounts have been extracted from the cash flow projections for the life-of-mine plans.

Mineral rights associated with production phase mineral interests are amortised over the life of mine using the units-of-production method in order to match the amortisation with the expected underlying future cash flows.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

ACCOUNTING POLICY continued

Impairment

Testing for impairment is done in terms of the group policy as discussed in note 2.5.

Stripping activities

The removal of overburden and other mine waste materials is often necessary during the initial development of a mine site, in order to access the mineral ore deposit. The directly attributable cost of this activity is capitalised in full within mining assets under construction, until the point at which the mine is considered to be capable of commercial production.

The removal of waste material after the point at which a mine is capable of commercial production is referred to as production stripping.

When the waste removal activity improves access to ore extracted in the current period, the costs of production stripping are charged to the income statement as operating costs in accordance with the principles of IAS 2 Inventories.

Where production stripping activity both produces inventory and improves access to ore in future periods the associated costs of waste removal are allocated between the two elements. The portion which benefits future ore extraction is capitalised within stripping and development capital expenditure. If the amount to be capitalised cannot be specifically identified it is determined based on the volume of waste extracted compared with expected volume for the identified component of the orebody. Components are specific volumes of a mine’s orebody that are determined by reference to the life-of-mine plan.

In certain instances significant levels of waste removal may occur during the production phase with little or no associated production. The cost of this waste removal is capitalised in full.

All amounts capitalised in respect of waste removal are depreciated using the units-of-production method based on proved and probable ore reserves of the component of the orebody to which they relate. The effects of changes to the life-of-mine plan on the expected cost of waste removal or remaining reserves for a component are accounted for prospectively as a change in estimate.

Scrapping of assets

Where significant adverse changes have taken place relating to the useful life of an asset, that asset is tested for impairment in terms of the group policy as discussed in note 2.5. Whether or not an impairment is recognised, it is then necessary to review the useful lives and residual values of the assets within the CGU – this is reviewed at least annually. Where necessary, the useful lives and residual values of the individual assets are revised.

Where the useful life of an asset is nil as a result of no future economic benefit expected from the use or disposal of that asset, it is necessary to derecognise the asset. The loss arising from the derecognition is included in profit or loss in the period in which the asset was derecognised.

Mining Assets Under Construction

ACCOUNTING POLICY

At the group’s surface mines, when it has been determined that a mineral property can be economically developed as a result of establishing proved and probable reserves, costs incurred to develop the property are capitalised as incurred until the mine is considered to have moved into the production phase. These costs include costs to further delineate the orebody and remove overburden to initially expose the orebody. At the group’s underground mines, all costs incurred to develop the property, including costs to access specific ore blocks or other areas of the underground mine, are capitalised to the extent that such costs will provide future economic benefits. These costs include the cost of shaft sinking and access, the costs of building access ways, lateral development, drift development, ramps, box cuts and other infrastructure development.

Where a depreciable asset is used in the construction or extension of a mine, the depreciation is capitalised against the mine’s cost.

Exploration properties acquired are recognised in the balance sheet within development cost and are shown at cost less provisions for impairment determined in accordance with the group’s accounting policy on impairment of non-financial assets.

Mineral interests associated with development and exploration phase mineral interests are not amortised until such time as the underlying property is converted to the production stage.

Capitalisation of pre-production costs ceases when commercial levels of production are reached. Commercial levels of production are discussed under “production start date” above.

Undeveloped Properties

ACCOUNTING POLICY

Undeveloped properties are initially recognised at cost, which is generally based on the fair value of resources obtained through acquisitions. The carrying values of these properties are tested annually for impairment. Once development commences, these properties are transferred to mining properties and accounted for in accordance with the related accounting policy.

Other Non-Mining Assets

ACCOUNTING POLICY

Land is shown at cost and not depreciated. Other non-mining fixed assets are shown at cost less accumulated depreciation and accumulated impairment losses.

Other non-mining fixed assets are depreciated on a straight-line basis over their estimated useful lives as follows:

• Vehicles at 20% per year.

• Computer equipment at 33.3% per year.

• Furniture and equipment at 16.67% per year.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

Intangible Assets

ACCOUNTING POLICY

Intangible assets consist of all identifiable non-monetary assets without physical substance. They are stated at cost less accumulated amortisation and accumulated impairment losses, if any. The following are the main categories of intangible assets:

Goodwill

Goodwill is an intangible asset with an indefinite useful life which is not amortised but tested for impairment on an annual basis, or when there is an indication of impairment. The excess of consideration transferred over the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. Goodwill on acquisition of subsidiaries, joint ventures and businesses is included in intangible assets. Goodwill on acquisition of associates is included in investments in associates and tested for impairment as part of the overall balance.

Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more cash generating units to which goodwill has been allocated changes due to a re-organisation, the goodwill is re-allocated to the units affected.

The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entity sold.

Technology-based assets

Acquired computer software licences that require further internal development are capitalised on the basis of costs incurred to acquire and bring to use the specific software. These technology-based assets are classified as intangible assets with a finite useful life. These assets are amortised on a straight-line basis over their estimated useful lives, which are reviewed annually, as follows:

• Computer software at 20% per year.

Financial Assets

ACCOUNTING POLICY - FINANCIAL ASSETS (APPLICABLE TO NOTES 17, 18, 19 AND 20)

Financial assets are initially measured at fair value when the group becomes a party to their contractual arrangements, with the exception of loans and receivables which are recognised on origination date. Transaction costs are included in the initial measurement of financial instruments, with the exception of financial instruments classified at fair value through profit or loss. The subsequent measurement of financial assets is discussed below.

A financial asset is derecognised when the right to receive cash flows from the asset has expired or the group has transferred its rights to receive cash and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assets.

On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss recognised in equity is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

The group classifies financials assets as follows:

• Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the group provides money, goods or services directly to a debtor with no intention of trading the receivable. Loans and receivables are subsequently measured at amortised cost using the effective interest method. Loans and receivables include trade and other receivables (excluding VAT and prepayments), restricted cash and cash and cash equivalents.

–__-Cash and cash equivalents are defined as cash on hand, deposits held at call with banks and short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents exclude restricted cash.

–__-Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. If collection of the trade receivable is expected in one year or less it is classified as current assets. If not, it is presented as non-current assets.A provision for impairment of receivables is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The carrying amount of the asset is reduced through the use of a provision for impairment (allowance account) and the amount of the loss is recognised in the income statement. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited in the income statement.

• Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of the investment within 12 months of the balance sheet date. Available-for-sale financial assets are subsequently carried at fair value. The fair values of quoted investments are based on current bid prices. If the fair value for a financial instrument cannot be obtained from an active market, the group establishes fair value by using valuation techniques. The group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired.

• Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the group’s management has the positive intention and ability to hold to maturity. The group’s held-to-maturity investments are subsequently measured at amortised cost using the effective interest method. The group assesses at the end of each reporting period whether there is objective evidence that a held-to-maturity investment is impaired as a result of an event. A portion of restricted investments held by the trust funds (refer to note 18) are classified as held-to-maturity investments.

ACCOUNTING POLICY - FINANCIAL ASSETS (APPLICABLE TO NOTES 17, 18, 19 AND 20) continued

• Financial assets at fair value through profit or loss have two sub-categories: financial assets held-for-trading, and those designated at fair value through profit or loss at inception. Derivative assets are categorised as held for trading unless designated as hedging instruments (refer to note 2.3). These assets are subsequently measured at fair value with gains or losses arising from changes in fair value recognised in the income statement in the period in which they arise.

Environmental trust funds

ACCOUNTING POLICY

Contributions are made to the group's environmental trust funds, created in accordance with statutory requirements, to fund the estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the group's mines. The trusts are consolidated into the group as the group exercises control of the trusts. The measurement of the investments held by the trust funds is dependent on their classification under financial assets. Income received and gains are treated in accordance with these classifications.

Inventory Measurement

ACCOUNTING POLICY

Inventories, which include bullion on hand, gold-in-process, gold in lock-up, ore stockpiles and consumables, are measured at the lower of cost and net realisable value. Net realisable value is assessed at each reporting date and is determined with reference to relevant market prices.

The cost of bullion, gold-in process and gold in lock-up is determined by reference to production cost, including amortisation and depreciation at the relevant stage of production. Ore stockpiles are valued at average production cost. Stockpiles and gold in lock-up are classified as non-current assets where the stockpile exceeds current processing capacity and where a portion of static gold in lock-up is expected to be recovered more than 12 months after balance sheet date.

Gold in-process inventories represent materials that are currently in the process of being converted to a saleable product. In-process material is measured based on assays of the material fed to process and the projected recoveries at the respective plants. In-process inventories are valued at the average cost of the material fed to process attributable to the source material coming from the mine or stockpile plus the in-process conversion costs, including the applicable depreciation relating to the process facility, incurred to that point in the process. Gold in-process includes gold in lock-up which is generally measured from the plants onwards.

Gold in lock-up is expected to be extracted when plants are demolished at the end of their useful lives, which is largely dependent on the estimated useful life of the operations feeding the plants.

At the group’s open pit operations, gold in-process represents production in broken ore form.

Consumables are valued at weighted average cost value after appropriate allowances for slow moving and redundant items.

Issued Capital

ACCOUNTING POLICY

Ordinary shares are classified as equity, incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

The cost of treasury shares is eliminated against the share capital balance.

Provisions

ACCOUNTING POLICY - PROVISIONS (APPLICABLE TO NOTES 26, 27, 28 AND 30)

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made.

The amount recognised as a provision is the net present value of the best estimate of the expenditure required to settle the present obligation at balance sheet date using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The estimate takes into account the associated risks and uncertainties. The increase in the provision due to the passage of time is recognised as interest expense.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic benefits will be required, the provision is reversed.

Provision for Environmental Rehabilitation

ACCOUNTING POLICY

Estimated long-term environmental obligations, comprising pollution control, rehabilitation and mine closure, are based on the group’s environmental management plans in compliance with current technological, environmental and regulatory requirements.

Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a pre-tax risk-free rate that is adjusted to reflect the current market assessments of the time value of money and the risks specific to the obligation.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. The present value of environmental disturbances created are capitalised to mining assets against an increase in the rehabilitation provision. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in the income statement. If the asset value is increased and there is an indication that the revised carrying value is not recoverable, impairment is performed in accordance with the accounting policy dealing with impairments of non-financial assets. Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control pollution is charged against income as incurred. Over time, the liability is increased to reflect an interest element, and the capitalised cost is depreciated over the life of the related asset.

Employee Benefits

RETIREMENT BENEFIT OBLIGATION

ACCOUNTING POLICY

The group provides medical cover to current employees and certain retirees through certain funds. The medical accounting costs for the defined benefit plan are assessed using the projected unit credit method. The health care obligation is measured at the present value of the estimated future cash outflows using government bond interest rates consistent with the terms and risks of the obligation. Actuarial gains and losses as a result of these valuations are recognised in other comprehensive income (OCI) at revaluation date. Actuarial gains and losses recognised in OCI will not be recycled to profit or loss. The future liability for current and retired employees and their dependants is accrued in full based on actuarial valuations obtained annually.

ACCOUNTING POLICY

• Pension, provident and medical benefit plans are funded through monthly contributions. The group pays fixed contributions into a separate entity in terms of the defined contribution pension, provident and medical plans which are charged to the income statement in the year to which they relate. The group's liability is limited to its monthly determined contributions and it has no further liability, legal or constructive, if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Refer to note 28 for details of the post-retirement medical benefit plan.

• Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after balance sheet date are discounted to present value.

Financial Liabilities

FINANCIAL LIABILITIES (APPLICABLE TO NOTES 29 AND 31)

Financial liabilities are initially measured at fair value when the group becomes a party to their contractual arrangements. Transaction costs are included in the initial measurement of financial liabilities, with the exception of financial liabilities classified at fair value through profit or loss. The subsequent measurement of financial liabilities is discussed below. A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The group classifies financial liabilities as follows:

• Borrowings are initially recognised at fair value net of transaction costs incurred and subsequently measured at amortised cost, comprising original debt less principal payments and amortisation, using the effective yield method. Any difference between proceeds (net of transaction cost) and the redemption value is recognised in the income statement over the period of the borrowing using the effective interest rate method.

Fees paid on the establishment of the loan facilities are capitalised as a pre-payment and amortised over the period of the facility to which it relates, to the extent it is probable that some or all of the facility will be drawn down. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is expensed.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

• Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Payables are classified as current liabilities if payment is due within a year or less. If not, they are presented as non-current liabilities.

Trade and Other Payables

ACCOUNTING POLICY

The group accrues for the cost of the leave days granted to employees during the period in which the leave days accumulate.

Share-Based Payments

ACCOUNTING POLICY

The group operates an equity-settled share-based payments plan where the group grants share options to certain employees in exchange for services received.

Equity-settled share-based payments are measured at fair value that includes market performance conditions but excludes the impact of any service and non-market performance conditions of the equity instruments at the date of the grant. The share-based payments are expensed over the vesting period, based on the group's estimate of the shares that are expected to eventually vest. The group used an appropriate option pricing model in determining the fair value of the options granted. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the estimates of the number of options that are expected to become exercisable are revised. The impact of the revision of original estimates, if any, is recognised in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Segment Reporting

ACCOUNTING POLICY

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The chief operating decision-maker has been identified as the CEO's office.

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Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2018

Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]

New Standards, Amendments to Standards and Interpretations to Existing Standards Adopted By The Group

New standards, amendments to standards and interpretations to existing standards adopted by the group

The standards and amendments to standards that becameeffective during the2018year did not have an impact on the consolidated financial statements with the exception of the following:

Pronouncement	Title	Effective date
IAS 7 (Amendments)	Statement of Cash Flows - Disclosure initiative	1 January 2017

New Standards, Amendments to Standards and Interpretations to Existing Standards That Are Not Yet Effective and Have Not Been Early Adopted

New standards, amendments to standards and interpretations to existing standards that are not yet effective and have not been early adopted.

At the date of authorisation of these financial statements, the standards, amendments to standards and interpretations listed below were in issue but not yet effective. These new standards and interpretations have not been early adopted by the group and the group plans on adopting these standards, amendments to standards and interpretations on the dates when they become effective. The effective dates below are for the financial periods beginning on or after the given date.

The following standards, amendments to standards and interpretations to existing standards may possibly have an impact on the group:

Pronouncement	Title	Effective date
IFRS 9	Financial Instruments	1 January 2018
	This standard on classification and measurement of financial assets and financial liabilities will replace IAS 39, Financial Instruments: Recognition and Measurement. IFRS 9 has two measurement categories: amortised cost and fair value.
	The group does not expect the new guidance to have a significant impact on the classification and measurement of its financial assets for the following reasons: –__-The equity instruments that are currently classified as available-for-sale financial assets appear to satisfy the conditions for classification as at fair value through other comprehensive income and hence there will be no change to the accounting for these assets. –__-A fair value through other comprehensive income (FVOCI) election is available for the equity instruments which are currently classified as available-for-sale. –__-Equity investments currently measured at fair value through profit or loss (FVPL) will likely continue to be measured on the same basis under IFRS 9. –__-Debt instruments currently classified as held-to-maturity and measured at amortised cost appear to meet the conditions for classification at amortised cost under IFRS 9.

2 ACCOUNTING POLICIES continued

RECENT ACCOUNTING DEVELOPMENTS continued

The following standards, amendments to standards and interpretations to existing standards may possibly have an impact on the group:

Pronouncement	Title	Effective date
IFRS 9	Financial Instruments continued	1 January 2018
	There will be no impact on the group’s accounting for financial liabilities, as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss and the group does not have any such liabilities.
	The derecognition rules for all financial instruments have been transferred from IAS 39.
	Hedge accounting
	The new hedge accounting rules will align the accounting for hedging instruments more closely with the group’s risk management practices. As a general rule, more hedge relationships might be eligible for hedge accounting, as the standard introduces a more principles-based approach. However, at this stage the group does not expect to identify any new hedge relationships. The group’s existing hedge relationships appear to qualify as continuing hedges upon the adoption of IFRS 9. As a consequence, the group does not expect a significant impact on the accounting for its hedging relationships.
	Expected credit losses
	The impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses as is the case under IAS 39. The impact of the new impairment requirements is not expected to be material for the following reasons: –__-The group does not generally carry significant assets that are subject to the new impairment requirements; and –__-The group expects to make use of practical expedients when measuring expected credit losses on trade receivables.
	Disclosures
	Extensive disclosures are required, including reconciliations from opening to closing amounts of the ECL provision, assumptions and inputs and a reconciliation on transition of the original classification categories under IAS 39 to the new classification categories in IFRS 9. These are expected to change the nature and extent of the group’s disclosures about its financial instruments particularly in the year of the adoption of the new standard.
	Transition
	The group expects to apply the standard prospectively without restating any comparative figures. The difference between the carrying amount of financial instruments before the adoption of IFRS 9 and the new carrying amount calculated in accordance with the standard at the beginning of the annual reporting period that includes the date of initial application will be recognised directly in the opening balance of equity in the annual reporting period that includes the date of initial application.

2 ACCOUNTING POLICIES continued

RECENT ACCOUNTING DEVELOPMENTS continued

The following standards, amendments to standards and interpretations to existing standards may possibly have an impact on the group:

Pronouncement	Title	Effective date
IFRS 15	Revenue from Contracts with Customers	1 January 2018
	Revenue is currently recognised when the goods are delivered and a certificate of sale is issued by the customer, which is taken to be the point in time at which the customer accepts the goods and the related risks and rewards of ownership transfer. Revenue is recognised at this point provided that the revenue and costs can be measured reliably, the recovery of the consideration is probable and there is no continuing management involvement with the goods.
	Under IFRS 15, revenue will be recognised when a customer obtains control of the goods. The group expects that the certificate of sale will continue to drive revenue recognition as this is the point when control of the goods effectively transfers to the customer.
	However, we expect that the adoption of IFRS 15 will result in the recognition of by-product revenue in “revenue from product sales”. Revenue from product sales includes gold income and by-product revenue. This change in classification results in a consequential increase in costs of sales, and therefore will not have an impact on previously reported gross profit or loss.
	The group expects to apply the standard retrospectively to each prior reporting period presented in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
IFRS 16	Leases	1 January 2019
	The new standard requires lessees to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ for virtually all lease contracts (with limited exceptions), whereas previously, lessees were required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet).
	The guidance on the definition of a lease (as well as the guidance on the combination and separation of contracts) has been updated, affecting lessors, although the accounting remains almost unchanged. The new accounting model for lessees is expected to impact negotiations between lessors and lessees.
	The group is still assessing the impact of the new standard. In general, it is expected that assets and liabilities will increase as right of use assets and lease liabilities will be recognised for most of the group’s leases. This is expected to lead to an increase in depreciation and interest expense and a change in the classification of cash flows.

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Financial Risk Management (Tables)

12 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Disclosure of Financial Assets

The group's financial assets and liabilities are set out below:

Figures in million (US dollars)	Loans and receivables	Available-for-sale financial assets	Held-to-maturity investments	Hedging instruments	Fair value through profit or loss	Financial liabilities at amortised cost
At 30 June 2018
Financial assets
Restricted cash	9	—	—	—	—	—
Restricted investments	2	—	169	—	66	—
Investment in financial assets	—	1	—	—	—	—
Other non-current receivables	18	—	—	—	—	—
Derivative financial instruments	—	—	—	34	11	—
Trade and other receivables	45	—	—	—	—	—
Cash and cash equivalents	51	—	—	—	—	—
Financial liabilities
Derivative financial instruments	—	—	—	—	16	—
Borrowings	—	—	—	—	—	407
Trade and other payables	—	—	—	—	—	56
At 30 June 2017
Financial assets
Restricted cash	6	—	—	—	—	—
Restricted investments	2	—	137	—	64	—
Other non-current receivables	14	—	—	—	—	—
Derivative financial instruments	—	—	—	105	36	—
Trade and other receivables	39	—	—	—	—	—
Cash and cash equivalents	95	—	—	—	—	—
Financial liabilities
Borrowings	—	—	—	—	—	163
Other non-current liabilities	—	—	—	—	—	1
Trade and other payables	—	—	—	—	—	47

	US dollar
Figures in million	2018	2017
Investments held by environmental trust funds (a)	235	200
Investments held by social trust funds (b)	2	3
Total restricted investments	237	203

(a) Environmental trust funds

ACCOUNTING POLICY

Contributions are made to the group's environmental trust funds, created in accordance with statutory requirements, to fund the estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the group's mines. The trusts are consolidated into the group as the group exercises control of the trusts. The measurement of the investments held by the trust funds is dependent on their classification under financial assets. Income received and gains are treated in accordance with these classifications.

The environmental trust funds are irrevocable trusts under the group's control. Contributions to the trusts are invested in interest-bearing short-term and medium-term cash investments and medium term equity-linked notes issued by commercial banks that provide guaranteed interest and additional interest or growth linked to the growth of the Top 40 index of the JSE. The equity-linked notes are designated as fair value through profit or loss investments and recorded at fair value whilst the interest-bearing short-term investments are classified either as held-to-maturity and recorded at amortised cost or as cash and cash equivalents and recorded at fair value. These investments provide for the estimated cost of rehabilitation at the end of the life of the group's mines. Income earned on the investments is retained in the funds and reinvested.

18 RESTRICTED INVESTMENTS continued

(a) Environmental trust funds continued

The environmental trust funds consist of:

	US dollar
Figures in million	2018	2017
Held-to-maturity financial assets	169	137
Cash and cash equivalents (loans and receivables)	2	2
Fair value through profit or loss financial assets	64	61
Total environmental trust funds	235	200

Reconciliation of the movement in the investments held by environmental trust funds:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	200		167
Interest income	12		11
Fair value gain	6		—
Moab Khotsong acquisition1	33		—
Equity-linked deposits acquired	—		15
Maturity/(acquisition) of held-to-maturity investments	—		(16	)
Net (disposal)/acquisition of cash and cash equivalents	(1	)	2
Translation	(15	)	21
Balance at end of year	235		200

¹ Refer to note 14 for further information. The amount includes US$5.0 million relating to Nufcor SA. Upon receipt the funds were invested within held-to-maturity financial assets.

(b) The social trust fund

The social trust fund is an irrevocable trust under the group's control. The purpose of the trust is to fund the social plan to reduce the negative effects of restructuring on the group's workforce, to put measures in place to ensure that the technical and life skills of the group's workforce are developed and to develop the group's workforce in such a manner as to avoid or minimise the effect of job losses and a decline in employment through turnaround or redeployment strategies.

The social trust fund investment comprises a unit trust portfolio that is exposed to the fair value changes in the equity market and is classified as a fair value through profit or loss investment.

Disclosure of Financial Liabilities

The group's financial assets and liabilities are set out below:

Figures in million (US dollars)	Loans and receivables	Available-for-sale financial assets	Held-to-maturity investments	Hedging instruments	Fair value through profit or loss	Financial liabilities at amortised cost
At 30 June 2018
Financial assets
Restricted cash	9	—	—	—	—	—
Restricted investments	2	—	169	—	66	—
Investment in financial assets	—	1	—	—	—	—
Other non-current receivables	18	—	—	—	—	—
Derivative financial instruments	—	—	—	34	11	—
Trade and other receivables	45	—	—	—	—	—
Cash and cash equivalents	51	—	—	—	—	—
Financial liabilities
Derivative financial instruments	—	—	—	—	16	—
Borrowings	—	—	—	—	—	407
Trade and other payables	—	—	—	—	—	56
At 30 June 2017
Financial assets
Restricted cash	6	—	—	—	—	—
Restricted investments	2	—	137	—	64	—
Other non-current receivables	14	—	—	—	—	—
Derivative financial instruments	—	—	—	105	36	—
Trade and other receivables	39	—	—	—	—	—
Cash and cash equivalents	95	—	—	—	—	—
Financial liabilities
Borrowings	—	—	—	—	—	163
Other non-current liabilities	—	—	—	—	—	1
Trade and other payables	—	—	—	—	—	47

Schedule of Sensitivity Analysis for Types of Market Risk

The group has reviewed its foreign currency exposure on financial assets and financial liabilities and has identified the following sensitivities for a 10% change in the exchange rate that would affect profit or loss. Management considers a range between 10% and 20% to be a reasonable change given the volatility in the market.

	US dollar
Figures in million	2018		2017
Sensitivity analysis - borrowings
Rand against US$
Balance at 30 June	370		140
Strengthen by 10%	37		14
Weaken by 10%	(37	)	(14	)
Closing rate	13.81		13.11
Sensitivity analysis - financial instruments
Rand against US$
Balance at 30 June	(10	)	34
Strengthen by 10%	48		40
Weaken by 10%	(45	)	(34	)
Closing rate	13.81		13.11
US$ against Kina
Balance at 30 June	2		7
Strengthen by 10%	—		1
Weaken by 10%	—		(1	)
Closing rate	0.30		0.32

The group has reviewed its exposure to commodity linked instruments and has identified the following sensitivities for a 10% change in the commodity price specified per contract that would affect other comprehensive income and profit or loss. Management considers a range between 10% and 20% to be a reasonable change given the recent volatility in the market.

	US dollar
Figures in million	2018		2017
Sensitivity analysis
Rand gold derivatives
Other comprehensive income
Increase by 10%	(38	)	(41	)
Decrease by 10%	37		40
US$ gold derivatives
Profit or loss
Increase by 10%	(12	)	(8	)
Decrease by 10%	12		8
US$ silver derivatives
Profit or loss
Increase by 10%	(1	)	(1	)
Decrease by 10%	1		1

A change of 100 basis points in interest rates at the reporting date would have increased/(decreased) profit or loss before tax by the amounts shown below. This analysis assumes that all other variables remain constant. The analysis is performed on the same basis for 2017.

4 FINANCIAL RISK MANAGEMENT continued

MARKET RISK continued

(iv) Interest rate risk continued

	US dollar
Figures in million	2018		2017
Sensitivity analysis - borrowings (finance costs)
Increase by 100 basis points	(4	)	(2	)
Decrease by 100 basis points	4		2
Sensitivity analysis - financial assets (interest received)
Increase by 100 basis points	2		2
Decrease by 100 basis points	(2	)	(2	)

Schedule of Credit Risk

Financial institutions' credit rating by exposure (Source: Fitch Ratings and Global Credit Ratings)

	US dollar
Figures in million	2018	2017
Cash and cash equivalents
AA+	—	43
AA	45	30
AA-	6	22
	51	95
Restricted cash
AA	7	6
AA-	2	—
	9	6
Restricted investments (environmental trusts)
AA+	109	86
AA	126	90
AA-	—	24
	235	200
Derivative financial assets
AA+	9	54
AA	26	2
AA-	10	85
	45	141

Disclosure of Contractual Maturities of Financial Liabilities

The following are the contractual maturities of financial liabilities (including principal and interest payments assuming the closing R/US$ exchange rate and interest rate at year end):

	US dollar
Figures in million	Current	More than 1 year
2018
Trade and other payables (excluding non-financial liabilities)	56	—
Derivative financial liabilities	9	7
Borrowings
Due between 0 to six months	51	—
Due between six to 12 months	—	—
Due between one to two years	—	42
Due between two to five years	—	362
	116	411

2017
Other non-current liabilities	—	1
Trade and other payables (excluding non-financial liabilities)	47	—
Borrowings
Due between 0 to six months	4	—
Due between six to 12 months	142	—
Due between one to two years	—	2
Due between two to five years	—	24
	193	27

Disclosure of Net Debt

Net debt is as follows:

	US dollar
Figures in million	2018		2017
Cash and cash equivalents	51		95
Borrowings	(407	)	(163	)
Net debt	(356	)	(68	)

Schedule of Financial Assets Measured at Fair Value

The following table presents the group's financial assets and liabilities that are measured at fair value by level at reporting date:

Figures in million (US dollar)	Fair value hierarchy level	At 30 June 2018		At 30 June 2017
Available-for-sale financial assets
Investment in financial assets1		1		—
Fair value through profit and loss financial assets and liabilities
Restricted investments2	Level 2	66		64
Derivative financial instruments3		29		141
Forex hedging contracts	Level 2	(10	)	34
Rand gold hedging contracts	Level 2	33		105
US$ gold hedging contracts	Level 2	6		2

¹  Level 3 fair values have been valued by the directors by performing independent valuations on an annual basis.

²  The majority of the level 2 fair values are directly derived from the Top 40 index on the JSE, and are discounted at market interest rate. This relates to equity-linked deposits in the group's environmental rehabilitation trust funds. The balance of the environmental trust funds are held to maturity and therefore not disclosed here.

³  The fair value measurements are derived as follows:

Forex hedging contracts

(a) Zero cost collars: a Black-Scholes valuation technique, derived from spot rand/US$ exchange rate inputs, implied volatilities on the rand/US$ exchange rate, rand/US$ inter-bank interest rates and discounted at market interest rate (zero-coupon interest rate curve).

(b) Forward exchange contracts: spot rand/US$ exchange rate, rand and dollar interest differential (forward points) and discounted at market interest (zero-coupon bond interest rate curve).

Rand gold hedging contracts (forward sale contracts): spot rand/US$ exchange rate, rand and dollar interest rates (forward points), spot US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at market interest rate.

US$ gold hedging contracts (forward sale contracts): spot US$ gold price, differential between the US interest rate and gold lease interest rate and discounted at market interest rate.

Silver hedging contracts (zero cost collars): a Black-Scholes valuation technique, derived from spot US$ silver price, strike price, implied volatilities, time to maturity and interest rates and discounted at market interest rate.

Schedule of Financial Liabilities Measured at Fair Value

The following table presents the group's financial assets and liabilities that are measured at fair value by level at reporting date:

Figures in million (US dollar)	Fair value hierarchy level	At 30 June 2018		At 30 June 2017
Available-for-sale financial assets
Investment in financial assets1		1		—
Fair value through profit and loss financial assets and liabilities
Restricted investments2	Level 2	66		64
Derivative financial instruments3		29		141
Forex hedging contracts	Level 2	(10	)	34
Rand gold hedging contracts	Level 2	33		105
US$ gold hedging contracts	Level 2	6		2

¹  Level 3 fair values have been valued by the directors by performing independent valuations on an annual basis.

²  The majority of the level 2 fair values are directly derived from the Top 40 index on the JSE, and are discounted at market interest rate. This relates to equity-linked deposits in the group's environmental rehabilitation trust funds. The balance of the environmental trust funds are held to maturity and therefore not disclosed here.

³  The fair value measurements are derived as follows:

Forex hedging contracts

(a) Zero cost collars: a Black-Scholes valuation technique, derived from spot rand/US$ exchange rate inputs, implied volatilities on the rand/US$ exchange rate, rand/US$ inter-bank interest rates and discounted at market interest rate (zero-coupon interest rate curve).

(b) Forward exchange contracts: spot rand/US$ exchange rate, rand and dollar interest differential (forward points) and discounted at market interest (zero-coupon bond interest rate curve).

Rand gold hedging contracts (forward sale contracts): spot rand/US$ exchange rate, rand and dollar interest rates (forward points), spot US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at market interest rate.

US$ gold hedging contracts (forward sale contracts): spot US$ gold price, differential between the US interest rate and gold lease interest rate and discounted at market interest rate.

Silver hedging contracts (zero cost collars): a Black-Scholes valuation technique, derived from spot US$ silver price, strike price, implied volatilities, time to maturity and interest rates and discounted at market interest rate.

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Revenue (Tables)

12 Months Ended

Jun. 30, 2018

Revenue [abstract]

Disclosure of detailed information about revenue

	US dollar
Figures in million	2018	2017	2016
Gold sales	1 491	1 363	1 264
Hedging gain¹	93	53	—
Total revenue	1 584	1 416	1 264

¹ Relates to the realised effective portion of the Rand gold hedge. Refer to note 20 for further information.

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Cost of Sales (Tables)

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Disclosure of cost of sales

	US dollar
Figures in million	2018		2017		2016
Production costs (a)	1 167		1 089		914
Amortisation and depreciation of mining assets	192		179		144
Amortisation and depreciation of assets other than mining assets (b)	8		6		5
Rehabilitation expenditure/(credit) (c)	5		2		(3	)
Care and maintenance costs of restructured shafts	10		8		8
Employment termination and restructuring costs (d)	16		5		1
Share-based payments (e)	19		29		23
Impairment of assets (f)	386		131		(3	)
Other	(3	)	(1	)	(1	)
Total cost of sales	1 800		1 448		1 088

(a) Production costs include mine production and transport and refinery costs, applicable general administrative costs, movement in inventories and ore stockpiles, ongoing environmental rehabilitation costs and transfers for stripping activities. Employee termination costs are included, except for employee termination costs associated with major restructuring and shaft closures, which are separately disclosed.

Production costs for 2018 include US$78.6 million related to the Moab Khotsong operations. Production costs related to Hidden Valley were US$78.5 million lower than the comparative period due to the capitalisation of costs during the plant upgrade and the development of the stage 5 and 6 cut back. Refer to note 15 for further information.

6 COST OF SALES

(a) Production costs continued

Production costs, analysed by nature, consist of the following:

	US dollar
Figures in million	2018		2017		2016
Labour costs, including contractors1	759		662		559
Consumables	266		266		230
Water and electricity	199		170		148
Insurance	7		7		7
Transportation	9		13		12
Change in inventory2	(16	)	27		7
Capitalisation of mine development costs	(121	)	(97	)	(93	)
Stripping activities3	(13	)	(6	)	(3	)
By-product sales	(7	)	(17	)	(23	)
Royalty expense	9		16		12
Other	75		48		58
Total production costs	1 167		1 089		914

¹ Labour costs increased as a result of the acquisition of the Moab Khotsong operations, annual increases and bonuses.

² Change in inventory decreased as the physical gold stock increased mainly due to the acquisition of Moab Khotsong. The change in 2017 relates primarily to the effect of treating the run-of-mine stockpiles at Hidden Valley when the mining of stage 4 concluded.

³ Stripping activities increased as a result of increased development at Hidden Valley.

(b) Amortisation and depreciation of assets other than mining assets includes the amortisation of intangible assets.

(c) For the assumptions used to calculate the rehabilitation costs, refer to note 26. This expense includes the change in estimate for the rehabilitation provision where an asset no longer exists as well as costs related to the rehabilitation process. For 2018, US$7.3 million (2017: US$7.1 million) (2016: US$4.8 million) was spent on rehabilitation in South Africa.

(d) The employment termination and restructuring costs in 2018 relates to a voluntary severance programme. The 2017 amount includes contractor fees for the optimisation of the Hidden Valley operation of US$4.8 million.

(e) Refer to note 34 for details on the share-based payment schemes implemented by the group.

(f) Impairment recognised during the year is an outcome of forecast cost inflation, a subdued forecast gold price and the resultant impact on margins. Lower resource values at Doornkop's Kimberley Reef and Target North further contributed to the impairment recognised. Refer to note 15 for further information. The impairment/(reversal of impairment) of assets consists of the following:

	US dollar
Figures in million	2018	2017	2016
Tshepong Operations	71	19	—
Doornkop	23	—	(50	)
Kusasalethu	42	52	—
Target 1	51	60	—
Joel	11	—	—
Unisel	35	—	—
Masimong	24	—	15
Target North	106	—	—
Hidden Valley	—	—	32
Other mining assets	23	—	—
Total impairment/(reversal on impairment) of assets	386	131	(3	)

The impairment assessment performed at 30 June 2018 resulted from lower recoverable amounts driven by the lower increase in the forecast gold price relative to the forecast cost inflation assumptions used in the life-of-mine plans which impacted negatively on margins. There were no reversals of impairment recorded in the 2018 or 2017 financial years.

6 COST OF SALES continued

(f) Impairment continued

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2018 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Tshepong Operations	The impairment was mainly driven by sensitivity to fluctuations in the gold price. Furthermore the updated life-of-mine for the Tshepong operations presented a marginal decrease in recovered grade.	538
Joel	The updated life-of-mine for the Joel operation, presented a marginal decrease in recovered grade.	63
Target 1	Exploration drilling results during the year pointed towards lower grade estimates within certain blocks that have now been excluded from the life-of-mine plans.	88
Unisel	Excluded the Leader Reef from the life-of-mine plan to focus on the higher grade Basal Reef. This reduced the life-of-mine from four years to eighteen months.	3
Masimong	The impairment at Masimong was as a result of the depletion of the higher grade B Reef and subsequent reduced life-of-mine.	4
Kusasalethu	Kusasalethu's old section of the mine at the operation was excluded in the FY19 life-of-mine plan.	155
Doornkop	The impairment of Doornkop is primarily as a result of a decrease in the Kimberley Reef's resource values.	198
Target North	The impairment of Target North was as a result of a decrease in resource values.	267
Other mining assets	The updated life-of-mine plans for the CGU's in Freegold and Harmony resulted in the impairment of other mining assets.	26

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2017 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Tshepong Operations	The impairment was mainly driven by the restriction on hoisting capacity at Phakisa along with the general pressure on margins.	595
Target 1	Information gained from the underground drilling during the year indicated that some areas of the bottom reef of the Dreyerskuil are highly channelised, which negatively impacted on the overall grade for the operation. These areas were subsequently excluded from the life-of-mine plan. This, together with the general pressure on margins, reduced the profitability of the operation over its life and contributed to the decrease in the recoverable amount.	153
Kusasalethu	The impairment was driven by a reduction in the additional attributable resource value as a result of a decrease in the ounces. The company investigated the viability of a decline to extend the life. The business case showed that the option was not feasible and therefore the resource ounces were reduced.	214

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2016 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Hidden Valley	The updated life-of-mine plan for Hidden Valley resulted in lower production for the 2017 financial year as the mine would only process ore stockpiles followed by an extended period of care and maintenance, compared to the previous plan. Stripping activities for stage 5 were planned to recommence in the 2018 financial year according to the year-end life-of-mine plan.	22
Doornkop	The higher recoverable amount for Doornkop, which resulted in the reversal was mainly due to the increased rand gold price assumption, improvements in operational efficiencies during the 2016 financial year that resulted in increased production levels in the updated life-of-mine plan and new mining areas included in the life-of-mine plan based on additional exploration performed during 2016.	190
Masimong	Masimong is a low margin operation and had a remaining life of three years at the time. The exploration programme to locate additional areas of the higher grade B Reef proved unsuccessful and was stopped during the 2016 financial year. In addition, the grade estimation of the Basal Reef decreased and as a result a portion of the resource was abandoned at 30 June 2016. The lower resource value resulted in a lower recoverable amount and the recognition of an impairment.	32

The recoverable amounts for these assets have been determined on a fair value less costs to sell basis using the assumptions per note 15 in discounted cash flow models and attributable resource values. These are fair value measurements classified as level 3. During 2018, the resource multiples were reassessed in order to be reflective of current market conditions using multiples derived from past transactions with an adjustment for the gold price. The transactions were used to derive US$/oz multiples for resources. The resource per ounce values have decreased substantially as a result of the low levels of merger and acquisition activity influencing the marketability of resource companies in South Africa, and more specifically gold mining companies.

Disclosure of production costs

Production costs, analysed by nature, consist of the following:

	US dollar
Figures in million	2018		2017		2016
Labour costs, including contractors1	759		662		559
Consumables	266		266		230
Water and electricity	199		170		148
Insurance	7		7		7
Transportation	9		13		12
Change in inventory2	(16	)	27		7
Capitalisation of mine development costs	(121	)	(97	)	(93	)
Stripping activities3	(13	)	(6	)	(3	)
By-product sales	(7	)	(17	)	(23	)
Royalty expense	9		16		12
Other	75		48		58
Total production costs	1 167		1 089		914

¹ Labour costs increased as a result of the acquisition of the Moab Khotsong operations, annual increases and bonuses.

² Change in inventory decreased as the physical gold stock increased mainly due to the acquisition of Moab Khotsong. The change in 2017 relates primarily to the effect of treating the run-of-mine stockpiles at Hidden Valley when the mining of stage 4 concluded.

³ Stripping activities increased as a result of increased development at Hidden Valley.

Disclosure of impairment of assets

The impairment/(reversal of impairment) of assets consists of the following:

	US dollar
Figures in million	2018	2017	2016
Tshepong Operations	71	19	—
Doornkop	23	—	(50	)
Kusasalethu	42	52	—
Target 1	51	60	—
Joel	11	—	—
Unisel	35	—	—
Masimong	24	—	15
Target North	106	—	—
Hidden Valley	—	—	32
Other mining assets	23	—	—
Total impairment/(reversal on impairment) of assets	386	131	(3	)

The impairment assessment performed at 30 June 2018 resulted from lower recoverable amounts driven by the lower increase in the forecast gold price relative to the forecast cost inflation assumptions used in the life-of-mine plans which impacted negatively on margins. There were no reversals of impairment recorded in the 2018 or 2017 financial years.

6 COST OF SALES continued

(f) Impairment continued

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2018 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Tshepong Operations	The impairment was mainly driven by sensitivity to fluctuations in the gold price. Furthermore the updated life-of-mine for the Tshepong operations presented a marginal decrease in recovered grade.	538
Joel	The updated life-of-mine for the Joel operation, presented a marginal decrease in recovered grade.	63
Target 1	Exploration drilling results during the year pointed towards lower grade estimates within certain blocks that have now been excluded from the life-of-mine plans.	88
Unisel	Excluded the Leader Reef from the life-of-mine plan to focus on the higher grade Basal Reef. This reduced the life-of-mine from four years to eighteen months.	3
Masimong	The impairment at Masimong was as a result of the depletion of the higher grade B Reef and subsequent reduced life-of-mine.	4
Kusasalethu	Kusasalethu's old section of the mine at the operation was excluded in the FY19 life-of-mine plan.	155
Doornkop	The impairment of Doornkop is primarily as a result of a decrease in the Kimberley Reef's resource values.	198
Target North	The impairment of Target North was as a result of a decrease in resource values.	267
Other mining assets	The updated life-of-mine plans for the CGU's in Freegold and Harmony resulted in the impairment of other mining assets.	26

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2017 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Tshepong Operations	The impairment was mainly driven by the restriction on hoisting capacity at Phakisa along with the general pressure on margins.	595
Target 1	Information gained from the underground drilling during the year indicated that some areas of the bottom reef of the Dreyerskuil are highly channelised, which negatively impacted on the overall grade for the operation. These areas were subsequently excluded from the life-of-mine plan. This, together with the general pressure on margins, reduced the profitability of the operation over its life and contributed to the decrease in the recoverable amount.	153
Kusasalethu	The impairment was driven by a reduction in the additional attributable resource value as a result of a decrease in the ounces. The company investigated the viability of a decline to extend the life. The business case showed that the option was not feasible and therefore the resource ounces were reduced.	214

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2016 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Hidden Valley	The updated life-of-mine plan for Hidden Valley resulted in lower production for the 2017 financial year as the mine would only process ore stockpiles followed by an extended period of care and maintenance, compared to the previous plan. Stripping activities for stage 5 were planned to recommence in the 2018 financial year according to the year-end life-of-mine plan.	22
Doornkop	The higher recoverable amount for Doornkop, which resulted in the reversal was mainly due to the increased rand gold price assumption, improvements in operational efficiencies during the 2016 financial year that resulted in increased production levels in the updated life-of-mine plan and new mining areas included in the life-of-mine plan based on additional exploration performed during 2016.	190
Masimong	Masimong is a low margin operation and had a remaining life of three years at the time. The exploration programme to locate additional areas of the higher grade B Reef proved unsuccessful and was stopped during the 2016 financial year. In addition, the grade estimation of the Basal Reef decreased and as a result a portion of the resource was abandoned at 30 June 2016. The lower resource value resulted in a lower recoverable amount and the recognition of an impairment.	32

The sensitivity scenario of a 10% decrease or increase in the commodity price used in the discounted cash flow models and the resource values used (with all other variables held constant) would have resulted in the following impairment being recorded as at 30 June 2018 and 2017:

	US dollar
Figures in million	2018	2017
- 10% decrease
Tshepong Operations1	375	281
Kusasalethu	197	157
Hidden Valley	54	79
Target 1	122	137
Doornkop	149	71
Masimong	28	30
Moab Khotsong1	118	—
Joel1	64	—
Target 3	10	—
Other surface operations	39	20
Target North	132	—
Unisel	38	17
Bambanani1	16	10
+ 10% increase
Masimong	4	—
Target North	79	—
Unisel	31	—

¹ The carrying amounts of these CGU's include goodwill and any impairment losses are allocated first to goodwill and then to the identifiable assets.

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Gains on Derivatives (Tables)

12 Months Ended

Jun. 30, 2018

Gains (losses) on change in fair value of derivatives [abstract]

Schedule of Gains on Derivatives

	US dollar
Figures in million	2018		2017		2016
Derivative gain1	11		81		30
Hedge ineffectiveness	—		1		—
Day one loss amortisation	(3	)	(7	)	—
Total gains on derivatives	8		75		30

¹ Relates primarily to foreign exchange collars (refer to note 20).

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Other Operating Expenses (Tables)

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Schedule of Other Operating Expenses

	US dollar
Figures in million	2018		2017		2016
Profit on sale of property, plant and equipment	—		(3	)	—
Social investment expenditure	6		6		4
Loss on scrapping of property, plant and equipment (refer to note 15)	—		10		4
Foreign exchange translation (gain)/loss (a)	53		(14	)	43
Silicosis settlement provision/(reversal of provision) (b)	(5	)	70		—
Provision/(reversal of provision) for ARM BEE Loan (c)	(3	)	1		2
Other (income)/expenses - net	2		(2	)	1
Total other operating expenses	53		68		54

(a) The majority of the foreign exchange gains and losses relates to the US$ borrowings. Refer to note 29 for more details.

(b) Refer to note 27 or details on the movement in the silicosis settlement provision.

(c) The provision was reversed following an increase in African Rainbow Minerals Limited's share price and dividends paid in the period between July 2017 and June 2018, which form part of the recoverability test at 30 June 2018. Refer to note 19 for further details on the ARM BEE loan.

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Operating Profit/(Loss) (Tables)

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Disclosure of profit/(loss) from operating activities

The following have been included in operating profit/(loss):

	US dollar
Figures in million	2018	2017	2016
Auditor's remuneration
Made up as follows:
External
Fees - current year	3	2	2
Total auditor's remuneration	3	2	2

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Investment Income (Tables)

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Disclosure of finance income

	US dollar
Figures in million	2018	2017	2016
Interest income	21	20	16
Loans and receivables	—	1	2
Held-to-maturity investments	12	11	9
Cash and cash equivalents	9	8	5
Net gain on financial instruments1	6	—	1
Total investment income	27	20	17

¹ Relates to the environmental trust funds and the social trust fund. Refer to note 18.

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Finance Costs (Tables)

12 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Disclosure of Finance Costs

	US dollar
Figures in million	2018		2017		2016
Financial liabilities
Borrowings	18		8		12
Total finance costs from financial liabilities	18		8		12
Non-financial liabilities
Post-retirement benefits	1		1		1
Time value of money component of silicosis provision	6		—		—
Time value of money and inflation component of rehabilitation costs	15		13		11
Total finance costs from non-financial liabilities	22		14		12
Total finance costs before interest capitalised	40		22		24
Interest capitalised (a)	(14	)	(5	)	(5	)
Total finance costs	26		17		19

(a)    The capitalisation rate used to determine capitalised borrowing costs is:

	2018		2017		2016
	%		%		%
Capitalisation rate	10.5	%	4.2	%	10.5	%

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Taxation (Tables)

12 Months Ended

Jun. 30, 2018

Income Taxes [Abstract]

Disclosure of Taxation (Expense)/Credit

The taxation (expense)/credit for the year is as follows:

	US dollar
Figures in million	2018		2017		2016
SA taxation
Mining tax (a)	(3	)	(17	)	(3	)
- current year	(3	)	(17	)	(4	)
- prior year	—		—		1
Non-mining tax (b)	(13	)	(19	)	(5	)
- current year	(13	)	(19	)	(5	)
Deferred tax (c)	34		73		(35	)
- current year	34		73		(35	)
Total taxation (expense)/credit	18		37		(43	)

(a) Mining tax on gold mining taxable income in South Africa is determined according to a formula, based on the taxable income from mining operations. 5% of total revenue is exempt from taxation while the remainder is taxable at a higher rate (34%) than non-mining income (28%) as a result of applying the gold mining formula.

All qualifying mining capital expenditure is deducted from taxable mining income to the extent that it does not result in an assessed loss. Accounting depreciation is eliminated when calculating the South African mining tax income. Excess capital expenditure is carried forward as unredeemed capital to be claimed from future mining taxable income. The group has several tax paying entities in South Africa. In terms of the mining ring-fencing application, each ring-fenced mine is treated separately and deductions can normally only be utilised against mining income generated from the relevant ring-fenced mine.

(b) Non-mining taxable income of mining companies and the taxable income for non-mining companies are taxed at the statutory corporate rate of 28% (2017: 28%) (2016: 28%).The expense relates to non-mining tax arising from derivative gains (realised and unrealised) recognised on the foreign currency derivatives as well as the realised gains on the gold forward sale contracts. Refer to note 5 and 7 for details on the group's derivative gains recorded.

(c) The deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when temporary differences will reverse based on tax rates and tax laws that have been enacted at the balance sheet date. Depending on the profitability of the operations, the deferred tax rate can consequently be significantly different from year to year.

The deferred tax credit in the 2018 and 2017 years is mainly a result of the impairment of assets, a decrease in the weighted average deferred tax rate due to reduced estimated profitability at most South African operations, as well as the provision for silicosis settlement raised in 2017.

The deferred tax expense in 2016 includes the unwinding of the deferred tax asset related to the utilisation of unredeemed capital expenditure for Freegold (Harmony) Pty Ltd (Freegold) against mining taxable income due to increased profitability for Freegold during 2016.

(d) Mining and non-mining income of Australian entities and PNG operation are taxed at a standard rate of 30% (2017: 30%) (2016: 30%).

Disclosure of Major Items Causing the Income Tax Provision to Differ from the South African Mining Statutory Tax Rate

Major items causing the group's income tax provision to differ from the South African mining statutory tax rate of 34% (2017: 34%) (2016: 34%) were:

	US dollar
Figures in million	2018		2017		2016
Tax on net profit/loss at the mining statutory tax rate	115		6		(37	)
Non-allowable deductions	(30	)	(6	)	(20	)
Gain on bargain purchase	—		21		—
Share-based payments	(8	)	(8	)	(6	)
Impairment of assets	(17	)	(6	)	(8	)
Exploration expenditure	(5	)	(4	)	(4	)
Finance costs	(4	)	(3	)	(3	)
Other	4		(6	)	1
Difference between effective mining tax rate and statutory mining rate on mining income	(34	)	10		8
Difference between non-mining tax rate and statutory mining rate on non-mining income	3		4		1
Effect on temporary differences due to changes in effective tax rates1	(54	)	(10	)	(15	)
Prior year adjustment	—		—		1
Capital allowances, sale of business and other rate differences2	51		43		33
Deferred tax asset not recognised3	(33	)	(10	)	(14	)
Income and mining taxation	18		37		(43	)
Effective income and mining tax rate (%)	5		185		40

¹ This mainly relates to the decrease in the deferred tax rate related to Freegold (12.5% to 8.7%) (2017: 20.0% to 12.5%), Randfontein Estates Limited (Randfontein) (3.8% to 1.8%) (2017: 10.1% to 3.8%) and Harmony Gold Mining Company Limited (Harmony) (19.4% to 10.5%) (2017: 21.1% to 19.4%) mainly due to a lower estimated profitability. In 2016, the increase in the deferred tax rates related to Harmony (12.5% to 21.1%) and Freegold (16.7% to 20.0%) mainly due to the higher estimated profitability is partially offset by the decrease in deferred tax rates for Randfontein (14.3% to 10.1%), mainly due to lower estimated profitability.

² This relates to the additional capital allowance that may be deducted from taxable income from mining operations in South Africa. A significant portion relates to Avgold Limited (Avgold) which has a 0% effective tax rate.

³ This relates to tax losses and deductible temporary differences for which future taxable profits are uncertain and are not considered probable. The current year includes US$30.9 million deferred tax asset not recognized relating to Harmony company as a result of foreign exchange losses on the US dollar loan facility. The remaining deferred tax asset not recognised in 2018, 2017 and 2016 primarily relates to Hidden Valley and PNG exploration operations.

Analysis of Deferred Tax Assets and Liabilities and Potential Future Tax Deductions

The analysis of deferred tax assets and liabilities is as follows:

	US dollar
Figures in million	2018		2017
Deferred tax assets	(29	)	(32	)
Deferred tax asset to be recovered after more than 12 months	(18	)	(15	)
Deferred tax asset to be recovered within 12 months	(11	)	(17	)
Deferred tax liabilities	112		162
Deferred tax liability to be recovered after more than 12 months	101		135
Deferred tax liability to be recovered within 12 months	11		27
Net deferred tax liability	83		130

12 TAXATION continued

DEFERRED TAXcontinued

Deferred tax liabilities and assets on the balance sheet as of 30 June 2018 and 30 June 2017 relate to the following:

	US dollar
Figures in million	2018		2017
Gross deferred tax liabilities	112		162
Amortisation and depreciation	105		140
Derivative assets	7		22
Gross deferred tax assets	(29	)	(32	)
Unredeemed capital expenditure	(20	)	(10	)
Provisions, including non-current provisions	(8	)	(20	)
Tax losses	(1	)	(2	)
Net deferred tax liability	83		130

Movement in the net deferred tax liability recognised in the balance sheet as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	130		164
Credit per income statement	(34	)	(73	)
Tax directly charged to other comprehensive income	(15	)	21
Moab Khotsong acquisition	7		—
Translation	(5	)	18
Balance at end of year	83		130

	US dollar
Figures in million	2018	2017
As at 30 June, the group had the following potential future tax deductions:
Unredeemed capital expenditure available for utilisation against future mining taxable income1	2 803	2 606
Tax losses carried forward utilisable against mining taxable income2	314	378
Capital Gains Tax (CGT) losses available to be utilised against future CGT gains	41	43
As at 30 June, the group has not recognised the following deferred tax asset amounts relating to the above:	885	883
The unrecognised temporary differences are:
Unredeemed capital expenditure3	2 464	2 429
Tax losses2	304	329
CGT losses4	41	43

¹ Includes Avgold US$1 230.4 million (2017: US$1 151.6 million), Randfontein US$156.6 million (2017: US$157.0 million), Moab Khotsong US$151.4 million (2017: US$nil) and Hidden Valley US$1 233.3 million (2017: US$1 277.1 million). These have an unlimited carry-forward period.

² Relates mainly to Hidden Valley and the PNG exploration operations. These have an unlimited carry-forward period.

³ Relates to Avgold and Hidden Valley.

⁴ The CGT losses relate to the gross CGT losses available to be utilised against future CGT gains.

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Earnings/(Loss) Per Share (Tables)

12 Months Ended

Jun. 30, 2018

Earnings per share [abstract]

Disclosure of Earnings/(Loss) Per Share

	2018	2017	2016
Weighted average number of ordinary shares in issue ('000)	445 896	438 443	435 739
Potential ordinary shares1 ('000)	19 423	20 777	10 659
Weighted average number of ordinary shares for diluted earnings per share1 ('000)	465 319	459 220	446 398

	US dollar
	2018		2017	2016
Total diluted earnings/(loss) per share (cents)	(72	)	4	15

¹ Because of the net loss attributable to shareholders in 2018, the inclusion of the share options as potential ordinary shares had an anti-dilutive (2017 and 2016: dilutive) effect on the loss (2017 and 2016: earnings) per share and were therefore not taken into account in the current year calculation. The issue price and the exercise price of share options issued to employees include the fair value of any service to be supplied to the entity in the future under the share option or other share-based payment arrangement.

	2018		2017		2016
Ordinary shares in issue ('000)	500 252		439 957		437 299
Adjustment for weighted number of ordinary shares in issue ('000)	(54 304	)	(1 077	)	(624	)
Weighted number of ordinary shares in issue ('000)	445 948		438 880		436 675
Treasury shares ('000)	(52	)	(437	)	(936	)
Basic weighted average number of ordinary shares in issue ('000)	445 896		438 443		435 739
	US dollar
	2018		2017		2016
Total net earnings/(loss) attributable to shareholders (millions)	(321	)	17		66
Total basic earnings/(loss) per share (cents)	(72	)	4		15

Disclosure of Dividends Declared

	US dollar
	2018	2017	2016
Dividend declared (millions)	11	33	—
Dividend per share (cents)	3	8	—

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Acquisitions and Business Combinations (Tables)

12 Months Ended

Jun. 30, 2018

Disclosure of detailed information about business combination [abstract]

Disclosure of Fair Value of Assets Acquired and Liabilities Assumed

Goodwill arising from the acquisition has been recognised as follows:

	US dollar
Figures in million	2018		2017
Consideration paid	300		—
Fair value of net identifiable assets acquired	(277	)	—
Goodwill	23		—

The fair values of the assets acquired and liabilities assumed are as follows:

	Previously held interest		Acquired interest1		Total (100%)
Figures in million	US dollar
Fair value of identifiable net assets acquired
Property, plant and equipment	46		46		92
Inventories (current)	35		35		70
Trade and other receivables (current)	2		1		3
Cash and cash equivalents	4		33		37
Provision for environmental rehabilitation	(35	)	(35	)	(70	)
Trade and other payables (current)	(8	)	(20	)	(28	)
	44		60		104
Less fair value of previously held interest2					(44	)
Fair value of net identifiable assets acquired					60

¹  Harmony acquired the legal entity which held Newcrest’s interest in Hidden Valley. This subsidiary contained certain assets and liabilities which were different to those held by Harmony with respect to its interest in Hidden Valley.

²  The fair value of the previously held interest equalled the carrying amount of the assets and liabilities recognised by Harmony relating to the previously held interest at the date of acquisition and no gain or loss was recognised with respect to the deemed disposal of the previously held interest.

The fair values as at the effective date are as follows:

	US dollar
Figures in million	2018		2017
Property, plant and equipment	322		—
Environmental rehabilitation trust funds	33		—
Inventories	6		—
Deferred tax liabilities	(7	)	—
Provision for environmental rehabilitation	(57	)	—
Retirement benefit obligation	(1	)	—
KOSH decant provision (refer to note 30)	(3	)	—
Leave liabilities	(12	)	—
Other payables	(4	)	—
Fair value of net identifiable assets acquired	277		—

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Property, Plant and Equipment (Tables)

12 Months Ended

Jun. 30, 2018

Property, plant and equipment [abstract]

Disclosure of Property, Plant and Equipment

The movement in the undeveloped properties balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	415		372
Translation	(21	)	43
Balance at end of year	394		415
Accumulated depreciation and impairments
Balance at beginning and end of year	1		1
Impairment1	105		—
Balance at end of year	106		1
Net carrying value	288		414

¹ The impairment relates to Target North.

	US dollar
Figures in million	2018	2017
Mining assets (a)	1 755	1 625
Mining assets under construction (b)	183	237
Undeveloped properties (c)	288	414
Other non-mining assets (d)	19	16
Total property, plant and equipment	2 245	2 292

The movement in the non-mining assets balance: continued

	US dollar
Figures in million	2018		2017
Accumulated depreciation and impairments
Balance at beginning of year	18		15
Fully depreciated assets no longer in use derecognised	—		(1	)
Depreciation	4		3
Impairment	4		—
Translation	(1	)	1
Balance at end of year	25		18
Net carrying value	19		16

The movement in the mining assets under construction balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	237		107
Additions1	155		121
Depreciation capitalised2	24		7
Deemed disposal of 50% of Hidden Valley	—		(8	)
Acquisition of 100% of Hidden Valley	—		16
Finance costs capitalised3	14		5
Transfers and other movements	(243	)	(20	)
Translation	(4	)	9
Balance at end of year	183		237

¹ For 2018 pre-production revenue of US$100.2 million (2017: US$nil) was credited against additions.

² Relates primarily to Hidden Valley.

³ Refer to note 11 for further detail on the capitalisation rate applied

The movement in the mining assets balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	3 094		3 189
Fully depreciated assets no longer in use derecognised	—		(295	)
Additions1	198		158
Deemed disposal of 50% of Hidden Valley	—		(332	)
Acquisition of 100% of Hidden Valley	—		76
Acquisition of Moab Khotsong	310		—
Disposals	(5	)	(1	)
Scrapping of assets	—		(23	)
Adjustment to rehabilitation asset	(13	)	(1	)
Transfers and other movements	243		21
Translation	(223	)	302
Balance at end of year	3 604		3 094
Accumulated depreciation and impairments
Balance at beginning of year	1 469		1 648
Fully depreciated assets no longer in use derecognised	—		(295	)
Impairment of assets	251		112
Deemed disposal of 50% of Hidden Valley	—		(294	)
Disposals	(5	)	(1	)
Scrapping of assets	—		(12	)
Depreciation	217		187
Translation	(83	)	124
Balance at end of year	1 849		1 469
Net carrying value	1 755		1 625

¹ Included in additions for 2018 is an amount of US$0.1 million for capitalised depreciation associated with stripping activities at the Hidden Valley operations.

PROPERTY, PLANT AND EQUIPMENT

	US dollar
Figures in million	2018	2017
Mining assets (a)	1 755	1 625
Mining assets under construction (b)	183	237
Undeveloped properties (c)	288	414
Other non-mining assets (d)	19	16
Total property, plant and equipment	2 245	2 292

(a) Mining assets

ACCOUNTING POLICY

Mining assets including mine development costs and mine plant facilities are initially recorded at cost, where after they are measured at cost less accumulated depreciation and impairment. Costs include expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably.

The net assets of operations placed on care and maintenance are impaired to their recoverable amount. Expenditure on the care and maintenance of these operations is charged against income, as incurred. Mineral and surface use rights represent mineral and surface use rights for parcels of land both owned and not owned by the group.

Mineral and surface rights include acquired mineral use rights in production, development and exploration phase properties. The amount capitalised related to a mineral and surface right, either as an individual asset purchase or as part of a business combination, is the fair value at acquisition.

The group’s mineral use rights are enforceable regardless of whether proved or probable reserves have been established. In certain limited situations, the nature of use changes from an exploration right to a mining right upon the establishment of proved and probable reserves. The group has the ability and intent to renew mineral use rights where the existing term is not sufficient to recover all identified and valued proved and probable reserves and/or undeveloped mineral interests.

Depreciation

Depreciation of mining assets is computed principally by the units-of-production method over life-of-mine based on estimated quantities of economically recoverable proved and probable reserves, which can be recovered in future from known mineral deposits.

In most instances, proved and probable reserves provide the best indication of the useful life of the group’s mines (and related assets). However, in some instances, proved and probable reserves may not provide a realistic indication of the useful life of the mine (and related assets). This may be the case, for example, where management is confident that further inferred resources will be converted into measured and indicated resources and if they are economically recoverable, they can also be classified as proved and probable reserves. Management is approaching economic decisions affecting the mine on this basis, but has chosen to delay the work required to designate them formally as reserves.

In assessing which resources to include so as to best reflect the useful life of the mine, management considers resources that have been included in the life-of-mine plan. To be included in the life-of-mine plan, resources need to be above the cut-off grade set by management, which means that the resource can be economically mined and is therefore commercially viable. This consistent systematic method for inclusion in the life-of-mine plan takes management’s view of the gold price, exchange rates as well as cost inflation into account. In declaring the resource, management would have had to obtain a specified level of confidence of the existence of the resource through drilling as required by the South African Code for Reporting Exploration Results, Mineral Resources and Mineral Reserves (SAMREC).

Additional confidence in the existence, commercial viability and economical recovery of such resources may be based on historical experience and available geological information, such as geological information obtained from other operations that are contiguous to the group’s as well as where the group mines continuations of these other operations’ orebodies and reefs. This is in addition to the drilling results obtained by the group and management’s knowledge of the geological setting of the surrounding areas, which would enable simulations and extrapolations to be done with a reasonable degree of accuracy.

In instances where management is able to demonstrate the economic recovery of such resources with a high level of confidence, such additional resources, which may also include certain, but not all, of the inferred resources, as well as the associated future development costs of accessing those resources, are included in the calculation of depreciation. The future development costs are those costs that need to be incurred to access these inferred resources, for example the costs to complete a decline or level, which may include infrastructure and equipping costs. These amounts have been extracted from the cash flow projections for the life-of-mine plans.

Mineral rights associated with production phase mineral interests are amortised over the life of mine using the units-of-production method in order to match the amortisation with the expected underlying future cash flows.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

ACCOUNTING POLICY continued

Impairment

Testing for impairment is done in terms of the group policy as discussed in note 2.5.

Stripping activities

The removal of overburden and other mine waste materials is often necessary during the initial development of a mine site, in order to access the mineral ore deposit. The directly attributable cost of this activity is capitalised in full within mining assets under construction, until the point at which the mine is considered to be capable of commercial production.

The removal of waste material after the point at which a mine is capable of commercial production is referred to as production stripping.

When the waste removal activity improves access to ore extracted in the current period, the costs of production stripping are charged to the income statement as operating costs in accordance with the principles of IAS 2 Inventories.

Where production stripping activity both produces inventory and improves access to ore in future periods the associated costs of waste removal are allocated between the two elements. The portion which benefits future ore extraction is capitalised within stripping and development capital expenditure. If the amount to be capitalised cannot be specifically identified it is determined based on the volume of waste extracted compared with expected volume for the identified component of the orebody. Components are specific volumes of a mine’s orebody that are determined by reference to the life-of-mine plan.

In certain instances significant levels of waste removal may occur during the production phase with little or no associated production. The cost of this waste removal is capitalised in full.

All amounts capitalised in respect of waste removal are depreciated using the units-of-production method based on proved and probable ore reserves of the component of the orebody to which they relate. The effects of changes to the life-of-mine plan on the expected cost of waste removal or remaining reserves for a component are accounted for prospectively as a change in estimate.

Scrapping of assets

Where significant adverse changes have taken place relating to the useful life of an asset, that asset is tested for impairment in terms of the group policy as discussed in note 2.5. Whether or not an impairment is recognised, it is then necessary to review the useful lives and residual values of the assets within the CGU – this is reviewed at least annually. Where necessary, the useful lives and residual values of the individual assets are revised.

Where the useful life of an asset is nil as a result of no future economic benefit expected from the use or disposal of that asset, it is necessary to derecognise the asset. The loss arising from the derecognition is included in profit or loss in the period in which the asset was derecognised. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – GOLD MINERAL RESERVES AND RESOURCES

Gold mineral reserves and resources are estimates of the amount of ounces that can be economically and legally extracted from the group’s properties. In order to calculate the gold mineral reserves and resources, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, commodity prices and exchange rates.

Estimating the quantities and/or grade of the reserves and resources requires the size, shape and depth of the orebodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data.

Because the economic assumptions used to estimate the gold mineral reserves and resources change from year to year, and because additional geological data is generated during the course of operations, estimates of the mineral reserves and resources may change from year to year. Changes in the reserves and resources may affect the group’s financial results and financial position in a number of ways, including:

• Asset carrying values may be affected due to changes in estimated cash flows;

• Scrapping of assets to be recorded in the income statement, following the derecognition of assets as no future economic benefit expected;

• Depreciation and amortisation charged in the income statement may change as they are calculated on the units-of-production method;

• Environmental provisions may change as the timing and/or cost of these activities may be affected by the change in mineral reserves; and

• Useful life and residual values may be affected by the change in mineral reserves.

At the end of each financial year, the estimate of proved and probable gold mineral reserves and resources is updated. Depreciation of mining assets is prospectively adjusted, based on these changes.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

SENSITIVITY ANALYSIS - GOLD MINERAL RESERVES AND RESOURCES EFFECT ON DEPRECIATION

The group includes certain inferred resources in the denominator and future development costs in the numerator when performing the depreciation calculation for certain of its operations, where proved and probable reserves alone do not provide a realistic indication of the useful life of mine (and related assets). During periods presented, this related to Doornkop. Had the group only used proved and probably reserves in its calculations, depreciation for 2018 would have amounted to US$214.2 million (2017: US$200.6 million) (2016: US$153.4 million), compared with the reported totals of US$200.0 million (2017: $185.3 million) (2016: US$149.9 million).

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – PRODUCTION START DATE

Various relevant criteria are considered in order to assess when the mine is substantially complete and ready for its intended use and moves into the production phase. Some of the criteria would include but are not limited to the following:

• The level of capital expenditure compared to the total project cost estimates;

• The ability to produce gold in a saleable form (where more than an insignificant amount of gold has been produced); and

• The ability to sustain the ongoing production of gold.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – STRIPPING ACTIVITIES

The group capitalises stripping costs where they are considered to improve access to ore in future periods. Where the amount to be capitalised cannot be specifically identified, it is determined based on the volume of waste extracted compared with expected volume for the identified component of the orebody. This determination is dependent on an individual mine’s design and life-of-mine plan and therefore changes to the design or life-of-mine plan will result in changes to these estimates. Identification of the components of a mine’s orebody is made by reference to the life-of-mine plan. The assessment depends on a range of factors including each mine’s specific operational features and materiality.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – IMPAIRMENT OF ASSETS

The recoverable amount of mining assets is generally determined utilising real discounted future cash flows. Management also considers such factors as the quality of the individual orebody, market risk, asset specific risks and country risk in determining the fair value.

Key assumptions for the calculations of the mining assets’ recoverable amounts are the commodity prices, resource values, marketable discount rates, costs to sell, exchange rates and the annual life-of-mine plans. In determining the commodity prices and resource values to be used, management assesses the long-term views of several reputable institutions on commodity prices and based on this, derives the commodity prices and resource values.

The life-of-mine plans are based on the proved and probable reserves as included in the Reserve Declaration, which are determined in terms of SAMREC and The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC), as well as resources where management has high confidence in the orebody and economical recovery of gold, based on historic and similar geological experience.

During the year under review, the group calculated the recoverable amounts (generally fair value less costs to sell) based on updated life-of-mine plans and the following gold price, silver price and exchange rates assumptions:

	2018	2017	2016
US$ gold price per ounce	1 250	1 200	1 189
US$ silver price per ounce	17.00	17.00	17.80
Exchange rate (R/US$)	13.30	13.61	13.86
Exchange rate (PGK/US$)	3.17	3.16	3.10
Rand gold price (R/kg)	535 000	525 000	530 000

The post-tax real discount rate for Hidden Valley was 9.91% (2017: 11.92%) (2016:11.77%) and the post-tax real discount rates for the South African operations ranged between 8.35% and 10.25% (2017: 8.98% and 11.81%) (2016: 8.43% and 11.48%), depending on the asset, were used to determine the recoverable amounts. Cash flows used in the impairment calculations are based on life-of-mine plans which exceed five years for the majority of the mines. Cash flows from potential projects, life-of-mine extensions and residual ounces can also be included in the impairment assessment where deemed appropriate. An additional risk premium is added to the post-tax real discount rates in these instances. Refer to note 6 for details of impairments recorded. The following is the attributable gold resource value assumption:

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – IMPAIRMENT OF ASSETS continued

	South Africa			Hidden Valley
US dollar per ounce	2018	2017	2016	2018	2017	2016
Measured	25.00	32.69	40.86	n/a	n/a	n/a
Indicated	8.00	18.68	23.35	5.84	5.84	5.84
Inferred	2.80	4.67	5.84	5.84	5.84	5.84

Should management’s estimate of the future not reflect actual events, further impairments may be identified.

Factors affecting the estimates include:

• Changes to proved and probable ore reserves;

• Economical recovery of resources;

• The grade of the ore reserves may vary significantly from time to time;

• Review of strategy;

• Unforeseen operational issues at the mines;

• Differences between actual commodity prices and commodity price assumptions;

• Changes in the discount rate and foreign exchange rates;

• Changes in capital, operating mining, processing and reclamation costs;

• Mines' ability to convert resources into reserves; and

• Potential production stoppages for indefinite periods.

SENSITIVITY ANALYSIS - IMPAIRMENT OF ASSETS

One of the most significant assumptions that influence the life-of-mine plans and therefore impairments is the expected commodity prices. The sensitivity scenario of a 10% decrease or increase in the commodity price used in the discounted cash flow models and the resource values used (with all other variables held constant) would have resulted in the following impairment being recorded as at 30 June 2018 and 2017:

	US dollar
Figures in million	2018	2017
- 10% decrease
Tshepong Operations1	375	281
Kusasalethu	197	157
Hidden Valley	54	79
Target 1	122	137
Doornkop	149	71
Masimong	28	30
Moab Khotsong1	118	—
Joel1	64	—
Target 3	10	—
Other surface operations	39	20
Target North	132	—
Unisel	38	17
Bambanani1	16	10
+ 10% increase
Masimong	4	—
Target North	79	—
Unisel	31	—

¹ The carrying amounts of these CGU's include goodwill and any impairment losses are allocated first to goodwill and then to the identifiable assets.

At all other operations, a 10% increase in the gold price would have resulted in no impairments being recorded.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

The movement in the mining assets balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	3 094		3 189
Fully depreciated assets no longer in use derecognised	—		(295	)
Additions1	198		158
Deemed disposal of 50% of Hidden Valley	—		(332	)
Acquisition of 100% of Hidden Valley	—		76
Acquisition of Moab Khotsong	310		—
Disposals	(5	)	(1	)
Scrapping of assets	—		(23	)
Adjustment to rehabilitation asset	(13	)	(1	)
Transfers and other movements	243		21
Translation	(223	)	302
Balance at end of year	3 604		3 094
Accumulated depreciation and impairments
Balance at beginning of year	1 469		1 648
Fully depreciated assets no longer in use derecognised	—		(295	)
Impairment of assets	251		112
Deemed disposal of 50% of Hidden Valley	—		(294	)
Disposals	(5	)	(1	)
Scrapping of assets	—		(12	)
Depreciation	217		187
Translation	(83	)	124
Balance at end of year	1 849		1 469
Net carrying value	1 755		1 625

¹ Included in additions for 2018 is an amount of US$0.1 million for capitalised depreciation associated with stripping activities at the Hidden Valley operations.

Acquisition and deemed disposal of assets

On 1 March 2018 the group acquired Moab Khotsong. Included in this acquisition was property, plant and equipment with a fair value of US$321.5 million. Of the total acquisition costs, US$309.7 million relates to mining assets and US$11.8 million relates to other non-mining assets respectively. Refer to note 14 for more information relating to the acquisition.

During 2017 the group obtained 100% ownership of Hidden Valley. Included in this acquisition was property, plant and equipment with a fair value of US$92.6 million. Of the total acquisition costs, US$76.2 million relates to mining assets and US$15.6 million relates to assets under construction respectively. Refer to note14 for more information relating to the acquisition.

Loss on scrapping of property, plant and equipment

Losses arising from the derecognition of property, plant and equipment no longer in use amounted to US$0.1 million 2017: US$10.3 million) (2016: US$4.4 million). No future economic benefits are expected from the use or disposal of these assets.

Stripping activities

Included in the balance for mining assets is an amount of US$18.9 million (2017: US$7.2 million) for stripping activities. The movement for 2018 relates to Kalgold and Hidden Valley. Depreciation of US$0.3 million (2017: US$0.4 million) were recorded for these activities.

15 PROPERTY, PLANT AND EQUIPMENT continued

(a) Mining assets continued

Transfer of assets

Transfer of assets relates to assets under construction transferred to mining assets. On 1 June 2018 commercial levels of production were achieved at Hidden Valley following the plant upgrade and the development of stage 5 and 6 cut back and as a result an amount of US$213.6 million was transferred. The remaining transfer of US$29.4 million relates to Tshepong Operations following the completion of a major project.

(b) Mining assets under construction

ACCOUNTING POLICY

At the group’s surface mines, when it has been determined that a mineral property can be economically developed as a result of establishing proved and probable reserves, costs incurred to develop the property are capitalised as incurred until the mine is considered to have moved into the production phase. These costs include costs to further delineate the orebody and remove overburden to initially expose the orebody. At the group’s underground mines, all costs incurred to develop the property, including costs to access specific ore blocks or other areas of the underground mine, are capitalised to the extent that such costs will provide future economic benefits. These costs include the cost of shaft sinking and access, the costs of building access ways, lateral development, drift development, ramps, box cuts and other infrastructure development.

Where a depreciable asset is used in the construction or extension of a mine, the depreciation is capitalised against the mine’s cost.

Exploration properties acquired are recognised in the balance sheet within development cost and are shown at cost less provisions for impairment determined in accordance with the group’s accounting policy on impairment of non-financial assets.

Mineral interests associated with development and exploration phase mineral interests are not amortised until such time as the underlying property is converted to the production stage.

Capitalisation of pre-production costs ceases when commercial levels of production are reached. Commercial levels of production are discussed under “production start date” above.

The movement in the mining assets under construction balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	237		107
Additions1	155		121
Depreciation capitalised2	24		7
Deemed disposal of 50% of Hidden Valley	—		(8	)
Acquisition of 100% of Hidden Valley	—		16
Finance costs capitalised3	14		5
Transfers and other movements	(243	)	(20	)
Translation	(4	)	9
Balance at end of year	183		237

¹ For 2018 pre-production revenue of US$100.2 million (2017: US$nil) was credited against additions.

² Relates primarily to Hidden Valley.

³ Refer to note 11 for further detail on the capitalisation rate applied

Refer to mining assets above for information relating to the acquisition of assets under construction.

(c) Undeveloped properties

ACCOUNTING POLICY

Undeveloped properties are initially recognised at cost, which is generally based on the fair value of resources obtained through acquisitions. The carrying values of these properties are tested annually for impairment. Once development commences, these properties are transferred to mining properties and accounted for in accordance with the related accounting policy.

15 PROPERTY, PLANT AND EQUIPMENT continued

(c) Undeveloped properties continued

The movement in the undeveloped properties balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	415		372
Translation	(21	)	43
Balance at end of year	394		415
Accumulated depreciation and impairments
Balance at beginning and end of year	1		1
Impairment1	105		—
Balance at end of year	106		1
Net carrying value	288		414

¹ The impairment relates to Target North.

(d) Other non-mining assets

ACCOUNTING POLICY

Land is shown at cost and not depreciated. Other non-mining fixed assets are shown at cost less accumulated depreciation and accumulated impairment losses.

Other non-mining fixed assets are depreciated on a straight-line basis over their estimated useful lives as follows:

• Vehicles at 20% per year.

• Computer equipment at 33.3% per year.

• Furniture and equipment at 16.67% per year.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

The movement in the non-mining assets balance is as follows:

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	34		29
Fully depreciated assets no longer in use derecognised	—		(1	)
Additions	3		3
Acquisition of Moab Khotsong	12		—
Transfers and other movements	(1	)	—
Translation	(4	)	3
Balance at end of year	44		34

15 PROPERTY, PLANT AND EQUIPMENT continued

(d) Other non-mining assets continued

The movement in the non-mining assets balance: continued

	US dollar
Figures in million	2018		2017
Accumulated depreciation and impairments
Balance at beginning of year	18		15
Fully depreciated assets no longer in use derecognised	—		(1	)
Depreciation	4		3
Impairment	4		—
Translation	(1	)	1
Balance at end of year	25		18
Net carrying value	19		16

Disclosure of Gold Price, Silver Price, Exchange Rates and Gold Resource Value Assumptions

During the year under review, the group calculated the recoverable amounts (generally fair value less costs to sell) based on updated life-of-mine plans and the following gold price, silver price and exchange rates assumptions:

	2018	2017	2016
US$ gold price per ounce	1 250	1 200	1 189
US$ silver price per ounce	17.00	17.00	17.80
Exchange rate (R/US$)	13.30	13.61	13.86
Exchange rate (PGK/US$)	3.17	3.16	3.10
Rand gold price (R/kg)	535 000	525 000	530 000

	South Africa			Hidden Valley
US dollar per ounce	2018	2017	2016	2018	2017	2016
Measured	25.00	32.69	40.86	n/a	n/a	n/a
Indicated	8.00	18.68	23.35	5.84	5.84	5.84
Inferred	2.80	4.67	5.84	5.84	5.84	5.84

Disclosure of Sensitivity Analysis - Impairment of Assets

The impairment/(reversal of impairment) of assets consists of the following:

	US dollar
Figures in million	2018	2017	2016
Tshepong Operations	71	19	—
Doornkop	23	—	(50	)
Kusasalethu	42	52	—
Target 1	51	60	—
Joel	11	—	—
Unisel	35	—	—
Masimong	24	—	15
Target North	106	—	—
Hidden Valley	—	—	32
Other mining assets	23	—	—
Total impairment/(reversal on impairment) of assets	386	131	(3	)

The impairment assessment performed at 30 June 2018 resulted from lower recoverable amounts driven by the lower increase in the forecast gold price relative to the forecast cost inflation assumptions used in the life-of-mine plans which impacted negatively on margins. There were no reversals of impairment recorded in the 2018 or 2017 financial years.

6 COST OF SALES continued

(f) Impairment continued

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2018 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Tshepong Operations	The impairment was mainly driven by sensitivity to fluctuations in the gold price. Furthermore the updated life-of-mine for the Tshepong operations presented a marginal decrease in recovered grade.	538
Joel	The updated life-of-mine for the Joel operation, presented a marginal decrease in recovered grade.	63
Target 1	Exploration drilling results during the year pointed towards lower grade estimates within certain blocks that have now been excluded from the life-of-mine plans.	88
Unisel	Excluded the Leader Reef from the life-of-mine plan to focus on the higher grade Basal Reef. This reduced the life-of-mine from four years to eighteen months.	3
Masimong	The impairment at Masimong was as a result of the depletion of the higher grade B Reef and subsequent reduced life-of-mine.	4
Kusasalethu	Kusasalethu's old section of the mine at the operation was excluded in the FY19 life-of-mine plan.	155
Doornkop	The impairment of Doornkop is primarily as a result of a decrease in the Kimberley Reef's resource values.	198
Target North	The impairment of Target North was as a result of a decrease in resource values.	267
Other mining assets	The updated life-of-mine plans for the CGU's in Freegold and Harmony resulted in the impairment of other mining assets.	26

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2017 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Tshepong Operations	The impairment was mainly driven by the restriction on hoisting capacity at Phakisa along with the general pressure on margins.	595
Target 1	Information gained from the underground drilling during the year indicated that some areas of the bottom reef of the Dreyerskuil are highly channelised, which negatively impacted on the overall grade for the operation. These areas were subsequently excluded from the life-of-mine plan. This, together with the general pressure on margins, reduced the profitability of the operation over its life and contributed to the decrease in the recoverable amount.	153
Kusasalethu	The impairment was driven by a reduction in the additional attributable resource value as a result of a decrease in the ounces. The company investigated the viability of a decline to extend the life. The business case showed that the option was not feasible and therefore the resource ounces were reduced.	214

The recoverable amounts of the CGU's where impairments were recognised or reversed as at 30 June 2016 are as follows:

Operation	Impairment assessment	Recoverable amount
Figures in million		US dollar
Hidden Valley	The updated life-of-mine plan for Hidden Valley resulted in lower production for the 2017 financial year as the mine would only process ore stockpiles followed by an extended period of care and maintenance, compared to the previous plan. Stripping activities for stage 5 were planned to recommence in the 2018 financial year according to the year-end life-of-mine plan.	22
Doornkop	The higher recoverable amount for Doornkop, which resulted in the reversal was mainly due to the increased rand gold price assumption, improvements in operational efficiencies during the 2016 financial year that resulted in increased production levels in the updated life-of-mine plan and new mining areas included in the life-of-mine plan based on additional exploration performed during 2016.	190
Masimong	Masimong is a low margin operation and had a remaining life of three years at the time. The exploration programme to locate additional areas of the higher grade B Reef proved unsuccessful and was stopped during the 2016 financial year. In addition, the grade estimation of the Basal Reef decreased and as a result a portion of the resource was abandoned at 30 June 2016. The lower resource value resulted in a lower recoverable amount and the recognition of an impairment.	32

The sensitivity scenario of a 10% decrease or increase in the commodity price used in the discounted cash flow models and the resource values used (with all other variables held constant) would have resulted in the following impairment being recorded as at 30 June 2018 and 2017:

	US dollar
Figures in million	2018	2017
- 10% decrease
Tshepong Operations1	375	281
Kusasalethu	197	157
Hidden Valley	54	79
Target 1	122	137
Doornkop	149	71
Masimong	28	30
Moab Khotsong1	118	—
Joel1	64	—
Target 3	10	—
Other surface operations	39	20
Target North	132	—
Unisel	38	17
Bambanani1	16	10
+ 10% increase
Masimong	4	—
Target North	79	—
Unisel	31	—

¹ The carrying amounts of these CGU's include goodwill and any impairment losses are allocated first to goodwill and then to the identifiable assets.

XML

Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2018

Disclosure of detailed information about intangible assets [abstract]

Schedule of Intangible Assets

	US dollar
Figures in million	2018	2017
Goodwill (a)	36	45
Technology-based assets (b)	1	1
Total	37	46

(a) Goodwill

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	181		161
Acquisition of Moab Khotsong	23		—
Translation	(12	)	20
Balance at end of year	192		181
Accumulated amortisation and impairments
Balance at beginning of year	136		104
Impairment1	27		19
Translation	(7	)	13
Balance at end of year	156		136
Net carrying value	36		45
The net carrying value of goodwill has been allocated to the following cash generating units:
Bambanani	16		17
Moab Khotsong	20		—
Tshepong Operations1	—		25
Joel1	—		3
Net carrying value	36		45

¹ In 2018 goodwill impairment of US$23.6 million (2017: US$19.4 million) was recorded for the Tshepong Operations and goodwill impairment of US$3.0 million (2017: US$nil) was recorded for Joel as the carrying values exceeded the recoverable values of the related cash generating units. Refer to note 6 for further details on the impairment assessment.

(b) Technology-based assets

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	3		13
Fully depreciated assets no longer in use derecognised	—		(11	)
Additions	1		—
Translation	(1	)	1
Balance at end of year	3		3

16 INTANGIBLE ASSETS continued

(b) Technology-based assets continued

	US dollar
Figures in million	2018		2017
Accumulated amortisation and impairments
Balance at beginning of year	2		11
Fully depreciated assets no longer in use derecognised	—		(11	)
Amortisation charge	1		1
Translation	(1	)	1
Balance at end of year	2		2
Net carrying value	1		1

Schedule of Reconciliation of Intangible Assets

Goodwill

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	181		161
Acquisition of Moab Khotsong	23		—
Translation	(12	)	20
Balance at end of year	192		181
Accumulated amortisation and impairments
Balance at beginning of year	136		104
Impairment1	27		19
Translation	(7	)	13
Balance at end of year	156		136
Net carrying value	36		45
The net carrying value of goodwill has been allocated to the following cash generating units:
Bambanani	16		17
Moab Khotsong	20		—
Tshepong Operations1	—		25
Joel1	—		3
Net carrying value	36		45

¹ In 2018 goodwill impairment of US$23.6 million (2017: US$19.4 million) was recorded for the Tshepong Operations and goodwill impairment of US$3.0 million (2017: US$nil) was recorded for Joel as the carrying values exceeded the recoverable values of the related cash generating units. Refer to note 6 for further details on the impairment assessment.

(b) Technology-based assets

	US dollar
Figures in million	2018		2017
Cost
Balance at beginning of year	3		13
Fully depreciated assets no longer in use derecognised	—		(11	)
Additions	1		—
Translation	(1	)	1
Balance at end of year	3		3

16 INTANGIBLE ASSETS continued

(b) Technology-based assets continued

	US dollar
Figures in million	2018		2017
Accumulated amortisation and impairments
Balance at beginning of year	2		11
Fully depreciated assets no longer in use derecognised	—		(11	)
Amortisation charge	1		1
Translation	(1	)	1
Balance at end of year	2		2
Net carrying value	1		1

XML

Restricted Cash (Tables)

12 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Restricted Cash

	US dollar
Figures in million	2018	2017
Non-current (a)	6	5
Current (b)	3	1
Total restricted cash	9	6

(a) The amount primarily relates to funds set aside to serve as collateral against guarantees made to the Department of Mineral Resources (DMR) in South Africa for environmental and rehabilitation obligations. Refer to note 26. The funds are invested equally in short term money market funds and call accounts.

(b) Cash of US$1.4 million relates to monies released from the environmental trusts as approved by the DMR which may only be used for further rehabilitation.

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Restricted Investments (Tables)

12 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Disclosure of Restricted Investments

The group's financial assets and liabilities are set out below:

Figures in million (US dollars)	Loans and receivables	Available-for-sale financial assets	Held-to-maturity investments	Hedging instruments	Fair value through profit or loss	Financial liabilities at amortised cost
At 30 June 2018
Financial assets
Restricted cash	9	—	—	—	—	—
Restricted investments	2	—	169	—	66	—
Investment in financial assets	—	1	—	—	—	—
Other non-current receivables	18	—	—	—	—	—
Derivative financial instruments	—	—	—	34	11	—
Trade and other receivables	45	—	—	—	—	—
Cash and cash equivalents	51	—	—	—	—	—
Financial liabilities
Derivative financial instruments	—	—	—	—	16	—
Borrowings	—	—	—	—	—	407
Trade and other payables	—	—	—	—	—	56
At 30 June 2017
Financial assets
Restricted cash	6	—	—	—	—	—
Restricted investments	2	—	137	—	64	—
Other non-current receivables	14	—	—	—	—	—
Derivative financial instruments	—	—	—	105	36	—
Trade and other receivables	39	—	—	—	—	—
Cash and cash equivalents	95	—	—	—	—	—
Financial liabilities
Borrowings	—	—	—	—	—	163
Other non-current liabilities	—	—	—	—	—	1
Trade and other payables	—	—	—	—	—	47

	US dollar
Figures in million	2018	2017
Investments held by environmental trust funds (a)	235	200
Investments held by social trust funds (b)	2	3
Total restricted investments	237	203

(a) Environmental trust funds

ACCOUNTING POLICY

Contributions are made to the group's environmental trust funds, created in accordance with statutory requirements, to fund the estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the group's mines. The trusts are consolidated into the group as the group exercises control of the trusts. The measurement of the investments held by the trust funds is dependent on their classification under financial assets. Income received and gains are treated in accordance with these classifications.

The environmental trust funds are irrevocable trusts under the group's control. Contributions to the trusts are invested in interest-bearing short-term and medium-term cash investments and medium term equity-linked notes issued by commercial banks that provide guaranteed interest and additional interest or growth linked to the growth of the Top 40 index of the JSE. The equity-linked notes are designated as fair value through profit or loss investments and recorded at fair value whilst the interest-bearing short-term investments are classified either as held-to-maturity and recorded at amortised cost or as cash and cash equivalents and recorded at fair value. These investments provide for the estimated cost of rehabilitation at the end of the life of the group's mines. Income earned on the investments is retained in the funds and reinvested.

18 RESTRICTED INVESTMENTS continued

(a) Environmental trust funds continued

The environmental trust funds consist of:

	US dollar
Figures in million	2018	2017
Held-to-maturity financial assets	169	137
Cash and cash equivalents (loans and receivables)	2	2
Fair value through profit or loss financial assets	64	61
Total environmental trust funds	235	200

Reconciliation of the movement in the investments held by environmental trust funds:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	200		167
Interest income	12		11
Fair value gain	6		—
Moab Khotsong acquisition1	33		—
Equity-linked deposits acquired	—		15
Maturity/(acquisition) of held-to-maturity investments	—		(16	)
Net (disposal)/acquisition of cash and cash equivalents	(1	)	2
Translation	(15	)	21
Balance at end of year	235		200

¹ Refer to note 14 for further information. The amount includes US$5.0 million relating to Nufcor SA. Upon receipt the funds were invested within held-to-maturity financial assets.

(b) The social trust fund

The social trust fund is an irrevocable trust under the group's control. The purpose of the trust is to fund the social plan to reduce the negative effects of restructuring on the group's workforce, to put measures in place to ensure that the technical and life skills of the group's workforce are developed and to develop the group's workforce in such a manner as to avoid or minimise the effect of job losses and a decline in employment through turnaround or redeployment strategies.

The social trust fund investment comprises a unit trust portfolio that is exposed to the fair value changes in the equity market and is classified as a fair value through profit or loss investment.

Reconciliation of Movement in Investments Held by Environmental Trust Funds

The environmental trust funds consist of:

	US dollar
Figures in million	2018	2017
Held-to-maturity financial assets	169	137
Cash and cash equivalents (loans and receivables)	2	2
Fair value through profit or loss financial assets	64	61
Total environmental trust funds	235	200

Reconciliation of the movement in the investments held by environmental trust funds:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	200		167
Interest income	12		11
Fair value gain	6		—
Moab Khotsong acquisition1	33		—
Equity-linked deposits acquired	—		15
Maturity/(acquisition) of held-to-maturity investments	—		(16	)
Net (disposal)/acquisition of cash and cash equivalents	(1	)	2
Translation	(15	)	21
Balance at end of year	235		200

¹ Refer to note 14 for further information. The amount includes US$5.0 million relating to Nufcor SA. Upon receipt the funds were invested within held-to-maturity financial assets.

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Trade and Other Receivables (Tables)

12 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Trade and Other Receivables

	US dollar
Figures in million	2018		2017
Non-current assets
Financial assets
Loans to associates (b)	8		9
Loan to ARM BBEE Trust (c)	19		17
Provision for impairment (b) (c)	(9	)	(12	)
Total non-current trade and other receivables	18		14
Current assets
Financial assets
Trade receivables (gold)	39		27
Other trade receivables	9		9
Provision for impairment	(4	)	(4	)
Trade receivables - net	44		32
Interest and other receivables (a)	—		6
Employee receivables	1		1
Non-financial assets
Prepayments	6		6
Value added tax	23		30
Income and mining taxes	9		1
Total current trade and other receivables	83		76

(a) No impairment allowance is necessary in respect of any balances included in interest and other receivables as all amounts are classified as fully performing.

(b) The balance in 2018 comprises US$8.4 million (2017: US$8.8 million) owed by Pamodzi Gold Limited (Pamodzi). Pamodzi was placed into liquidation during 2009 and the loan was provided in full. Harmony is a concurrent creditor in the Pamodzi Orkney liquidation.

(c) During 2016, Harmony advanced US$13.5 million to the ARM BBEE Trust, shareholder of African Rainbow Minerals Limited (ARM). The trust is controlled and consolidated by ARM, who holds 12.7% of Harmony's shares. Harmony is a trustee of the ARM BBEE Trust. The loan is subordinated and unsecured. The interest is market related (3 months JIBAR plus 4.50%) and is receivable on the maturity of the loan on 31 December 2022. During the year, the loan was tested for impairment and a reversal of US$3.2 million was recognised following an increase in the ARM share price, compared to a provision of US$1.0 million recorded in June 2017. The recoverable amount of US$18.5 million (2017: US$14.0 million) was calculated using a discounted cash flow model. The cash flows in the model includes projected interest payments and projected ARM share price on the expected repayment date.

Disclosure of Movement in the Provision for Impairment

The movement in the provision for impairment of current trade receivables during the year was as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	4		2
Impairment loss recognised	1		1
Translation	(1	)	1
Balance at end of year	4		4

19 TRADE AND OTHER RECEIVABLES continued

The movement in the provision of non-current loans receivable during the year was as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	12		13
Impairment loss recognised	—		1
Reversal of impairment loss	(3	)	(3	)
Translation	—		1
Total provision of non-current loans receivable	9		12

Disclosure of Ageing of Current Trade Receivables

The ageing of current trade receivables at the reporting date was:

	US dollar
Figures in million	Gross	Impairment
30 June 2018
Fully performing	42	1
Past due by 1 to 30 days	1	—
Past due by 31 to 60 days	2	—
Past due by 61 to 90 days	—	—
Past due by more than 90 days	1	1
Past due by more than 361 days	2	2
	48	4
30 June 2017
Fully performing	31	—
Past due by 1 to 30 days	1	—
Past due by 31 to 60 days	—	—
Past due by 61 to 90 days	1	1
Past due by more than 90 days	1	1
Past due by more than 361 days	2	2
	36	4

The ageing of non-current loans receivable at the reporting date was:

	US dollar
Figures in million	Gross	Impairment
30 June 2018
Fully performing	19	1
Past due by 1 to 30 days	—	—
Past due by 31 to 60 days	—	—
Past due by 61 to 90 days	—	—
Past due by more than 361 days	8	8
	27	9

19 TRADE AND OTHER RECEIVABLES continued

The ageing of non-current loans receivable continued

	US dollar
Figures in million	Gross	Impairment
30 June 2017
Fully performing	17	3
Past due by 1 to 30 days	—	—
Past due by 31 to 60 days	—	—
Past due by 61 to 90 days	—	—
Past due by more than 361 days	9	9
	26	12

The majority of fully performing trade receivables are indirectly associated with financial institutions of good credit quality. Provisions for the other loans and receivables have been raised following an assessment of their credit risk by management.

During 2017 and 2018 there was no renegotiation of the terms of any receivable.

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Derivative Financial Assets (Tables)

12 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Disclosure of Derivative Financial Assets and Open Position at the Reporting Date

	US dollar
Figures in million	2018	2017
Financial assets
Non-current	6	24
Rand gold hedging contracts - hedge accounted (a)	5	23
US$ commodity contracts (b)	1	1
Current	39	117
Rand gold hedging contracts - hedge accounted (a)	29	82
US$ commodity contracts (b)	5	1
Foreign exchange hedging contracts (c)	5	34
Total derivative financial assets	45	141

	US dollar
Figures in million	2018	2017
Financial liabilities
Non-current	1	—
Rand gold hedging contracts - non-hedge accounted (a)	1	—
Current	15	—
Foreign exchange hedging contracts (c)	15	—
Total derivative financial liabilities	16	—

20 DERIVATIVE FINANCIAL ASSETS continued

a) Harmony has entered into rand gold forward sale derivative contracts to hedge the risk of lower rand/gold prices. Cash flow hedge accounting is applied to the majority of these contracts, resulting in the effective portion of the unrealised gains and losses being recorded in other comprehensive income (other reserves - refer to note 25). During the year ended 30 June 2018, the contracts that matured realised a gain of US$93.2 million (2017: US$54.7 million), of which US$93.2 million (2017: US$53.5 million) has been included in revenue. There was no ineffective portion in the current year (2017: US$1.2 million). The unamortised portion of the day one gain or loss amounted to US$0.9 million at 30 June 2018 (2017: US$2.6 million). The loss from non-hedge accounted rand gold forward sale contracts included in gains on derivatives amounted to US$0.9 million (2017: US$nil).

b) Harmony maintains a hedging programme for Hidden Valley by entering into commodity hedging contracts. The contracts comprise US$ gold forward sale derivative contracts as well as silver zero cost collars which establish a minimum (floor) and maximum (cap) silver sales price. Hedge accounting is not applied and the resulting gains and losses are recorded in gains on derivatives in the income statement. The gain amounted to US$2.7 million (2017: US$1.5 million).

c) Harmony maintains a foreign exchange hedging programme in the form of zero cost collars, which sets a floor and cap US$/Rand exchange rate at which to convert US dollars to Rands, and foreign exchange forward contracts. As hedge accounting is not applied, the resulting gains and losses have been recorded in gains on derivatives in the income statement (refer to note 7). These gains amounted to US$8.8 million (2017: US$79.6 million).

The following table shows the open position at the reporting date:

	FY19				FY20				TOTAL
2018	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
US$ZAR
Zero cost collars
US$m	94	53	45	60	—	—	—	—	252
Floor	14.09	14.14	13.14	13.09	—	—	—	—	13.69
Cap	15.09	15.08	13.80	13.77	—	—	—	—	14.54
Forward contracts
$m	8	59	69	65	18	18	18	18	273
FEC	13.55	13.50	13.63	13.76	14.59	14.76	14.94	15.12	13.95
R/gold
'000 oz	54	51	53	41	43	34	15	9	300
R'000/kg	697	621	630	614	622	643	631	655	639
US$/gold
'000 oz	24	24	20	18	6	4	—	—	96
US$/oz	1 288	1 291	1 335	1 338	1 370	1 400	—	—	1 318
Total gold
'000 oz	78	75	73	59	49	38	15	9	396
US$/silver
'000 oz	240	240	90	90	90	—	—	—	750
Floor	17.10	17.10	17.30	17.30	17.40	—	—	—	17.19
Cap	18.10	18.10	18.30	18.30	18.40	—	—	—	18.19

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Investments in Associates (Tables)

12 Months Ended

Jun. 30, 2018

Interest in Other Entities [Abstract]

Net Investments In Associate

The movement in the investments in associates during the year is as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	4		—
Conversion to preference shares	—		6
Share of profit/(loss) in associate	4		(2	)
Impairment loss	(1	)	—
Translation	(1	)	—
Balance at end of year	6		4

The net investment in Rand Refinery consists of:

	US dollar
Figures in million	2018	2017
Investment in associate	6	4
Investment in ordinary shares1	—	—
Redeemable preference shares	6	4
Net investments in associates	6	4

¹ Carried at cost less accumulated impairment.

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Inventories (Tables)

12 Months Ended

Jun. 30, 2018

Inventories [Abstract]

Disclosure of inventories

	US dollar
Figures in million	2018		2017
Gold in lock-up	3		3
Gold in-process, ore stockpiles and bullion on hand1	45		21
Consumables at weighted average cost (net of provision)2	82		65
Total inventories	130		89
Non-current portion of gold in lock-up and gold in-process	(3	)	(3	)
Total current portion of inventories	127		86
Included in the balance above is:
Inventory valued at net realisable value	15		15

¹ The restoration of run-of-mine stockpiles at Hidden Valley was the main reason for the increase in ore stockpiles.

² The increase in consumables is mainly as a result of Hidden Valley and the Moab Khotsong acquisition. Refer to note14 for more information.

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Other Reserves (Tables)

12 Months Ended

Jun. 30, 2018

Disclosure of reserves within equity [abstract]

Disclosure of Other Reserves

	US dollar
Figures in million	2018		2017
Foreign exchange translation reserve (a)	(1 650	)	(1 528	)
Hedge reserve (b)	27		84
Share-based payments (c)	253		224
Post-retirement benefit actuarial gain/(loss) (d)	(1	)	(2	)
Acquisition of non-controlling interest in subsidiary (e)	(57	)	(57	)
Equity component of convertible bond (f)	41		41
Repurchase of equity interest (g)	(13	)	(13	)
Other	(2	)	(4	)
Total other reserves	(1 402	)	(1 255	)

(a) The balance of the foreign exchange translation reserve movement represents the cumulative translation effect of the group's off-shore operations. The US dollar amount includes the translation effect from rand to US dollar.

(b) During the year, Harmony entered into Rand gold hedging contracts. Cash flow hedge accounting is applied to these contracts, resulting in the effective portion of the unrealised gains and losses being recorded in other comprehensive income (other reserves). Refer to note 20 for further information.

25 OTHER RESERVES continued

(b) Hedge reserve continued

The reconciliation of the hedge reserve is as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	84		—
	17		128
Net gain on Rand gold contracts	21		160
Deferred tax thereon	(4	)	(32	)
	(74	)	(43	)
Released to revenue	(93	)	(54	)
Deferred tax thereon	19		11
	—		(1	)
Released to gains on derivatives (hedge ineffectiveness)	—		(1	)
Deferred tax thereon	—		—
Balance at end of year	27		84

(c) Share-based payments

	US dollar
Figures in million	2018	2017
Balance at beginning of year	224	197
Share-based payments expensed (i)	29	27
Balance at end of year	253	224

(i) The group issues equity-settled instruments to certain qualifying employees under an employee share option scheme and employee share ownership plan (ESOP) to purchase shares in the company’s authorised but unissued ordinary shares. Equity share-based payments are measured at the fair value of the equity instruments at the grant date and are expensed over the vesting period, based on the group’s estimate of the shares that are expected to vest. Refer to note 34 for more details.

(d) The actuarial gains or losses related to the post-retirement benefit obligation will not be reclassified to the income statement.

	US dollar
Figures in million	2018		2017
Balance at beginning of year	(2	)	(2	)
Actuarial loss	1		—
Balance at end of year	(1	)	(2	)

(e) On 15 March 2004, Harmony announced that it had made an off-market cash offer to acquire all the ordinary shares, listed and unlisted options of Abelle Limited, held by non-controlling interests. The excess of the purchase price of US$86.5 million (A$123 million) over the carrying amount of non-controlling interest acquired, amounting to US$57 million, has been accounted for under other reserves.

(f) On 24 May 2004, the group issued a convertible bond. The amount representing the value of the equity conversion component is included in other reserves, net of deferred income taxes. The equity conversion component is determined on the issue of the bonds and is not changed in subsequent periods. The convertible bonds were repaid in 2009.

(g) On 19 March 2010, Harmony Gold Mining Company Limited concluded an agreement with African Vanguard Resources (Proprietary) Limited (AVRD), for the purchase of its 26% share of the mining titles of the Doornkop South Reef. The original sale of the 26% share in the mining titles was accounted for as an in-substance call option by AVRD over the 26% mineral right. The agreement to purchase AVRD's 26% interest during the 2010 financial year is therefore considered to be a repurchase of the option (equity interest). The 26% interest was transferred from AVRD to Harmony in exchange for Harmony repaying the AVRD Nedbank loan and the issue of 2 162 359 Harmony shares. The difference between the value of the shares issued of US$20.5 million, the liability to the AVRD and transaction costs, have been taken directly to equity.

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Provision for Environmental Rehabilitation (Tables)

12 Months Ended

Jun. 30, 2018

Provision For Environmental Rehabilitation [Abstract]

Disclosure of Rates Used in Calculation of Provision

The following rates were used in the calculation of the provision:

	2018	2017	2016
	%	%	%
South African operations
Inflation rate	5.50	6.50	6.75
Discount rates
- 12 months	6.70	7.50	8.00
- one to five years	7.00	7.60	8.40
- six to nine years	8.20	8.40	9.00
- ten years or more	8.60	9.10	9.20
PNG operations:
Inflation rate	6.00	6.60	5.00
Discount rates	6.25	6.25	6.25

Reconciliation of the Total Liability for Environmental Rehabilitation

The following is a reconciliation of the total liability for environmental rehabilitation:

	US dollar
Figures in million	2018		2017
Provision raised for future rehabilitation
Balance at beginning of year	201		148
Change in estimate - Balance sheet	(13	)	(1	)
Change in estimate - Income statement	5		(1	)
Utilisation of provision	(7	)	(7	)
Time value of money and inflation component of rehabilitation costs	15		13
Acquisitions1	57		35
Translation	(18	)	14
Total provision for environmental rehabilitation	240		201

¹ The 2018 acquisition relates to the Moab Khotsong operations (refer to note 14). The 2017 acquisition relates to Hidden Valley.

The following is a reconciliation of the total provision for the silicosis settlement:

	US dollar
Figures in million	2018		2017
Provision raised for settlement
Balance at beginning of year	70		—
Initial recognition	—		70
Change in estimate	(5	)	—
Time value of money and inflation component	6		—
Translation loss	(4	)	—
Total provision for silicosis settlement	67		70

Disclosure of Future Net Undiscounted Obligation

While the ultimate amount of rehabilitation costs to be incurred in the future is uncertain, the group has estimated that, based on current environmental and regulatory requirements, the total undiscounted cost for the mines, in the current monetary terms, is as follows:

	US dollar
Figures in million	2018		2017
Future net undiscounted obligation
Ultimate estimated rehabilitation cost	338		273
Amounts invested in environmental trust funds (refer to note 18)	(235	)	(200	)
Total future net undiscounted obligation	103		73

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Provision for Silicosis Settlement (Tables)

12 Months Ended

Jun. 30, 2018

Other provisions, contingent liabilities and contingent assets [Abstract]

Reconciliation of the Total Provision for the Silicosis Settlement

The following is a reconciliation of the total liability for environmental rehabilitation:

	US dollar
Figures in million	2018		2017
Provision raised for future rehabilitation
Balance at beginning of year	201		148
Change in estimate - Balance sheet	(13	)	(1	)
Change in estimate - Income statement	5		(1	)
Utilisation of provision	(7	)	(7	)
Time value of money and inflation component of rehabilitation costs	15		13
Acquisitions1	57		35
Translation	(18	)	14
Total provision for environmental rehabilitation	240		201

¹ The 2018 acquisition relates to the Moab Khotsong operations (refer to note 14). The 2017 acquisition relates to Hidden Valley.

The following is a reconciliation of the total provision for the silicosis settlement:

	US dollar
Figures in million	2018		2017
Provision raised for settlement
Balance at beginning of year	70		—
Initial recognition	—		70
Change in estimate	(5	)	—
Time value of money and inflation component	6		—
Translation loss	(4	)	—
Total provision for silicosis settlement	67		70

Disclosure of the Impact of a Reasonable Change in Certain Key Assumptions

The impact of a reasonable change in certain key assumptions would increase or decrease the provision amount by the following amounts:

	US dollar
Figures in million	2018		2017
Effect of an increase in the assumption:
Change in benefit take-up rate1	5		6
Change in silicosis prevalence2	5		6
Change in disease progression rates3	2		3
Effect of a decrease in the assumption:
Change in benefit take-up rate1	(5	)	(6	)
Change in silicosis prevalence2	(5	)	(6	)
Change in disease progression rates3	(2	)	(3	)

¹ Change in benefit take-up rate: the take-up rate does not affect the legal cost allocation, but a 10% change results in a proportionate change in the other values.

² Change in the silicosis prevalence: the assumptions that will result in a change in the estimated number of cases are either a 10% change in the assumed labour number or a 10% change in the disease risk.

³ Change in disease progression rates: a one year shorter/longer disease progression period was used. This assumption is not applicable to the dependant or TB classes.

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Retirement Benefit Obligation (Tables)

12 Months Ended

Jun. 30, 2018

Employee Benefits [Abstract]

Disclosure of Unfunded Obligations and Net Liability of Defined Benefit Plan

	US dollar
Figures in million	2018		2017
Present value of unfunded obligations	13		14
Current employees	4		5
Retired employees	9		9
Movement in the liability recognised in the balance sheet
Balance at beginning of year	14		11
Contributions paid	(1	)	(1	)
Finance costs	1		1
Net actuarial (gain)/loss recognised during the year1	(1	)	—
Moab Khotsong acquisition (refer to note 14)	1		—
Translation	(1	)	3
Balance at end of year	13		14

¹ The net actuarial (gain)/loss has been recorded in other comprehensive income.

	US dollar
Figures in million	2018	2017
The net liability of the defined benefit plan is as follows:
Present value of defined benefit obligation	13	14
Fair value of plan assets	—	—
Net liability of defined benefit plan	13	14

Disclosure of the Effect of a Percentage Point Increase and Decrease in the Assumed Medical Cost Trend Rate

The effect of a percentage point increase and decrease in the assumed medical cost trend rate is as follows:

	US dollar
Figures in million	2018		2017
Effect of a 1% increase on:
Aggregate of service cost and finance costs	—		—
Defined benefit obligation	2		2
Effect of a 1% decrease on:
Aggregate of service cost and finance costs	—		—
Defined benefit obligation	(1	)	(1	)

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Borrowings (Tables)

12 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Disclosure of Terms and Debt Repayment Schedule

	Interest charge	Repayment terms	Repayment date	Security
Nedbank Limited (Secured loan - rand revolving credit facility)	1, 3 or 6 month JIBAR plus 3.15%, payable at the elected interest interval	Repayable on maturity	February 2020	Cession and pledge of operating subsidiaries' shares and claims
US dollar facility (Secured loan)	3 or 6 month LIBOR plus 3% for the RCF and 3.15% for the term facility, payable at the elected interest interval	Repayable on maturity	July 2020	Cession and pledge of operating subsidiaries' shares and claims
US dollar bridge loan (Secured loan)	LIBOR, plus elected interest of 2.5% first 6 months, 3% next 3 months, 3.5% last 3 months.	Repayable on maturity	October 2018	Cession and pledge of operating subsidiaries' shares and claims

Disclosure of Interest Bearing Borrowings

INTEREST BEARING BORROWINGS

	US dollar
Figures in million	2018		2017
Non-current borrowings
Nedbank Limited (secured loan - R1.0 billion revolving credit facility)	36		23
Balance at beginning of year	23		—
Draw down	41		24
Repayments	(24	)	—
Translation	(4	)	(1	)
US$250 revolving credit facility (secured loan)	—		—
Balance at beginning of year	—		139
Draw down	—		30
Repayments	—		(30	)
Amortisation of issue costs	—		1
Transferred to current liabilities	—		(140	)
US$350 facility (secured loan)	321		—
Draw down	325		—
Issue cost	(7	)	—
Amortisation of issue costs	3		—
Total non-current borrowings	357		23
Current borrowings
Nedbank Limited (secured loan - R1.0 billion revolving credit facility)	—		—
Balance at beginning of year	—		20
Repayments	—		(20	)
US$250 revolving credit facility (secured loan)	—		140
Balance at beginning of year	140		—
Repayments	(140	)	—
Transferred from non-current liabilities	—		140
US$200 bridge loan facility (secured loan)	50		—
Draw down	200		—
Repayments	(150	)	—
Total current borrowings	50		140
Total interest-bearing borrowings	407		163

29 BORROWINGS continued

INTEREST BEARING BORROWINGScontinued

	US dollar
Figures in million	2018	2017
The maturity of borrowings is as follows:
Current	51	140
Between one to two years	36	—
Between two to five years	320	23
	407	163

	US dollar
Figures in million	2018	2017
Undrawn committed borrowing facilities:
Expiring within one year	—	110
Expiring after one year	61	53
	61	163

Disclosure of Effective Interest Rates

	2018	2017
	%	%
Nedbank Limited - rand revolving credit facility	10.2	10.5
US$250 million revolving credit facility	4.2	3.9
US$350 million facility	4.8	—
US$200 million bridge loan	4.5	—

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Other Non-Current Liabilities (Tables)

12 Months Ended

Jun. 30, 2018

Disclosure of other provisions, contingent liabilities and contingent assets [Abstract]

Other Non-Current Liabilities

	US dollar
Figures in million	2018	2017
KOSH deep groundwater pollution liability (a)	3	—
Sibanye Beatrix ground swap royalty	—	1
Total non-current liabilities	3	1

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Trade and Other Payables (Tables)

12 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Trade and Other Payables

The movement in the liability recognised in the balance sheet is as follows:

	US dollar
Figures in million	2018		2017
Balance at beginning of year	30		23
Benefits paid	(31	)	(29	)
Total expense per income statement	29		31
Acquisitions1	12		3
Translation (gain)/loss	(2	)	2
Balance at end of year	38		30

¹ Acquisitions of Moab Khotsong operations in 2018 and Hidden Valley in 2017.

	US dollar
Figures in million	2018	2017
Financial liabilities
Trade payables	43	40
Other liabilities (a)	13	7
Non-financial liabilities
Payroll accruals	41	28
Leave liabilities (b)	38	30
Shaft related accruals	42	37
Other accruals	15	7
Value added tax	6	4
Total current trade and other payables	198	153

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Cash Generated by Operations (Tables)

12 Months Ended

Jun. 30, 2018

Statement of cash flows [abstract]

Disclosure of Cash Generated by Operations

	US dollar
Figures in million	2018		2017		2016
Reconciliation of profit/(loss) before taxation to cash generated by operations:
Profit/(loss) before taxation	(339	)	(20	)	109
Adjustments for:
Amortisation and depreciation	200		185		149
(Reversal of impairment)/impairment of assets	386		131		(3	)
Share-based payments	28		29		23
Net decrease in provision for post-retirement benefits	—		(1	)	(1	)
Net increase/(decrease) in provision for environmental rehabilitation	(2	)	(8	)	(7	)
Profit on sale of property, plant and equipment	—		(3	)	—
Loss on scrapping of property, plant and equipment	—		10		4
(Profit)/loss from associates	(3	)	1		—
Gain on bargain purchase	—		(60	)	—
Interest received	(27	)	(20	)	(17	)
Finance costs	26		17		19
Inventory adjustments	(16	)	31		7
Foreign exchange translation difference	52		(16	)	45
Non cash portion of gains on derivatives	43		(7	)	(25	)
Day one loss amortisation	3		6		—
Silicosis settlement provision	(5	)	70		—
Other non-cash adjustments	(2	)	(5	)	1
Effect of changes in operating working capital items
Receivables	(8	)	(30	)	12
Inventories	(31	)	2		5
Payables	29		8		1
Cash generated by operations	334		320		322

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Employee Benefits (Tables)

12 Months Ended

Jun. 30, 2018

Employee Benefits [Abstract]

Disclosure of Permanent Employees and Aggregate Earnings of Employees

	2018	2017
Number of permanent employees as at 30 June:
South African operations1	32 520	26 478
International operations2	1 511	1 403
Total number of permanent employees	34 031	27 881

	US dollar
Figures in million	2018	2017
Aggregate earnings
The aggregate earnings of employees including directors were:
Salaries and wages and other benefits	695	563
Retirement benefit costs	49	41
Medical aid contributions	18	15
Total aggregated earnings3	762	619

¹ Increase in 2018 due to the acquisition of the Moab Khotsong operations.

² The MMJV employees included in the total is 114 (2017: 103).

³ These amounts have been included in cost of sales, corporate expenditure and capital expenditure.

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Share-Based Payments (Tables)

12 Months Ended

Jun. 30, 2018

Share-based payment arrangements [Abstract]

Explanation of effect of share-based payments on entity's profit or loss

The total cost relating to employee share-based payments is made up as follows:

	US dollar
Figures in million	2018	2017
2012 employee share ownership plan	—	1
2006 share plan	28	28
Total employee share-based payments	28	29

Disclosure of terms and conditions of share-based payment arrangement

The 2006 share plan consists of share appreciation rights (SARs), performance shares (PS) and restricted shares (RS). The share plan is equity-settled.

Award	Vesting	Performance criteria
SARs	SARs will vest in equal thirds in year three, four and five, subject to the performance conditions having been satisfied. The SARs will have an expiry date of six years from the grant date and the offer price equals the closing market prices of the underlying shares on the trading date immediately preceding the grant.	2009 to 2013 allocation: The group's headline earnings per share must have grown since the allocation date by more than the South African Consumer Price Index (CPI).
PS	The PS will vest after three years from the grant date, if and to the extent that the performance conditions have been satisfied.	2015 to 2016 allocation: • 50% of the number of rights awarded are linked to the total shareholder return of the group on an absolute basis. • 50% of the number of rights awarded are linked to the total shareholder return of the group as compared to that of the South African gold index. 2014 allocation: • the number of the rights awarded are linked to the group's performance in comparison to the South African Gold Index.
RS	The RS will vest after three years from grant date.	The participant is still employed within the group.

Termination of employees' participation in the share plan is based on "no fault" and "fault" definitions.

● Fault All unvested and unexercised SARs and all PS and RS not yet vested are lapsed and cancelled.

● No fault Accelerated vesting occurs and all unvested and unexercised share options are settled in accordance with the rules of the plan.

Disclosure of number and weighted average remaining contractual life of outstanding share options

Activity on share options

	SARs			PS		RS
Activity on options and rights granted but not yet exercised	Number of options and rights		Weighted average option price (SA rand)	Number of rights		Number of rights
For the year ended 30 June 2018
Balance at beginning of year	12 476 697		32.60	37 848 573		701 412
Options granted and accepted	—		—	14 406 437		—
Rights vested and locked up	—		—	(278 629	)	—
Options exercised	(794 351	)	24.37	(3 594 838	)	(120 000	)
Options forfeited and lapsed	(1 834 486	)	52.86	(5 954 259	)	(30 416	)
Balance at end of year	9 847 860		50.20	42 427 284		550 996

	SARs			PS		RS
Activity on options and rights granted but not yet exercised	Number of options and rights		Weighted average option price (SA rand)	Number of rights		Number of rights
For the year ended 30 June 2017
Balance at beginning of year	14 156 782		34.74	34 978 038		859 974
Options granted and accepted	—		—	9 320 599		—
Options granted	113 899		21.89	(160 271	)	—
Options exercised	(451 187	)	27.49	(2 171 953	)	(158 562	)
Options forfeited and lapsed	(1 342 797	)	47.39	(4 117 840	)	—
Balance at end of year	12 476 697		32.60	37 848 573		701 412

	SARs		PS and RS
Options and rights vested but not exercised at year end	2018	2017	2018	2017
Options and rights vested but not exercised	5 331 335	2 869 859	—	—
Weighted average option price (SA rand)	36.26	57.52	n/a	n/a

List of options and rights granted but not yet exercised (listed by grant date)	Number of options and rights	Award price (SA rand)	Remaining life (years)
As at 30 June 2018
Share appreciation rights
16 November 2012	1 127 510	68.84	0.4
15 November 2013	3 891 126	33.18	1.4
17 November 2014	4 829 224	18.41	2.4
	9 847 860
Performance shares
16 November 2015	19 950 203	n/a	0.4
17 February 2016	512 000	n/a	0.4
29 November 2016	8 360 578	n/a	1.4
15 November 2017	13 604 503	n/a	2.4
	42 427 284
Restricted shares1
16 November 2012	137 749	n/a	0.4
16 November 2015	413 247	n/a	0.4
	550 996
Total options and rights granted but not yet exercised	52 826 140

¹ The 2012 and 2015 restricted shares vested in November 2015 and November 2018 respectively. Restricted shares that were not exercised, partially or fully, at that time remain restricted for a further three years, but were supplemented by a matching grant of restricted shares. All restricted shares are then only settled after the end of a further three year period.

	US dollar
Figures in million	2018	2017
Gain realised by participants on options and rights traded during the year	13	8
Fair value of options and rights exercised during the year	14	8

Disclosure of indirect measurement of fair value of goods or services received, share options granted during period

Assumptions applied at grant date for awards granted during the year

	Performance shares
29 November 2016 allocation
Risk-free interest rate	7.41	%
Expected volatility1	47.66	%
Expected dividend yield	0.00	%
Vesting period (from grant date)	3	years

¹ The volatility is measured as annualised standard deviation of historical share price returns, using an exponentially weighted moving average (EWMA) model, with a lambda of 0.99. The volatility is calculated on the grant date, and takes into account the previous three years of historical data.

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Related Parties (Tables)

12 Months Ended

Jun. 30, 2018

Related Party [Abstract]

Disclosure of Directors and Prescribed Officers Who Own Shares in Harmony

The following directors and prescribed officers own shares in Harmony at year-end:

	Number of shares
Name of director/prescribed officer	2018	2017
Directors
Andre Wilkens	101 301	101 301
Frank Abbott1	747 817	606 742
Harry 'Mashego' Mashego	593	593
Ken Dicks	35 000	35 000
Prescribed officers
Beyers Nel1	42 486	17 553
Johannes van Heerden	75 000	25 000
Philip Tobias1	42 916	11 750

¹ The movement in shares for the 2018 financial year includes the vesting of performance shares that were voluntarily locked up in terms of the minimum shareholding requirement of the 2006 Share Plan but remain beneficially owned.

Disclosure of Transactions with Related Parties

	US dollar
Figures in million	2018	2017
Sales and services rendered to related parties
Joint operations	1	—
Total	1	—

Figures in million	2018	2017
Purchases and services acquired from related parties
Associates	3	2
Total	3	2

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Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2018

Other provisions, contingent liabilities and contingent assets [Abstract]

Disclosure of Capital Commitments

	US dollar
Figures in million	2018	2017
Capital expenditure commitments
Contracts for capital expenditure	16	12
Share of joint venture's contract for capital expenditure	4	16
Authorised by the directors but not contracted for	124	60
Total capital commitments	144	88

Disclosure of Environmental Obligation Guarantees

	US dollar
Figures in million	2018	2017
Guarantees
Guarantees and suretyships	10	1
Environmental guarantees1	35	37
Total guarantees	45	38

¹ At 30 June 2018, US$5.4 million (2017: US$4.7 million) has been pledged as collateral for environmental guarantees in favour of certain financial institutions. Refer to note 17.

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Segment Report Segment Report (Tables)

12 Months Ended

Jun. 30, 2018

Disclosure of entity's operating segments [Abstract]

Segment Report

SEGMENT REPORT continued

	Revenue 30 June			Production cost 30 June			Production profit/(loss) 30 June				Mining assets 30 June			Capital expenditure#  30 June			Ounces produced* 30 June			Tons milled* 30 June
	2018	2017	2016	2018	2017	2016	2018		2017	2016	2018	2017	2016	2018	2017	2016	2018	2017	2016	2018	2017	2016
	US$ million			US$ million			US$ million				US$ million			US$ million			oz			t'000
South Africa
Underground
Tshepong Operations (a)	419	372	341	296	270	222	123		102	119	585	645	571	78	52	43	302 026	283 827	289 968	1 893	1 869	1 956
Moab Khotsong	130	—	—	74	—	—	56		—	—	268	—	—	13	—	—	105 969	—	—	360	—	—
Bambanani	126	116	112	70	64	56	56		52	56	48	57	55	5	6	7	90 698	88 415	96 870	257	254	256
Joel	74	96	84	72	69	57	2		27	27	72	69	49	19	18	15	52 566	72 211	73 239	501	567	597
Doornkop	152	114	102	110	91	72	42		23	30	197	227	203	21	18	14	110 245	85 939	87 772	767	706	695
Target 1	127	111	126	103	99	86	24		12	40	91	154	192	24	24	22	91 758	85 809	108 895	749	822	814
Kusasalethu	193	189	143	158	153	125	35		36	18	156	217	256	22	21	25	142 395	141 270	124 198	738	670	736
Masimong	117	107	91	90	82	72	27		25	19	4	33	33	10	9	8	84 332	81 599	78 190	714	706	716
Unisel	57	67	64	60	62	52	(3	)	5	12	3	40	37	7	6	4	41 152	51 280	54 785	415	436	467
Surface
All other surface operations	157	134	110	116	102	88	41		32	22	40	37	30	12	19	5	114 778	102 175	95 553	15 595	12 179	12 112
Total South Africa	1 552	1 306	1 173	1 149	992	830	403		314	343	1 464	1 479	1 426	211	173	143	1 135 919	992 525	1 009 470	21 989	18 209	18 349
International
Hidden Valley(b)	32	110	91	18	97	84	14		13	7	281	175	44	122	98	8	92 015	95 327	72 565	2 757	3 186	1 906
Total international	32	110	91	18	97	84	14		13	7	281	175	44	122	98	8	92 015	95 327	72 565	2 757	3 186	1 906
Total operations	1 584	1 416	1 264	1 167	1 089	914	417		327	350	1 745	1 654	1 470	333	271	151	1 227 934	1 087 852	1 082 035	24 746	21 395	20 255
Reconciliation of the segment information to the consolidated income statement and balance sheet (refer to note 39)	—	—	—	—	—	—	—		—	—	1 117	1 312	1 045
	1 584	1 416	1 264	1 167	1 089	914	417		327	350	2 862	2 966	2 515	333	271	151	1 227 934	1 087 852	1 082 035	24 746	21 395	20 255

^#  Capital expenditure for international operations excludes expenditure spent on Wafi-Golpu of US$22.4 million (2017: US$14.5 million).

^(a)  Tshepong and Phakisa were two separate segments for the 2017 financial year. As of 1 July 2017, they have been integrated into Tshepong Operations and have been treated as one segment for the 2018 financial year. June 2017 and 2016 amounts have been re-presented as a result of the integration.

^(b)  Capital expenditure for 2018 comprises of expenditure of US$203.0 million net of capitalised revenue of US$81.4 million. No revenue was capitalised in 2017.

* Production statistics are unaudited.

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Reconciliation of Segment Information to Consolidated Income Statements and Balance Sheets (Tables)

12 Months Ended

Jun. 30, 2018

Disclosure of entity's operating segments [Abstract]

Disclosure of operating segments

	US dollar
Figures in million	2018		2017		2016
Reconciliation of production profit to consolidated profit/(loss) before taxation
Total segment revenue	1 584		1 416		1 264
Total segment production costs	(1 167	)	(1 089	)	(914	)
Production profit	417		327		350
Cost of sales items other than production costs	(633	)	(359	)	(174	)
Amortisation and depreciation of mining assets	(192	)	(179	)	(144	)
Amortisation and depreciation of assets other than mining assets	(8	)	(6	)	(5	)
Rehabilitation credit (net)	(5	)	(2	)	3
Care and maintenance cost of restructured shafts	(10	)	(8	)	(8	)
Employment termination and restructuring costs	(16	)	(5	)	(1	)
Share-based payments	(19	)	(29	)	(23	)
(Impairment) of assets/reversal of impairment	(386	)	(131	)	3
Other	3		1		1
Gross profit/(loss)	(216	)	(32	)	176
Corporate, administration and other expenditure	(63	)	(38	)	(28	)
Exploration expenditure	(11	)	(18	)	(13	)
Gain on derivatives	8		75		30
Other operating expenses	(53	)	(68	)	(54	)
Operating profit/(loss)	(335	)	(81	)	111
Gain on bargain purchase	—		60		—
Loss on liquidation of subsidiaries	—		(1	)	—
Share on profit/(loss) from associate	3		(1	)	—
Acquisition-related costs	(8	)	—		—
Investment income	27		20		17
Finance costs	(26	)	(17	)	(19	)
Profit/(loss) before taxation	(339	)	(20	)	109
Reconciliation of total segment assets to consolidated assets includes the following:
Non-current assets
Property, plant and equipment	500		638		563
Intangible assets	37		46		59
Restricted cash	6		5		4
Restricted investments	237		203		170
Other non-current assets	1		—		—
Investments in associates	6		4		—
Inventories	3		3		3
Other non-current receivables	18		14		12
Derivative financial asset	6		24		—
Current assets
Inventories	127		86		79
Restricted cash	3		1		1
Trade and other receivables	83		76		44
Derivative financial assets	39		117		25
Cash and cash equivalents	51		95		85
	1 117		1 312		1 045

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Accounting Policies (Details) - R / $	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
Average foreign exchange rate	12.85	13.60	14.50
Closing foreign exchange rate	13.81	13.11

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Financial Risk Management - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Fair value through profit or loss | Derivative financial liabilities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	$ 16
Financial liabilities at amortised cost | Borrowings
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	407	$ 163
Financial liabilities at amortised cost | Other non-current payables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities		1
Financial liabilities at amortised cost | Trade and other payables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial liabilities	56	47
Loans and receivables | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	9	6
Loans and receivables | Restricted investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	2	2
Loans and receivables | Investment in financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0
Loans and receivables | Other non-current receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	18	14
Loans and receivables | Derivative financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Loans and receivables | Trade and other receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	45	39
Loans and receivables | Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	51	95
Available-for-sale financial assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Available-for-sale financial assets | Restricted investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Available-for-sale financial assets | Investment in financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	1
Available-for-sale financial assets | Other non-current receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Available-for-sale financial assets | Derivative financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Available-for-sale financial assets | Trade and other receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Available-for-sale financial assets | Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Held-to-maturity financial assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Held-to-maturity financial assets | Restricted investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	169	137
Held-to-maturity financial assets | Investment in financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0
Held-to-maturity financial assets | Other non-current receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Held-to-maturity financial assets | Derivative financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Held-to-maturity financial assets | Trade and other receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Held-to-maturity financial assets | Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Hedging instruments | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Hedging instruments | Restricted investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Hedging instruments | Investment in financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0
Hedging instruments | Other non-current receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Hedging instruments | Derivative financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	34	105
Hedging instruments | Trade and other receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Hedging instruments | Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Fair value through profit or loss financial assets | Restricted cash
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Fair value through profit or loss financial assets | Restricted investments
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	66	64
Fair value through profit or loss financial assets | Investment in financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0
Fair value through profit or loss financial assets | Other non-current receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Fair value through profit or loss financial assets | Derivative financial assets
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	11	36
Fair value through profit or loss financial assets | Trade and other receivables
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	0	0
Fair value through profit or loss financial assets | Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets	$ 0	$ 0

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Financial Risk Management - Foreign Exchange Risk (Details) $ in Millions	4 Months Ended	12 Months Ended
	Oct. 25, 2018	Jun. 30, 2018 USD ($) USD_per_PGK R / $	Jun. 30, 2017 USD ($) USD_per_PGK R / $
Disclosure of nature and extent of risks arising from financial instruments [line items]
Foreign exchange rate risk hedged (as a percent)		15.00%
Foreign exchange risk exposure term		2 years
Closing rate | R / $		13.81	13.11
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable percent		10.00%
Currency risk | Bottom of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable percent		10.00%
Currency risk | Top of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable percent		20.00%
Currency risk | Borrowings | South Africa, Rand
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure		$ 370	$ 140
Reasonably possible increase in risk variable percent		10.00%	10.00%
Increase by 10%, impact on earnings		$ 37	$ 14
Reasonably possible decrease in risk variable percent		10.00%	10.00%
Decrease by 10%, impact on earnings		$ (37)	$ (14)
Closing rate | R / $		13.81	13.11
Currency risk | Derivative financial instruments | South Africa, Rand
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure		$ (10)	$ 34
Reasonably possible increase in risk variable percent		10.00%	10.00%
Increase by 10%, impact on earnings		$ 48	$ 40
Reasonably possible decrease in risk variable percent		10.00%	10.00%
Decrease by 10%, impact on earnings		$ (45)	$ (34)
Closing rate | R / $		13.81	13.11
Adjustment To Foreign Exchange Risk Exposure Limit
Disclosure of nature and extent of risks arising from financial instruments [line items]
Foreign exchange rate risk hedged (as a percent)	25.00%
Foreign exchange risk exposure term	2 years
Financial Asset | Currency risk | Papua New Guinea, Kina
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure		$ 2	$ 7
Reasonably possible increase in risk variable percent		10.00%	10.00%
Increase by 10%, impact on earnings		$ 0	$ 1
Reasonably possible decrease in risk variable percent		10.00%	10.00%
Decrease by 10%, impact on earnings		$ 0	$ (1)
Closing rate | USD_per_PGK		0.30	0.32

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Financial Risk Management - Commodity Price Sensitivity (Details) - USD ($) $ in Millions	4 Months Ended	12 Months Ended
	Oct. 25, 2018	Jun. 30, 2018	Jun. 30, 2017
Disclosure of nature and extent of risks arising from financial instruments [line items]
Limit of gold production hedged (as a percent)		20.00%
Limit of silver production hedged (as a percent)		25.00%
Production period hedged		24 months
Commodity price risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable percent		10.00%
Commodity price risk | Bottom of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable percent		10.00%
Commodity price risk | Top of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable percent		20.00%
Commodity price risk | US$ gold hedging contracts
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable percent		10.00%	10.00%
Reasonably possible decrease in risk variable percent		10.00%	10.00%
Increase by 10%, impact on earnings		$ (12)	$ (8)
Decrease by 10%, impact on earnings		$ 12	$ 8
Commodity price risk | Silver hedging contracts
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable percent		10.00%	10.00%
Reasonably possible decrease in risk variable percent		10.00%	10.00%
Increase by 10%, impact on earnings		$ (1)	$ (1)
Decrease by 10%, impact on earnings		$ 1	$ 1
Cash flow hedges | Commodity price risk | Rand gold hedging contracts
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable percent		10.00%	10.00%
Reasonably possible decrease in risk variable percent		10.00%	10.00%
Increase by 10%, impact on other comprehensive income		$ (38)	$ (41)
Decrease by 10%, impact on other comprehensive income		$ 37	$ 40
Adjustment to Permitted Level of Cover
Disclosure of nature and extent of risks arising from financial instruments [line items]
Limit of silver production hedged (as a percent)	50.00%

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Financial Risk Management - Other Price Risk (Details) - Other price risk - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible decrease in risk variable percent	10.00%	10.00%
Reasonably possible increase in risk variable percent	10.00%	10.00%
Increase by 10%, impact on earnings	$ 3.3	$ 2.4
Decrease by 10%, impact on earnings	$ 2.5	$ 1.6

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Financial Risk Management - Interest Rate Risk (Details) - Interest rate risk - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable percent	1.00%
Financial Asset
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable percent	1.00%	1.00%
Reasonably possible decrease in risk variable percent	1.00%	1.00%
Increase by 10%, impact on earnings	$ 2	$ 2
Decrease by 10%, impact on earnings	$ (2)	$ (2)
Borrowings
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable percent	1.00%	1.00%
Reasonably possible decrease in risk variable percent	1.00%	1.00%
Increase by 10%, impact on earnings	$ (4)	$ (2)
Decrease by 10%, impact on earnings	$ 4	$ 2

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Financial Risk Management - Credit Risk (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	$ 405.7	$ 498.7
Restricted investments	237.0	203.0
Investments held by social trust funds
Disclosure of detailed information about financial instruments [line items]
Restricted investments	2.4	2.8
Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	51.0	95.0
Restricted cash
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	9.0	6.0
Restricted investments (environmental trusts)
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	235.0	200.0
Restricted investments	235.0	200.0
Derivative financial assets
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	45.0	141.0
AA Plus | Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	0.0	43.0
AA Plus | Restricted investments (environmental trusts)
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	109.0	86.0
AA Plus | Derivative financial assets
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	9.0	54.0
AA | Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	45.0	30.0
AA | Restricted cash
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	7.0	6.0
AA | Restricted investments (environmental trusts)
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	126.0	90.0
AA | Derivative financial assets
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	26.0	2.0
AA Minus | Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	6.0	22.0
AA Minus | Restricted cash
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	2.0	0.0
AA Minus | Restricted investments (environmental trusts)
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	0.0	24.0
AA Minus | Derivative financial assets
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	$ 10.0	$ 85.0

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Financial Risk Management - Liquidity Risk (Details) - Liquidity risk - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Current
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade and other payables	$ 56	$ 47
Derivative financial liabilities	9
Financial liabilities	116	193
Due between 0 to six months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	51	4
Due between six to 12 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	0	142
Expiring after one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade and other payables		1
Derivative financial liabilities	7
Financial liabilities	411	27
Due between one to two years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	42	2
Due between two to five years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	$ 362	$ 24

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Financial Risk Management - Capital Risk Management (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Financial Instruments [Abstract]
Cash and cash equivalents	$ 51	$ 95	$ 85	$ 88
Borrowings	(407)	(163)
Net debt	$ (356)	$ (68)

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Financial Risk Management - Fair Value Determination for Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Level 2
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities) derivative	$ 29	$ 141
Restricted investments | Level 2
Disclosure of fair value measurement of assets [line items]
Financial assets	66	64
Investment in financial assets | Level 3 of fair value hierarchy
Disclosure of fair value measurement of assets [line items]
Financial assets	1	0
Forex hedging contracts | Level 2
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities) derivative	(10)	34
Rand gold hedging contracts | Level 2 | Rand gold hedging contracts
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities) derivative	33	105
US$ gold hedging contracts | Level 2
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities) derivative	$ 6	$ 2

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Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Revenue [abstract]
Gold sales	$ 1,491	$ 1,363	$ 1,264
Hedging gain	93	53	0
Total revenue	$ 1,584	$ 1,416	$ 1,264

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Cost of Sales - Disclosure of cost of sales (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Analysis of income and expense [abstract]
Production costs	$ 1,167	$ 1,089	$ 914
Amortisation and depreciation of mining assets	192	179	144
Amortisation and depreciation of assets other than mining assets	8	6	5
Rehabilitation expenditure/(credit)	5	2	(3)
Care and maintenance costs of restructured shafts	10	8	8
Employment termination and restructuring costs	16	5	1
Share-based payments	19	29	23
Impairment of assets	386	131	(3)
Other	(3)	(1)	(1)
Total cost of sales	$ 1,800	$ 1,448	$ 1,088

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Cost of Sales - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Disclosure Of Cost Of Sales [Line Items]
Production costs	$ 1,167.0	$ 1,089.0	$ 914.0
Rehabilitation spend	7.3	7.1	4.8
Employment termination and restructuring costs	16.0	5.0	$ 1.0
Moab Khotsong
Disclosure Of Cost Of Sales [Line Items]
Production costs	78.6
Hidden Valley
Disclosure Of Cost Of Sales [Line Items]
Change in production costs	$ 78.5
Employment termination and restructuring costs		$ 4.8

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Cost of Sales - Disclosure of production costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Analysis of income and expense [abstract]
Labour costs, including contractors	$ 759	$ 662	$ 559
Consumables	266	266	230
Water and electricity	199	170	148
Insurance	7	7	7
Transportation	9	13	12
Change in inventory	(16)	27	7
Capitalisation of mine development costs	(121)	(97)	(93)
Stripping activities	(13)	(6)	(3)
By-product sales	(7)	(17)	(23)
Royalty expense	9	16	12
Other	75	48	58
Total production costs	$ 1,167	$ 1,089	$ 914

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Cost of Sales - Disclosure of impairment of assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	$ 386	$ 131	$ (3)
Tshepong operations
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	71	19	0
Recoverable amount	538	595
Doornkop
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	23	0	(50)
Recoverable amount	198		190
Kusasalethu
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	42	52	0
Recoverable amount	155	214
Target 1
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	51	60	0
Recoverable amount	88	153
Joel
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	11	0	0
Recoverable amount	63
Unisel
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	35	0	0
Recoverable amount	3
Masimong
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	24	0	15
Recoverable amount	4		32
Target North
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	106	0	0
Recoverable amount	267
Hidden Valley
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	0	0	32
Recoverable amount			22
Other mining assets
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment/(reversal of impairment) of assets	23	$ 0	$ 0
Recoverable amount	$ 26

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Gains on Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Gains (losses) on change in fair value of derivatives [abstract]
Derivative gain	$ 11	$ 81	$ 30
Hedge ineffectiveness	0	1	0
Day one loss amortisation	(3)	(7)	0
Total gains on derivatives	$ 8	$ 75	$ 30

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Other Operating Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Analysis of income and expense [abstract]
Profit on sale of property, plant and equipment	$ 0	$ (3)	$ 0
Social investment expenditure	6	6	4
Loss on scrapping of property, plant and equipment	0	10	4
Foreign exchange translation	53	(14)	43
Silicosis settlement provision/(reversal of provision)	(5)	70	0
Provision/(reversal of provision) for ARM BEE Loan	(3)	1	2
Other (income)/expenses - net	2	(2)	1
Total other operating expenses	$ 53	$ 68	$ 54

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Operating Profit/(Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Analysis of income and expense [abstract]
Auditor's remuneration for audit services	$ 3	$ 2	$ 2
Total auditor's remuneration	$ 3	$ 2	$ 2

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Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Analysis of income and expense [abstract]
Interest income	$ 21	$ 20	$ 16
Loans and receivables	0	1	2
Held-to-maturity investments	12	11	9
Cash and cash equivalents	9	8	5
Net gain on financial instruments	6	0	1
Total investment income	$ 27	$ 20	$ 17

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Finance Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Financial Liabilities [Abstract]
Borrowings	$ 18	$ 8	$ 12
Total finance costs from financial liabilities	18	8	12
Non-financial liabilities
Post-retirement benefits	1	1	1
Total finance costs from non-financial liabilities	22	14	12
Total finance costs before interest capitalised	40	22	24
Interest capitalised	(14)	(5)	(5)
Total finance costs	$ 26	$ 17	$ 19
Capitalisation rate (as a percent)	10.50%	4.20%	10.50%
Time value of money component of silicosis provision
Non-financial liabilities
Expense due to unwinding of discount on provisions	$ 6	$ 0	$ 0
Time value of money and inflation component of rehabilitation costs
Non-financial liabilities
Expense due to unwinding of discount on provisions	$ 15	$ 13	$ 11

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Taxation - Disclosure of Taxation Credit/(Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total taxation (expense)/credit	$ 18	$ 37	$ (43)
South Africa
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax	(34)	(73)	35
Deferred tax - current year	$ (34)	$ (73)	$ 35
Revenue exempt from taxation (as a percent)	5.00%	5.00%	5.00%
Australian entities and PNG operation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Applicable taxation rate	30.00%	30.00%	30.00%
Mining Products | South Africa
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Current tax (expense) income and adjustments of prior periods	$ (3)	$ (17)	$ (3)
Current year tax	(3)	(17)	(4)
Prior year tax	$ 0	$ 0	$ 1
Applicable taxation rate	34.00%	34.00%	34.00%
Non-Mining Services | South Africa
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Current tax (expense) income and adjustments of prior periods	$ (13)	$ (19)	$ (5)
Current year tax	$ (13)	$ (19)	$ (5)
Applicable taxation rate	28.00%	28.00%	28.00%

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Taxation - Disclosure of Major Items Causing the Income Tax Provision to Differ from the South African Mining Statutory Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax on net profit/loss at the mining statutory tax rate	$ 115.0	$ 6.0	$ (37.0)
Non-allowable deductions	(30.0)	(6.0)	(20.0)
Gain on bargain purchase	0.0	21.0	0.0
Share-based payments	(8.0)	(8.0)	(6.0)
Impairment of assets	(17.0)	(6.0)	(8.0)
Exploration expenditure	(5.0)	(4.0)	(4.0)
Finance costs	(4.0)	(3.0)	(3.0)
Other	4.0	(6.0)	1.0
Difference between effective mining tax rate and statutory mining rate on mining income	(34.0)	10.0	8.0
Difference between non-mining tax rate and statutory mining rate on non-mining income	3.0	4.0	1.0
Effect on temporary differences due to changes in effective tax rates	(54.0)	(10.0)	(15.0)
Prior year adjustment	0.0	0.0	1.0
Capital allowances, sale of business and other rate differences	51.0	43.0	33.0
Deferred tax asset not recognised	(33.0)	(10.0)	(14.0)
Total taxation (expense)/credit	$ 18.0	$ 37.0	$ (43.0)
Average effective tax rate	5.00%	185.00%	40.00%
Freegold
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax rate	8.70%	12.50%	20.00%	16.70%
Randfontein
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax rate	1.80%	3.80%	10.10%	14.30%
Avgold
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax rate	0.00%	0.00%	0.00%
Parent Company
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax rate	10.50%	19.40%	21.10%	12.50%
Deferred tax asset not recognised as a result of foreign exchange losses	$ 30.9

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Taxation - Analysis of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	$ 83	$ 130
Net deferred tax liability	83	130
Deferred tax assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(29)	(32)
Deferred tax asset to be recovered after more than 12 months
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(18)	(15)
Deferred tax asset to be recovered within 12 months
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(11)	(17)
Deferred tax liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	112	162
Deferred tax liability to be recovered after more than 12 months
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	101	135
Deferred tax liability to be recovered within 12 months
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	$ 11	$ 27

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Taxation - Disclosure of Deferred Tax Liabilities and Assets on the Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax liabilities	$ 83	$ 130
Net deferred tax liability	83	130
Gross deferred tax liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax liabilities	112	162
Amortisation and depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax liabilities	105	140
Derivative assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax liabilities	7	22
Gross deferred tax assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax assets	(29)	(32)
Unredeemed capital expenditure
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax assets	(20)	(10)
Provisions, including non-current provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax assets	(8)	(20)
Tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax assets	$ (1)	$ (2)

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Taxation - Disclosure of Movement (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Reconciliation of changes in deferred tax liability (asset)
Balance at beginning of year	$ 130	$ 164
Credit per income statement	(34)	(73)
Tax directly charged to other comprehensive income	(15)	21
Moab Khotsong acquisition	7	0
Translation	(5)	18
Balance at end of year	$ 83	$ 130

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Taxation - Disclosure of Potential Future Tax Deductions (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amount of deferred tax not recognised, deductible temporary differences	$ 885,000,000	$ 883,000,000
Unredeemed capital expenditure available for utilisation against future mining taxable income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Potential future tax deductions	2,803,000,000	2,606,000,000
Deductible temporary differences for which no deferred tax asset is recognised	2,464,000,000	2,429,000,000
Tax losses carried forward utilisable against mining taxable income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Potential future tax deductions	314,000,000	378,000,000
Deductible temporary differences for which no deferred tax asset is recognised	304,000,000	329,000,000
Capital Gains Tax (CGT) losses available to be utilised against future CGT gains
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Potential future tax deductions	41,000,000	43,000,000
Deductible temporary differences for which no deferred tax asset is recognised	41,000,000	43,000,000
Avgold | Unredeemed capital expenditure available for utilisation against future mining taxable income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Potential future tax deductions	1,230,400,000	1,151,600,000
Randfontein | Unredeemed capital expenditure available for utilisation against future mining taxable income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Potential future tax deductions	156,600,000	157,000,000
Moab Khotsong | Unredeemed capital expenditure available for utilisation against future mining taxable income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Potential future tax deductions	151,400,000	0
Hidden Valley | Unredeemed capital expenditure available for utilisation against future mining taxable income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Potential future tax deductions	$ 1,233,300,000	$ 1,277,100,000

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Earnings/(Loss) Per Share - Disclosure of Basic Earnings/(Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Earnings per share [abstract]
Ordinary shares in issue (in shares)	500,252	439,957	437,299
Adjustment for weighted number of ordinary shares in issue (in shares)	(54,304)	(1,077)	(624)
Weighted number of ordinary shares in issue (in shares)	445,948	438,880	436,675
Treasury shares (in shares)	(52)	(437)	(936)
Basic weighted average number of ordinary shares in issue (in shares)	445,896	438,443	435,739
Total net earnings/(loss) attributable to shareholders	$ (321)	$ 17	$ 66
Total basic earnings/(loss) per share (in dollars per share)	$ (0.72)	$ 0.04	$ 0.15

XML

Earnings/(Loss) Per Share - Disclosure of Diluted Earnings/(Loss) Per Share (Details) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Earnings per share [abstract]
Weighted average number of ordinary shares in issue (in shares)	445,896	438,443	435,739
Potential ordinary shares (in shares)	19,423	20,777	10,659
Weighted average number of ordinary shares for diluted earnings per share (in shares)	465,319	459,220	446,398
Total diluted earnings/(loss) per share (in dollars per share)	$ (0.72)	$ 0.04	$ 0.15

XML

Earnings/(Loss) Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Oct. 16, 2017	Mar. 20, 2017	Sep. 19, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Earnings per share [abstract]
Dividend per share (in dollars per share)	$ 0.03	$ 0.04	$ 0.04	$ 0.03	$ 0.08	$ 0.00
Dividend declared	$ 11.4	$ 17.5	$ 14.9	$ 11.0	$ 33.0	$ 0.0

XML

Earnings/(Loss) Per Share - Disclosure of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Oct. 16, 2017	Mar. 20, 2017	Sep. 19, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Earnings per share [abstract]
Dividend declared	$ 11.4	$ 17.5	$ 14.9	$ 11.0	$ 33.0	$ 0.0
Dividend per share (in dollars per share)	$ 0.03	$ 0.04	$ 0.04	$ 0.03	$ 0.08	$ 0.00

XML

Acquisitions and Business Combinations - Narrative (Details) R in Millions	4 Months Ended	12 Months Ended			16 Months Ended
	Jun. 30, 2018 USD ($) R / $	Jun. 30, 2018 USD ($) R / $	Jun. 30, 2017 USD ($) R / $	Jun. 30, 2016 USD ($) R / $	Oct. 25, 2016 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 R / kg	Jun. 30, 2018 K / $	Jun. 30, 2018 $ / oz	Mar. 01, 2018 R / $ $ / oz usd_per_pound	Jun. 30, 2017 USD ($)	Jun. 30, 2017 R / kg	Jun. 30, 2017 K / $	Jun. 30, 2017 $ / oz	Oct. 26, 2016 USD ($)	Oct. 25, 2016 ZAR (R)	Jun. 30, 2016 R / kg	Jun. 30, 2016 K / $	Jun. 30, 2016 $ / oz
Disclosure of detailed information about business combination [line items]
Acquisition related costs		$ 8,000,000	$ 0	$ 0
Foreign exchange rate assumption	13.30	13.30	13.61	13.86				3.17					3.16					3.10
Gold price assumption							535,000		1,250			525,000		1,200			530,000		1,189
Gain on bargain purchase		$ 0	$ 60,000,000	$ 0
Moab Khotsong
Disclosure of detailed information about business combination [line items]
Contributed revenue of acquiree	$ 139,900,000
Profit from acquiree	$ 16,700,000
Increase to revenue had acquisition occurred at beginning of period		259,800,000
Increase to profit (loss) had acquisition occurred at beginning of period		31,100,000
Acquisition related costs		7,500,000
Business integration expense		$ 4,900,000
Cash transferred						$ 300,000,000					$ 0
Fair value of net identifiable assets acquired						$ 277,000,000					$ 0
Newcrest PNG 1 Ltd
Disclosure of detailed information about business combination [line items]
Cash transferred					$ 1
Once off contribution					$ 22,500,000											R 309
Fair value of net identifiable assets acquired															$ 60,000,000
Hidden Valley
Disclosure of detailed information about business combination [line items]
Interest acquired (as a percent)															100.00%
Gain on bargain purchase			$ 60,000,000
Bottom of range | Moab Khotsong
Disclosure of detailed information about business combination [line items]
Discount rate										8.20%
Foreign exchange rate assumption | R / $										11.86
Gold price assumption | $ / oz										1,249
Uranium price assumption | usd_per_pound										30.44
Top of range | Moab Khotsong
Disclosure of detailed information about business combination [line items]
Discount rate										11.30%
Foreign exchange rate assumption | R / $										15.82
Gold price assumption | $ / oz										1,302
Uranium price assumption | usd_per_pound										37.47
HVJV
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in joint venture (as a percent)					50.00%
Newcrest PNG 1 Ltd
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in joint venture (as a percent)					50.00%
Interest acquired (as a percent)					50.00%											50.00%

XML

Acquisitions and Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed (Details) - Moab Khotsong - USD ($) $ in Millions	Jun. 30, 2018	Mar. 01, 2018	Jun. 30, 2017
Disclosure of detailed information about business combination [line items]
Property, plant and equipment	$ 322.0	$ 321.5	$ 0.0
Environmental rehabilitation trust funds	33.0		0.0
Inventories	6.0		0.0
Deferred tax liabilities	(7.0)		0.0
Provision for environmental rehabilitation	(57.0)		0.0
Retirement benefit obligation	(1.0)		0.0
KOSH decant provision	(3.0)		0.0
Leave liabilities	(12.0)		0.0
Other payables	(4.0)		0.0
Fair value of net identifiable assets acquired	$ 277.0		$ 0.0

XML

Acquisitions and Business Combinations - Disclosure of Goodwill Acquired (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of detailed information about business combination [line items]
Goodwill	$ 36.0	$ 45.0
Moab Khotsong
Disclosure of detailed information about business combination [line items]
Cash transferred	300.0	0.0
Fair value of net identifiable assets acquired	(277.0)	0.0
Goodwill	$ 23.0	$ 0.0

XML

Acquisitions and Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed Hidden Valley (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Oct. 26, 2016	Jun. 30, 2016	Jun. 30, 2015
Disclosure of detailed information about business combination [line items]
Total property, plant and equipment	$ 2,245.0	$ 2,292.0
Total inventories	127.0	86.0
Total current trade and other receivables	83.0	76.0
Total cash and cash equivalents	51.0	95.0		$ 85.0	$ 88.0
Total trade and other payables (current)	$ (198.0)	$ (153.0)
HVJV
Disclosure of detailed information about business combination [line items]
Property, plant and equipment, Previously held interest			$ 46.0
Inventories (current), Previously held interest			35.0
Trade and other receivables (current), Previously held interest			2.0
Cash and cash equivalents, Previously held interest			4.0
Provision for environmental rehabilitation, Previously held interest			(35.0)
Trade and other payables (current), Previously held interest			(8.0)
Total, Previously held interest			44.0
Less fair value of previously held interest			(44.0)
Newcrest PNG 1 Ltd
Disclosure of detailed information about business combination [line items]
Property, plant and equipment			46.0
Inventories, Acquired interest			35.0
Trade and other receivables (current), Acquired interest			1.0
Cash and cash equivalents, Acquired interest			33.0
Provision for environmental rehabilitation, Acquired interest			(35.0)
Trade and other payables (current), Acquired interest			(20.0)
Total, Acquired interest			60.0
Fair value of net identifiable assets acquired			60.0
Hidden Valley
Disclosure of detailed information about business combination [line items]
Total property, plant and equipment			92.0
Total inventories			70.0
Total current trade and other receivables			3.0
Total cash and cash equivalents			37.0
Total provision for environmental rehabilitation			(70.0)
Total trade and other payables (current)			(28.0)
Total			$ 104.0

XML

Property, Plant and Equipment - Disclosure of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	$ 2,245	$ 2,292
Mining assets
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	1,755	1,625
Mining assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	183	237
Undeveloped properties
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	288	414
Other non-mining assets
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	$ 19	$ 16

XML

Property, Plant and Equipment - Mining assets (Narrative) (Details) - USD ($) $ in Millions			12 Months Ended
	Jun. 30, 2018	Jun. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Mar. 01, 2018	Oct. 26, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense			$ 200.0	$ 185.3	$ 149.0
Life-of-mine plans (term)			5 years
Derecognition of property, plant and equipment			$ 0.1	$ 10.3	$ 4.4
Tshepong
Disclosure of detailed information about property, plant and equipment [line items]
Transferred to mining assets	$ 29.4
Hidden Valley
Disclosure of detailed information about property, plant and equipment [line items]
Post-tax real discount rate	9.91%		9.91%	11.92%	11.77%
Transferred to mining assets		$ 213.6
Had the group only used proved and probable reserves in its calculations
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense			$ 214.2	$ 200.6	$ 153.4
Bottom of range | South African operations
Disclosure of detailed information about property, plant and equipment [line items]
Post-tax real discount rate	8.35%		8.35%	8.98%	8.43%
Top of range | South African operations
Disclosure of detailed information about property, plant and equipment [line items]
Post-tax real discount rate	10.25%		10.25%	11.81%	11.48%
Moab Khotsong
Disclosure of detailed information about property, plant and equipment [line items]
Fair value of property, plant and equipment acquired	$ 322.0		$ 322.0	$ 0.0		$ 321.5
Moab Khotsong | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Post-tax real discount rate						8.20%
Moab Khotsong | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Post-tax real discount rate						11.30%
Hidden Valley
Disclosure of detailed information about property, plant and equipment [line items]
Ownership obtained (as a percent)							100.00%
Mining assets
Disclosure of detailed information about property, plant and equipment [line items]
Stripping activities	$ 18.9		18.9	7.2
Depreciation expense, capitalised stripping costs			$ 0.3	$ 0.4
Mining assets | Moab Khotsong
Disclosure of detailed information about property, plant and equipment [line items]
Fair value of property, plant and equipment acquired						$ 309.7
Mining assets | Hidden Valley
Disclosure of detailed information about property, plant and equipment [line items]
Fair value of property, plant and equipment acquired							$ 76.2
Other non-mining assets | Moab Khotsong
Disclosure of detailed information about property, plant and equipment [line items]
Fair value of property, plant and equipment acquired						$ 11.8
Assets under construction | Hidden Valley
Disclosure of detailed information about property, plant and equipment [line items]
Fair value of property, plant and equipment acquired							$ 15.6

XML

Property, Plant and Equipment - Disclosure of Gold Price, Silver Price and Exchange Rates Assumptions (Details)	Jun. 30, 2018 R / $	Jun. 30, 2018 R / kg	Jun. 30, 2018 K / $	Jun. 30, 2018 $ / oz	Jun. 30, 2017 R / $	Jun. 30, 2017 R / kg	Jun. 30, 2017 K / $	Jun. 30, 2017 $ / oz	Jun. 30, 2016 R / $	Jun. 30, 2016 R / kg	Jun. 30, 2016 K / $	Jun. 30, 2016 $ / oz
Property, plant and equipment [abstract]
Gold price (in USD per oz and R/kg)		535,000		1,250		525,000		1,200		530,000		1,189
Silver price (in USD per oz)				17.00				17.00				17.80
Exchange rate (R/USD and PGK/USD)	13.30		3.17		13.61		3.16		13.86		3.10

XML

Property, Plant and Equipment - Disclosure of Gold Resource Value Assumptions (Details) - $ / oz	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
South Africa
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Measured	25.00	32.69	40.86
Indicated	8.00	18.68	23.35
Inferred	2.80	4.67	5.84
Hidden Valley
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Indicated	5.84	5.84	5.84
Inferred	5.84	5.84	5.84

XML

Property, Plant and Equipment - Disclosure of Sensitivity Analysis - Impairment of Assets (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Property, plant and equipment [abstract]
Percentage decrease resulting in additional impairment	10.00%	10.00%
Percentage increase resulting in reversal of impairment	10.00%	10.00%
Tshepong operations
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	$ 375	$ 281
Kusasalethu
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	197	157
Hidden Valley
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	54	79
Target 1
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	122	137
Doornkop
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	149	71
Masimong
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	28	30
Reversal of impairment	4	0
Moab Khotsong
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	118	0
Joel
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	64	0
Target 3
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	10	0
Other surface operations
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	39	20
Target North
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	132	0
Reversal of impairment	79	0
Unisel
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	38	17
Reversal of impairment	31	0
Bambanani
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Additional impairment	$ 16	$ 10

XML

Property, Plant and Equipment - Disclosure of Movement in Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Oct. 26, 2016	Oct. 25, 2016
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	$ (2,292.0)
Additions	333.0	$ 271.0	$ 151.0
Scrapping of assets	(0.1)	(10.3)	(4.4)
Finance costs capitalised	14.0	5.0	5.0
Balance at end of year	(2,245.0)	(2,292.0)
Mining assets
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	(1,625.0)
Balance at end of year	(1,755.0)	(1,625.0)
Mining assets | Cost
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	(3,094.0)	(3,189.0)
Fully depreciated assets no longer in use derecognised	0.0	(295.0)
Additions	198.0	158.0
Disposals	(5.0)	(1.0)
Scrapping of assets	0.0	(23.0)
Adjustment to rehabilitation asset	(13.0)	(1.0)
Transfers and other movements	243.0	21.0
Translation	223.0	(302.0)
Balance at end of year	(3,604.0)	(3,094.0)	(3,189.0)
Mining assets | Impairment
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	1,469.0	1,648.0
Fully depreciated assets no longer in use derecognised	0.0	295.0
Impairment of assets	(251.0)	(112.0)
Disposals	5.0	1.0
Scrapping of assets	0.0	12.0
Depreciation	217.0	187.0
Translation	83.0	(124.0)
Balance at end of year	1,849.0	1,469.0	1,648.0
Mining assets under construction
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	(237.0)
Balance at end of year	(183.0)	(237.0)
Mining assets under construction | Cost
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	(237.0)	(107.0)
Additions	155.0	121.0
Depreciation capitalised	24.0	7.0
Finance costs capitalised	14.0	5.0
Transfers and other movements	(243.0)	(20.0)
Translation	4.0	(9.0)
Balance at end of year	(183.0)	(237.0)	(107.0)
Pre-production revenue	100.2	0.0
Undeveloped properties
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	(414.0)
Balance at end of year	(288.0)	(414.0)
Undeveloped properties | Cost
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	(415.0)	(372.0)
Translation	21.0	(43.0)
Balance at end of year	(394.0)	(415.0)	(372.0)
Undeveloped properties | Accumulated depreciation and impairments
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	1.0	1.0
Impairment of assets	(105.0)	0.0
Balance at end of year	106.0	1.0	1.0
Other non-mining assets
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	(16.0)
Balance at end of year	(19.0)	(16.0)
Other non-mining assets | Cost
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	(34.0)	(29.0)
Fully depreciated assets no longer in use derecognised	0.0	(1.0)
Additions	3.0	3.0
Transfers and other movements	(1.0)	0.0
Translation	4.0	(3.0)
Balance at end of year	(44.0)	(34.0)	(29.0)
Other non-mining assets | Impairment
Reconciliation of changes in property, plant and equipment
Balance at beginning of year	18.0	15.0
Fully depreciated assets no longer in use derecognised	0.0	(1.0)
Impairment of assets	(4.0)	0.0
Depreciation	4.0	3.0
Translation	1.0	(1.0)
Balance at end of year	25.0	18.0	$ 15.0
Hidden Valley
Reconciliation of changes in property, plant and equipment
Interest disposed of (as a percent)					50.00%
Interest acquired (as a percent)				100.00%
Hidden Valley | Mining assets | Cost
Reconciliation of changes in property, plant and equipment
Deemed disposal of 50% of Hidden Valley	0.0	332.0
Acquisitions	0.0	76.0
Hidden Valley | Mining assets | Impairment
Reconciliation of changes in property, plant and equipment
Deemed disposal of 50% of Hidden Valley	0.0	(294.0)
Hidden Valley | Mining assets under construction | Cost
Reconciliation of changes in property, plant and equipment
Deemed disposal of 50% of Hidden Valley	0.0	8.0
Acquisitions	0.0	16.0
Moab Khotsong | Mining assets | Cost
Reconciliation of changes in property, plant and equipment
Acquisitions	310.0	0.0
Moab Khotsong | Other non-mining assets | Cost
Reconciliation of changes in property, plant and equipment
Acquisitions	12.0	$ 0.0
Hidden Valley | Mining assets | Cost
Reconciliation of changes in property, plant and equipment
Depreciation capitalised	$ 0.1

XML

Property, Plant and Equipment - Other non-mining assets (Narrative) (Details)	12 Months Ended
	Jun. 30, 2018
Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate	20.00%
Computer equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate	33.30%
Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate	16.67%

XML

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of detailed information about intangible assets [line items]
Goodwill	$ 36	$ 45
Intangible assets	1	1
Intangible assets and goodwill	$ 37	$ 46
Computer software
Disclosure of detailed information about intangible assets [line items]
Amortisation rate (as a percent)	20.00%

XML

Intangible Assets Intangible Assets - Schedule of Changes in Goodwill (Details) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	$ 46,000,000
Balance at end of year	37,000,000	$ 46,000,000
Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	45,000,000
Balance at end of year	36,000,000	45,000,000
Goodwill | Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	181,000,000	161,000,000
Acquisitions of goodwill	23,000,000	0
Translation	(12,000,000)	20,000,000
Balance at end of year	192,000,000	181,000,000
Goodwill | Accumulated amortisation and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	(136,000,000)	(104,000,000)
Impairment	27,000,000	19,000,000
Translation	(7,000,000)	13,000,000
Balance at end of year	(156,000,000)	(136,000,000)
Bambanani | Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	17,000,000
Balance at end of year	16,000,000	17,000,000
Moab Khotsong | Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	0
Balance at end of year	20,000,000	0
Tshepong | Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	25,000,000
Balance at end of year	0	25,000,000
Tshepong | Goodwill | Accumulated amortisation and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Impairment	23,600,000	19,400,000
Joel | Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	3,000,000
Balance at end of year	0	3,000,000
Joel | Goodwill | Accumulated amortisation and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Impairment	$ 3,000,000	$ 0

XML

Intangible Assets - Schedule of Changes in Technology Based Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	$ 1
Balance at end of year	1	$ 1
Technology-based assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	1
Balance at end of year	1	1
Technology-based assets | Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	3	13
Fully depreciated assets no longer in use derecognised	0	11
Additions	1	0
Translation	(1)	1
Balance at end of year	3	3
Technology-based assets | Accumulated amortisation and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of year	(2)	(11)
Fully depreciated assets no longer in use derecognised	0	(11)
Amortisation charge	1	1
Translation	(1)	1
Balance at end of year	$ (2)	$ (2)

XML

Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Subclassifications of assets, liabilities and equities [abstract]
Non-current	$ 6.0	$ 5.0
Current	3.0	1.0
Total restricted cash	9.0	$ 6.0
Current restricted cash, released from environmental trusts	$ 1.4

XML

Restricted Investments - Disclosure of Restricted Investments (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of financial assets [line items]
Total restricted investments	$ 237.0	$ 203.0
Investments held by environmental trust funds
Disclosure of financial assets [line items]
Total restricted investments	235.0	200.0
Investments held by social trust funds
Disclosure of financial assets [line items]
Total restricted investments	$ 2.4	$ 2.8

XML

Restricted Investments - Disclosure of Environmental Trust Funds (Details) - Investments held by environmental trust funds - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Disclosure of financial assets [line items]
Total environmental trust funds	$ 235	$ 200	$ 167
Held-to-maturity financial assets
Disclosure of financial assets [line items]
Total environmental trust funds	169	137
Cash and cash equivalents (loans and receivables)
Disclosure of financial assets [line items]
Total environmental trust funds	2	2
Fair value through profit or loss financial assets
Disclosure of financial assets [line items]
Total environmental trust funds	$ 64	$ 61

XML

Restricted Investments - Reconciliation of Movement in Investments Held by Environmental Trust Funds (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Increase (decrease) in financial assets
Interest income	$ 21.0	$ 20.0	$ 16.0
Fair value gain	6.0	0.0	1.0
Investments held by environmental trust funds
Increase (decrease) in financial assets
Balance at beginning of year	200.0	167.0
Interest income	12.0	11.0
Fair value gain	6.0	0.0
Moab Khotsong acquisition	33.0	0.0
Equity-linked deposits acquired	0.0	15.0
Maturity/(acquisition) of held-to-maturity investments	0.0	(16.0)
Net (disposal)/acquisition of cash and cash equivalents	(1.0)	2.0
Translation	(15.0)	21.0
Balance at end of year	235.0	$ 200.0	$ 167.0
Nufcor SA | Investments held by environmental trust funds
Increase (decrease) in financial assets
Moab Khotsong acquisition	$ 5.0

XML

Trade and Other Receivables - Disclosure of Trade and Other Receivables (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Financial assets
Loans to associates	$ 8,000,000	$ 8,000,000	$ 9,000,000
Loan to ARM BBEE Trust	19,000,000	19,000,000	17,000,000
Provision for impairment	(9,000,000)	(9,000,000)	(12,000,000)
Total non-current trade and other receivables	18,000,000	18,000,000	14,000,000
Financial assets
Trade receivables	44,000,000	44,000,000	32,000,000
Interest and other receivables	0	0	6,000,000
Employee receivables	1,000,000	1,000,000	1,000,000
Impairment allowance	0	0
Non-financial assets
Prepayments	6,000,000	6,000,000	6,000,000
Value added tax	23,000,000	23,000,000	30,000,000
Income and mining taxes	9,000,000	9,000,000	1,000,000
Total current trade and other receivables	83,000,000	83,000,000	76,000,000
Provision for impairment
Financial assets
Trade receivables	(4,000,000)	(4,000,000)	(4,000,000)
Pamodzi
Financial assets
Loans to associates	$ 8,400,000	$ 8,400,000	8,800,000
ARM
Financial assets
Ownership interest (as a percent)	14.29%	12.70%
Subordinated and unsecured loan to ARM BBEE Trust
Financial assets
Interest rate margin (as a percent)	4.50%	4.50%
Trade receivables (gold) | Gross
Financial assets
Trade receivables	$ 39,000,000	$ 39,000,000	27,000,000
Other trade receivables | Gross
Financial assets
Trade receivables	9,000,000	9,000,000	9,000,000
ARM BBEE Trust [Member]
Financial assets
Loan to ARM BBEE Trust				$ 13,500,000
Financial assets
Reversal of impairment loss		3,200,000
Impairment loss recognised			1,000,000
Recoverable amount	$ 18,500,000	$ 18,500,000	$ 14,000,000

XML

Trade and Other Receivables - Disclosure of Movement in the Provision for Impairment (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Trade receivables
Reconciliation of changes in allowance account for credit losses of financial assets
Balance at beginning of year	$ 4	$ 2
Impairment loss recognised	1	1
Translation	(1)	1
Balance at end of year	4	4
Non-current loans receivable
Reconciliation of changes in allowance account for credit losses of financial assets
Balance at beginning of year	12	13
Impairment loss recognised	0	1
Reversal of impairment loss	(3)	(3)
Translation	0	1
Balance at end of year	$ 9	$ 12

XML

Trade and Other Receivables - Disclosure of Ageing of Current Trade Receivables and Non-Current Loans Receivable (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Disclosure of financial assets that are either past due or impaired [line items]
Collateral pledged or held for receivables	$ 0	$ 0
Trade receivables | Gross
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	48,000,000	36,000,000
Trade receivables | Gross | Past due by 1 to 30 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,000,000	1,000,000
Trade receivables | Gross | Past due by 31 to 60 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	2,000,000	0
Trade receivables | Gross | Past due by 61 to 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	1,000,000
Trade receivables | Gross | Past due by more than 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,000,000	1,000,000
Trade receivables | Gross | Past due by more than 361 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	2,000,000	2,000,000
Trade receivables | Impairment
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	4,000,000	4,000,000
Trade receivables | Impairment | Past due by 1 to 30 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	0
Trade receivables | Impairment | Past due by 31 to 60 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	0
Trade receivables | Impairment | Past due by 61 to 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	1,000,000
Trade receivables | Impairment | Past due by more than 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,000,000	1,000,000
Trade receivables | Impairment | Past due by more than 361 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	2,000,000	2,000,000
Non-current loans receivable | Gross
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	27,000,000	26,000,000
Non-current loans receivable | Gross | Past due by 1 to 30 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	0
Non-current loans receivable | Gross | Past due by 31 to 60 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	0
Non-current loans receivable | Gross | Past due by 61 to 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	0
Non-current loans receivable | Gross | Past due by more than 361 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	8,000,000	9,000,000
Non-current loans receivable | Impairment
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	9,000,000	12,000,000
Non-current loans receivable | Impairment | Past due by 1 to 30 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	0
Non-current loans receivable | Impairment | Past due by 31 to 60 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	0
Non-current loans receivable | Impairment | Past due by 61 to 90 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	0	0
Non-current loans receivable | Impairment | Past due by more than 361 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	8,000,000	9,000,000
Fully performing | Trade receivables | Gross
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	42,000,000	31,000,000
Fully performing | Trade receivables | Impairment
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,000,000	0
Fully performing | Non-current loans receivable | Gross
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	19,000,000	17,000,000
Fully performing | Non-current loans receivable | Impairment
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 1,000,000	$ 3,000,000

XML

Derivative Financial Assets - Disclosure of Derivative Financial Assets and Liabilities (Details) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Disclosure of detailed information about hedging instruments [line items]
Non-current financial assets	$ 6,000,000	$ 24,000,000
Current financial assets	39,000,000	117,000,000
Total derivative financial assets	45,000,000	141,000,000
Non-current financial liabilities	1,000,000	0
Current financial liabilities	15,000,000	0
Total derivative financial liabilities	16,000,000	0
Gain included in revenue	93,000,000	53,000,000	$ 0
Ineffective portion	0	1,000,000	0
Derivative gain	11,000,000	81,000,000	$ 30,000,000
Commodity price risk | Cash flow hedges | Rand gold hedging contracts
Disclosure of detailed information about hedging instruments [line items]
Non-current financial assets	5,000,000	23,000,000
Current financial assets	29,000,000	82,000,000
Realised gain	93,200,000	54,700,000
Gain included in revenue	93,200,000	53,500,000
Ineffective portion	0	1,200,000
Unamortised portion	900,000	2,600,000
Rand gold hedging contracts | Commodity price risk
Disclosure of detailed information about hedging instruments [line items]
Non-current financial liabilities	1,000,000	0
Derivative gain	900,000	0
Forex hedging contracts | Currency risk
Disclosure of detailed information about hedging instruments [line items]
Current financial assets	5,000,000	34,000,000
Current financial liabilities	15,000,000	0
Derivative gain	8,800,000	79,600,000
US$ commodity contracts | Commodity price risk
Disclosure of detailed information about hedging instruments [line items]
Non-current financial assets	1,000,000	1,000,000
Current financial assets	5,000,000	1,000,000
Hidden Valley | US$ commodity contracts | Commodity price risk
Disclosure of detailed information about hedging instruments [line items]
Derivative gain	$ 2,700,000	$ 1,500,000

XML

Derivative Financial Assets - Disclosure of Open Position at the Reporting Date (Details) oz in Thousands, R / kg in Thousands, $ in Millions	Jun. 30, 2018 USD ($) R / $ R / kg $ / oz oz $ / R
Rand gold hedging contracts | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	300
Price of hedging instrument | R / kg	639
Rand gold hedging contracts | Cash flow hedges | FY19 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	54
Price of hedging instrument | R / kg	697
Rand gold hedging contracts | Cash flow hedges | FY19 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	51
Price of hedging instrument | R / kg	621
Rand gold hedging contracts | Cash flow hedges | FY19 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	53
Price of hedging instrument | R / kg	630
Rand gold hedging contracts | Cash flow hedges | FY19 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	41
Price of hedging instrument | R / kg	614
Rand gold hedging contracts | Cash flow hedges | FY20 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	43
Price of hedging instrument | R / kg	622
Rand gold hedging contracts | Cash flow hedges | FY20 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	34
Price of hedging instrument | R / kg	643
Rand gold hedging contracts | Cash flow hedges | FY20 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	15
Price of hedging instrument | R / kg	631
Rand gold hedging contracts | Cash flow hedges | FY20 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	9
Price of hedging instrument | R / kg	655
Zero cost collars
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 252
Zero cost collars | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	13.69
Zero cost collars | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	14.54
Zero cost collars | FY19 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 94
Zero cost collars | FY19 Q1 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	14.09
Zero cost collars | FY19 Q1 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	15.09
Zero cost collars | FY19 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 53
Zero cost collars | FY19 Q2 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	14.14
Zero cost collars | FY19 Q2 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	15.08
Zero cost collars | FY19 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 45
Zero cost collars | FY19 Q3 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	13.14
Zero cost collars | FY19 Q3 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	13.80
Zero cost collars | FY19 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 60
Zero cost collars | FY19 Q4 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	13.09
Zero cost collars | FY19 Q4 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	13.77
Zero cost collars | FY20 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 0
Zero cost collars | FY20 Q1 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	0.00
Zero cost collars | FY20 Q1 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	0.00
Zero cost collars | FY20 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 0
Zero cost collars | FY20 Q2 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	0.00
Zero cost collars | FY20 Q2 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	0.00
Zero cost collars | FY20 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 0
Zero cost collars | FY20 Q3 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	0.00
Zero cost collars | FY20 Q3 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	0.00
Zero cost collars | FY20 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 0
Zero cost collars | FY20 Q4 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	0.00
Zero cost collars | FY20 Q4 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | R / $	0.00
Forward contracts
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 273
Price of derivative instrument at fair value through profit and loss | $ / R	13.95
Forward contracts | FY19 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 8
Price of derivative instrument at fair value through profit and loss | $ / R	13.55
Forward contracts | FY19 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 59
Price of derivative instrument at fair value through profit and loss | $ / R	13.50
Forward contracts | FY19 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 69
Price of derivative instrument at fair value through profit and loss | $ / R	13.63
Forward contracts | FY19 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 65
Price of derivative instrument at fair value through profit and loss | $ / R	13.76
Forward contracts | FY20 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 18
Price of derivative instrument at fair value through profit and loss | $ / R	14.59
Forward contracts | FY20 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 18
Price of derivative instrument at fair value through profit and loss | $ / R	14.76
Forward contracts | FY20 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 18
Price of derivative instrument at fair value through profit and loss | $ / R	14.94
Forward contracts | FY20 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount | $	$ 18
Price of derivative instrument at fair value through profit and loss | $ / R	15.12
US gold derivative contracts
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	96
Price of derivative instrument at fair value through profit and loss | $ / oz	1,318
US gold derivative contracts | FY19 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	24
Price of derivative instrument at fair value through profit and loss | $ / oz	1,288
US gold derivative contracts | FY19 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	24
Price of derivative instrument at fair value through profit and loss | $ / oz	1,291
US gold derivative contracts | FY19 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	20
Price of derivative instrument at fair value through profit and loss | $ / oz	1,335
US gold derivative contracts | FY19 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	18
Price of derivative instrument at fair value through profit and loss | $ / oz	1,338
US gold derivative contracts | FY20 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	6
Price of derivative instrument at fair value through profit and loss | $ / oz	1,370
US gold derivative contracts | FY20 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	4
Price of derivative instrument at fair value through profit and loss | $ / oz	1,400
US gold derivative contracts | FY20 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	0
Price of derivative instrument at fair value through profit and loss | $ / oz	0
US gold derivative contracts | FY20 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	0
Price of derivative instrument at fair value through profit and loss | $ / oz	0
Gold derivative contracts
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	396
Gold derivative contracts | FY19 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	78
Gold derivative contracts | FY19 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	75
Gold derivative contracts | FY19 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	73
Gold derivative contracts | FY19 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	59
Gold derivative contracts | FY20 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	49
Gold derivative contracts | FY20 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	38
Gold derivative contracts | FY20 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	15
Gold derivative contracts | FY20 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	9
US silver derivative contracts
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	750
US silver derivative contracts | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	17.19
US silver derivative contracts | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	18.19
US silver derivative contracts | FY19 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	240
US silver derivative contracts | FY19 Q1 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	17.10
US silver derivative contracts | FY19 Q1 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	18.10
US silver derivative contracts | FY19 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	240
US silver derivative contracts | FY19 Q2 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	17.10
US silver derivative contracts | FY19 Q2 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	18.10
US silver derivative contracts | FY19 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	90
US silver derivative contracts | FY19 Q3 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	17.30
US silver derivative contracts | FY19 Q3 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	18.30
US silver derivative contracts | FY19 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	90
US silver derivative contracts | FY19 Q4 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	17.30
US silver derivative contracts | FY19 Q4 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	18.30
US silver derivative contracts | FY20 Q1
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	90
US silver derivative contracts | FY20 Q1 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	17.40
US silver derivative contracts | FY20 Q1 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	18.40
US silver derivative contracts | FY20 Q2
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	0
US silver derivative contracts | FY20 Q2 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	0.00
US silver derivative contracts | FY20 Q2 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	0.00
US silver derivative contracts | FY20 Q3
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	0
US silver derivative contracts | FY20 Q3 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	0.00
US silver derivative contracts | FY20 Q3 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	0.00
US silver derivative contracts | FY20 Q4
Disclosure of detailed information about financial instruments [line items]
Derivative, nonmonetary notional amount (oz)	0
US silver derivative contracts | FY20 Q4 | Floor
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	0.00
US silver derivative contracts | FY20 Q4 | Cap
Disclosure of detailed information about financial instruments [line items]
Price of derivative instrument at fair value through profit and loss | $ / oz	0.00

XML

Investments in Associates - Narrative (Details) - USD ($) $ in Millions		12 Months Ended		124 Months Ended
	Jun. 05, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2016	Dec. 31, 2014	Feb. 27, 2008
Disclosure of associates [line items]
Investments in associates		$ 6.0	$ 4.0	$ 6.0	$ 0.0
Decrease due to impairment		$ 1.0	0.0
Pamodzi
Disclosure of associates [line items]
Ownership interest (as a percent)				32.40%
Investments in associates							$ 46.5
Rand Refinery
Disclosure of associates [line items]
Ownership interest (as a percent)		10.38%
Investments in associates		$ 6.1	$ 4.0	$ 6.1
Draw down						$ 88.1
Receivables due from associates						$ 10.4
Fair value of loan	$ 5.6
Loss on conversion	$ (1.2)
Discount rate used in current measurement of fair value less costs of disposal		15.70%		15.70%
Decrease due to impairment		$ 1.2

XML

Investments in Associates - Net Investments In Associate (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disclosure of associates [line items]
Investments in associates	$ 4.0	$ 0.0	$ 6.0	$ 4.0
Movement In Investment In Associates [Abstract]
Balance at beginning of year	4.0	0.0
Conversion to preference shares	0.0	6.0
Share of profit (loss) of associates accounted for using equity method	4.0	(2.0)
Decrease due to impairment	(1.0)	0.0
Decrease due to translation loss	(1.0)	0.0
Balance at end of year	6.0	4.0
Rand Refinery
Disclosure of associates [line items]
Investments in associates	4.0	4.0	6.1	4.0
Investment in ordinary shares			0.0	0.0
Redeemable preference shares			6.0	4.0
Net investments in associates			$ 6.0	$ 4.0
Movement In Investment In Associates [Abstract]
Balance at beginning of year	4.0
Decrease due to impairment	(1.2)
Balance at end of year	$ 6.1	$ 4.0

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Investment in Joint Operations (Details)	16 Months Ended
	Oct. 25, 2016
HVJV
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture (as a percent)	50.00%
Newcrest PNG 1 Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture (as a percent)	50.00%
Interest acquired (as a percent)	50.00%

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Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Inventories [Abstract]
Gold in lock-up	$ 3	$ 3
Gold in-process, ore stockpiles and bullion on hand	45	21
Consumables at weighted average cost (net of provision)	82	65
Total inventories	130	89
Non-current portion of gold in lock-up and gold in-process	(3)	(3)
Total current portion of inventories	127	86
Inventory valued at net realisable value	$ 15	$ 15

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Inventories (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Inventories [Abstract]
Increase in provisions for slow moving and redundant stock	$ 2.3	$ 2.8
Provision for slow moving and redundant stock	$ 20.4	$ 19.0

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Share Capital (Details) R / shares in Units, R in Millions			1 Months Ended		12 Months Ended
	Jul. 12, 2018 USD ($) shares	Jul. 12, 2018 ZAR (R) R / shares shares	Jun. 30, 2018 USD ($) shares	Jun. 30, 2018 R / shares shares	Jun. 30, 2018 USD ($) shares	Jun. 30, 2017 shares R / shares
Disclosure of classes of share capital [line items]
Additional capital authorised | $					$ 100,000,000.0
Ordinary share capital issued (as a percent)					15.00%
Shares issued and fully paid (in shares)			55,055,050
Shares issued price per share | R / shares				R 19.12
Proceeds from issuing shares | $			$ 82,700,000
Share issue related cost | $			$ 3,700,000
Shares issued relating to exercise of share options					5,239,502	2,657,720
Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares authorised			1,200,000,000	1,200,000,000	1,200,000,000	1,200,000,000
Par value per share (SA cents per share) | R / shares						R 0.5
Number of shares issued and fully paid			500,251,751	500,251,751	500,251,751	439,957,199
Lydenburg Exploration Limited
Disclosure of classes of share capital [line items]
Number of issued shares held by subsidiary and share trust			335	335	335
Share trust controlled by entity
Disclosure of classes of share capital [line items]
Number of issued shares held by subsidiary and share trust			47,046	47,046	47,046
Share trust controlled by entity | ESOP
Disclosure of classes of share capital [line items]
Number of other equity instruments granted in share-based payment arrangement						28,507
ARM
Disclosure of classes of share capital [line items]
Ownership interest (as a percent)			14.29%		12.70%
Shares Issued
Disclosure of classes of share capital [line items]
Shares issued and fully paid (in shares)	11,032,623	11,032,623
Proceeds from issuing shares	$ 15,900,000	R 211
Shares Issued | ARM
Disclosure of classes of share capital [line items]
Shares issued price per share | R / shares		R 19.12

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Other Reserves - Disclosure of Other Reserves (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Disclosure of reserves within equity [abstract]
Foreign exchange translation reserve	$ (1,650)	$ (1,528)
Hedge reserve	27	84	$ 0
Share-based payments	253	224	197
Post-retirement benefit actuarial gain/(loss)	(1)	(2)	$ (2)
Acquisition of non-controlling interest in subsidiary	(57)	(57)
Equity component of convertible bond	41	41
Repurchase of equity interest	(13)	(13)
Other	(2)	(4)
Total other reserves	$ (1,402)	$ (1,255)

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Other Reserves - Reconciliation of the Hedge Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Changes In Reserve For Cash Flow Hedges
Balance at beginning of year	$ 84	$ 0
Unrealised gain on Rand gold contracts, including deferred tax thereon	17	128
Net gain on Rand gold contracts	21	160
Unrealised gain on Rand gold contracts, deferred tax thereon	(4)	(32)
Released to revenue, including deferred tax thereon	(74)	(43)
Released to revenue	(93)	(54)
Released to revenue, deferred tax thereon	19	11
Released to gains on derivatives (hedge ineffectiveness), including deferred tax thereon	0	(1)
Released to gains on derivatives (hedge ineffectiveness)	0	(1)
Released to gains on derivatives (hedge ineffectiveness), deferred tax thereon	0	0
Balance at end of year	$ 27	$ 84

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Other Reserves - Reconciliation of Share Based Payment Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Reconciliation Of The Share-Based Payments Reserve
Balance at beginning of year	$ 224	$ 197
Share-based payments expensed	29	27	$ 22
Balance at end of year	$ 253	$ 224	$ 197

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Other Reserves - Reconciliation of Post Retirement Benefit Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of reserves within equity [abstract]
Balance at beginning of year	$ (2)	$ (2)
Actuarial loss	1	0
Balance at end of year	$ (1)	$ (2)

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Other Reserves - Narrative (Details) $ in Millions, $ in Millions	Mar. 19, 2010 USD ($) shares	Mar. 15, 2004 USD ($)	Mar. 15, 2004 AUD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Disclosure of reserves within equity [line items]
Acquisition of non-controlling interest in subsidiary				$ (57.0)	$ (57.0)
Abelle Limited
Disclosure of reserves within equity [line items]
Purchase price		$ 86.5	$ 123
Acquisition of non-controlling interest in subsidiary		$ 57.0
Doornkop South Reef | AVRD
Disclosure of reserves within equity [line items]
Share of mining titles acquired (as a percent)	26.00%
Shares issued in exchange for interest in mining titles (in shares) | shares	2,162,359
Difference between the value of shares issued	$ 20.5

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Provision for Environmental Rehabilitation - Disclosure of Rates Used in the Calculated of the Provision (Details) - Provision raised for future rehabilitation	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
South African operations
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Inflation rate	5.50%	6.50%	6.75%
South African operations | - 12 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Discount rates	6.70%	7.50%	8.00%
South African operations | - one to five years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Discount rates	7.00%	7.60%	8.40%
South African operations | - six to nine years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Discount rates	8.20%	8.40%	9.00%
South African operations | - ten years or more
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Discount rates	8.60%	9.10%	9.20%
PNG operations
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Inflation rate	6.00%	6.60%	5.00%
Discount rates	6.25%	6.25%	6.25%

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Provision for Environmental Rehabilitation - Reconciliation of the Total Liability for Environmental Rehabilitation (Details) - Provision raised for future rehabilitation - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Reconciliation of changes in other provisions
Balance at beginning of year	$ 201.0	$ 148.0
Change in estimate - Balance sheet	(13.0)	(1.0)
Change in estimate - Income statement	5.0	(1.0)
Utilisation of provision	(7.0)	(7.0)
Time value of money and inflation component of rehabilitation costs	15.0	13.0
Acquisitions	57.0	35.0
Translation	(18.0)	14.0
Ending balance	240.0	201.0
PNG
Reconciliation of changes in other provisions
Balance at beginning of year	73.9
Ending balance	$ 71.7	$ 73.9

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Provision for Environmental Rehabilitation - Disclosure of Future Net Undiscounted Obligation (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of financial assets [line items]
Ultimate estimated rehabilitation cost	$ 338	$ 273
Amounts invested in environmental trust funds	(237)	(203)
Total future net undiscounted obligation	103	73
Investments held by environmental trust funds
Disclosure of financial assets [line items]
Amounts invested in environmental trust funds	$ (235)	$ (200)

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Provision for Silicosis Settlement - Narrative (Details) - Provision raised for settlement - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of other provisions [line items]
Discount rates	8.50%	8.00%
Provision amount	$ 67.0	$ 70.0
Change in estimate	4.9	$ 0.0
Nominal amount	$ 86.3

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Provision for Silicosis Settlement - Reconciliation of the Total Provision for the Silicosis Settlement (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Reconciliation of changes in other provisions
Balance at beginning of year	$ 70.0	$ 0.0
Balance at end of year	67.0	70.0
Provision raised for settlement
Reconciliation of changes in other provisions
Initial recognition	0.0	70.0
Change in estimate	(4.9)	0.0
Time value of money and inflation component	6.0	0.0
Translation loss	$ (4.0)	$ 0.0

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Provision for Silicosis Settlement - Disclosure of the Impact of a Reasonable Change in Certain Key Assumptions (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Change in benefit take-up rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase in assumption (as a percent)	10.00%	10.00%
Decrease in assumption (as a percent)	10.00%	10.00%
Change in labour number
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase in assumption (as a percent)	10.00%	10.00%
Decrease in assumption (as a percent)	10.00%	10.00%
Change in disease risk
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase in assumption (as a percent)	10.00%	10.00%
Decrease in assumption (as a percent)	10.00%	10.00%
Change in disease progression rates
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase in progression period	1 year	1 year
Decrease in progression period	1 year	1 year
Change in benefit take-up rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of an increase in the assumption	$ 5	$ 6
Effect of a decrease in the assumption	(5)	(6)
Change in silicosis prevalence
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of an increase in the assumption	5	6
Effect of a decrease in the assumption	(5)	(6)
Change in disease progression rates
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of an increase in the assumption	2	3
Effect of a decrease in the assumption	$ (2)	$ (3)

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Retirement Benefit Obligation - Narrative (Details) $ in Millions	12 Months Ended
	Jun. 30, 2018 USD ($) year	Jun. 30, 2017 USD ($) year	Jun. 30, 2016 year
Employee Benefits [Abstract]
Discount rate	9.80%	10.00%	9.70%
Increases in employer subsidies (as a percent)	0.00%
Retirement age (in years) | year	65	60	60
Medical inflation rate	7.90%	8.00%	7.70%
Retirement benefit costs | $	$ 49.0	$ 40.6
Subsidy for every completed year of employment (as a percent)	2.00%
Maximum subsidy to be paid (as a percent)	50.00%
Expected employed members that will be married at retirement or earlier death (as a percent)	90.00%
Expected age gap between husbands and their younger wives (term)	4 years
Expected contributions to the benefit plan in 2018 | $	$ 0.7
Weighted average duration of the defined benefit obligation | year	14

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Retirement Benefit Obligation - Disclosure of Unfunded Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of net defined benefit liability (asset) [line items]
Balance at beginning of year	$ 14
Net actuarial (gain)/loss recognised during the year	1	$ 0
Balance at end of year	13	14
Current employees
Disclosure of net defined benefit liability (asset) [line items]
Balance at beginning of year	5
Balance at end of year	4	5
Retired employees
Disclosure of net defined benefit liability (asset) [line items]
Balance at beginning of year	9
Balance at end of year	9	9
Present value of defined benefit obligation
Disclosure of net defined benefit liability (asset) [line items]
Balance at beginning of year	14	11
Contributions paid	(1)	(1)
Finance costs	1	1
Net actuarial (gain)/loss recognised during the year	(1)	0
Moab Khotsong acquisition	1	0
Translation	(1)	3
Balance at end of year	$ 13	$ 14

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Retirement Benefit Obligation - Disclosure of Net Liability of Defined Benefit Plan (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Disclosure of net defined benefit liability (asset) [line items]
Net liability of defined benefit plan	$ 13	$ 14
Present value of defined benefit obligation
Disclosure of net defined benefit liability (asset) [line items]
Net liability of defined benefit plan	13	14	$ 11
Fair value of plan assets
Disclosure of net defined benefit liability (asset) [line items]
Net liability of defined benefit plan	$ 0	$ 0

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Retirement Benefit Obligation - Disclosure of the Effect of a Percentage Point Increase and Decrease in the Assumed Medical Cost Trend Rate (Details) - Medical cost trend rate - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Reasonably possible increase in actuarial assumption (as a percent)	1.00%	1.00%
Effect of a 1% increase on aggregate of service cost and finance costs	$ 0	$ 0
Effect of a 1% increase on defined benefit obligation	$ 2	$ 2
Reasonably possible decrease in actuarial assumption (as a percent)	1.00%	1.00%
Effect of a 1% decrease on aggregate of service cost and finance costs	$ 0	$ 0
Effect of a 1% decrease on defined benefit obligation	$ (1)	$ (1)

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Borrowings - Narrative (Details)			1 Months Ended						12 Months Ended
	Oct. 18, 2017 USD ($)	Jul. 28, 2017 USD ($)	Jun. 30, 2018 USD ($)	Apr. 30, 2018 USD ($)	Feb. 28, 2018 USD ($)	Nov. 30, 2017 USD ($)	Sep. 30, 2017 USD ($)	Aug. 31, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2018 ZAR (R)	Feb. 20, 2017 USD ($)	Feb. 20, 2017 ZAR (R)
Disclosure of detailed information about borrowings [line items]
Borrowings raised									$ 565,000,000	$ 54,000,000	$ 24,000,000
Minimum interest cover ratio									5
Maximum leverage ratio									2.5
Tangible Net Worth to total net debt ration	6		4						4			4
Bottom of range
Disclosure of detailed information about borrowings [line items]
Minimum Tangible Net Worth to total net debt ratio									6
Top of range
Disclosure of detailed information about borrowings [line items]
Minimum Tangible Net Worth to total net debt ratio									8
Nedbank Limited (secured loan - R1.0 billion revolving credit facility)
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity												R 1,000,000,000.0	$ 76,700,000	R 1,000,000,000
Repayments of non-current borrowings							$ 22,400,000		$ 24,000,000	0
Borrowings raised				$ 40,200,000
US$250 revolving credit facility (secured loan)
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity		$ 250,000,000	$ 250,000,000					$ 250,000,000	250,000,000
Repayments of non-current borrowings									0	30,000,000
Repayments of current borrowings								140,000,000	140,000,000	0
US$350 million facility
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity		$ 350,000,000	350,000,000						350,000,000
Term of facility		3 years
US$200 bridge loan facility (secured loan)
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 200,000,000		200,000,000						200,000,000
Borrowings raised					$ 200,000,000
Repayments of current borrowings			$ 100,000,000	$ 50,000,000					$ 150,000,000	$ 0
Term of facility	12 months
Term Loan | US$350 million facility
Disclosure of detailed information about borrowings [line items]
Borrowings raised								$ 175,000,000
Term loan facility maximum capacity		$ 175,000,000
RCF | US$350 million facility
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity		$ 175,000,000
Borrowings raised					$ 110,000,000	$ 40,000,000

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Borrowings - Disclosure of Terms and Debt Repayment Schedule (Details)	Jun. 30, 2018
Nedbank Limited (Secured loan - rand revolving credit facility) | 1, 3 or 6 month JIBAR
Disclosure of detailed information about borrowings [line items]
Interest charge (as a percent)	3.15%
US$200 bridge loan facility (secured loan) | LIBOR plus elected rate during first 6 months
Disclosure of detailed information about borrowings [line items]
Interest charge (as a percent)	2.50%
US$200 bridge loan facility (secured loan) | LIBOR plus elected rate during next 3 months
Disclosure of detailed information about borrowings [line items]
Interest charge (as a percent)	3.00%
US$200 bridge loan facility (secured loan) | LIBOR plus elected rate during last 3 months
Disclosure of detailed information about borrowings [line items]
Interest charge (as a percent)	3.50%
RCF | US$350 facility (secured loan) | 3 or 6 month LIBOR
Disclosure of detailed information about borrowings [line items]
Interest charge (as a percent)	3.00%
Term Loan | US$350 facility (secured loan) | 3 or 6 month LIBOR
Disclosure of detailed information about borrowings [line items]
Interest charge (as a percent)	3.15%

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Borrowings - Disclosure of Interest Bearing Borrowings (Details)	1 Months Ended				12 Months Ended
	Jun. 30, 2018 USD ($)	Apr. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Aug. 31, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 ZAR (R)	Oct. 18, 2017 USD ($)	Jul. 28, 2017 USD ($)	Feb. 20, 2017 USD ($)	Feb. 20, 2017 ZAR (R)	Jun. 30, 2016 USD ($)
Non-current borrowings
Balance at beginning of year					$ 23,000,000
Total non-current borrowings	$ 357,000,000				357,000,000	$ 23,000,000
Current borrowings
Balance at beginning of year					140,000,000
Total current borrowings	50,000,000				50,000,000	140,000,000
Total interest-bearing borrowings	407,000,000				407,000,000	163,000,000
Undrawn committed borrowing facilities	61,200,000				61,200,000	163,400,000						$ 177,900,000
Nedbank Limited (secured loan - R1.0 billion revolving credit facility)
Non-current borrowings
Maximum borrowing capacity							R 1,000,000,000.0			$ 76,700,000	R 1,000,000,000
Balance at beginning of year					23,000,000	0
Draw down					41,000,000	24,000,000
Repayments			$ (22,400,000)		(24,000,000)	0
Translation					(4,000,000)	(1,000,000)
Total non-current borrowings	36,000,000				36,000,000	23,000,000
US$250 revolving credit facility (secured loan)
Non-current borrowings
Maximum borrowing capacity	250,000,000			$ 250,000,000	250,000,000				$ 250,000,000
Balance at beginning of year					0	139,000,000
Draw down					0	30,000,000
Repayments					0	(30,000,000)
Amortisation of issue costs					0	1,000,000
Transferred to current liabilities					0	(140,000,000)
Total non-current borrowings	0				0	0
Current borrowings
Balance at beginning of year					140,000,000	0
Repayments				$ (140,000,000)	(140,000,000)	0
Transferred from non-current liabilities					0	140,000,000
Total current borrowings	0				0	140,000,000
US$350 facility (secured loan)
Non-current borrowings
Maximum borrowing capacity	350,000,000				350,000,000				$ 350,000,000
Balance at beginning of year					0
Draw down					325,000,000	0
Issue cost					(7,000,000)	0
Amortisation of issue costs					3,000,000	0
Total non-current borrowings	321,000,000				321,000,000	0
Nedbank Limited (secured loan)
Current borrowings
Balance at beginning of year					0	20,000,000
Repayments					0	(20,000,000)
Total current borrowings	0				0	0
US$200 bridge loan facility (secured loan)
Non-current borrowings
Maximum borrowing capacity	200,000,000				200,000,000			$ 200,000,000
Current borrowings
Balance at beginning of year					0
Draw down					200,000,000	0
Repayments	(100,000,000)	$ (50,000,000)			(150,000,000)	0
Total current borrowings	50,000,000				50,000,000	0
Current
Current borrowings
Balance at beginning of year					140,000,000
Total current borrowings	51,000,000				51,000,000	140,000,000
Undrawn committed borrowing facilities	0				0	110,000,000
Between one to two years
Non-current borrowings
Balance at beginning of year					0
Total non-current borrowings	36,000,000				36,000,000	0
Between two to five years
Non-current borrowings
Balance at beginning of year					23,000,000
Total non-current borrowings	320,000,000				320,000,000	23,000,000
Expiring after one year
Current borrowings
Undrawn committed borrowing facilities	$ 61,000,000				$ 61,000,000	$ 53,000,000

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Borrowings - Disclosure of Effective Interest Rates (Details) - Effective Interest Rate	Jun. 30, 2018	Jun. 30, 2017
Nedbank Limited (Secured loan - rand revolving credit facility)
Disclosure of detailed information about borrowings [line items]
Interest rate	10.20%	10.50%
US$250 million revolving credit facility
Disclosure of detailed information about borrowings [line items]
Interest rate	4.20%	3.90%
US$350 million facility
Disclosure of detailed information about borrowings [line items]
Interest rate	4.80%	0.00%
US$200 million bridge loan
Disclosure of detailed information about borrowings [line items]
Interest rate	4.50%	0.00%

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Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract]
KOSH deep groundwater pollution liability	$ 3.0	$ 0.0
Sibanye Beatrix ground swap royalty	0.0	1.0
Total non-current liabilities	3.0	$ 1.0
Contingent liability assumed in business combination	$ 3.2

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Trade and Other Payables - Disclosure of Trade and Other Payables (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Current liabilities
Trade payables	$ 43.0	$ 40.0
Other liabilities	13.0	7.0
Payroll accruals	41.0	28.0
Leave liabilities	38.0	30.0	$ 23.0
Shaft related accruals	42.0	37.0
Other accruals	15.0	7.0
Value added tax	6.0	4.0
Total current trade and other payables	198.0	$ 153.0
Village Main Reef Limited
Current liabilities
Other liabilities	$ 3.6

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Trade and Other Payables - Disclosure of Movement in the Liability for Annual Leave (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Subclassifications of assets, liabilities and equities [abstract]
Balance at beginning of year	$ 30	$ 23
Benefits paid	(31)	(29)
Total expense per income statement	29	31
Acquisitions	12	3
Translation	(2)	2
Balance at end of year	$ 38	$ 30

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Cash Generated by Operations - Disclosure of Cash Generated by Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Reconciliation of profit/(loss) before taxation to cash generated by operations:
Profit/(loss) before taxation	$ (339)	$ (20)	$ 109
Adjustments for:
Amortisation and depreciation	200	185	149
(Reversal of impairment)/impairment of assets	386	131	(3)
Share-based payments	28	29	23
Net decrease in provision for post-retirement benefits	0	(1)	(1)
Net increase/(decrease) in provision for environmental rehabilitation	(2)	(8)	(7)
Profit on sale of property, plant and equipment	0	(3)	0
Loss on scrapping of property, plant and equipment	0	10	4
(Profit)/loss from associates	(3)	1	0
Gain on bargain purchase	0	(60)	0
Interest received	(27)	(20)	(17)
Finance costs	26	17	19
Inventory adjustments	(16)	31	7
Foreign exchange translation difference	52	(16)	45
Non cash portion of gains on derivatives	43	(7)	(25)
Day one loss amortisation	3	6	0
Silicosis settlement provision	(5)	70	0
Other non-cash adjustments	(2)	(5)	1
Effect of changes in operating working capital items
Receivables	(8)	(30)	12
Inventories	(31)	2	5
Payables	29	8	1
Cash generated by operations	$ 334	$ 320	$ 322

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Cash Generated by Operations - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Statement of cash flows [abstract]
Borrowing facilities available for future operation activities and future capital commitments	$ 61.2	$ 163.4	$ 177.9

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Employee Benefits - Disclosure of Permanent Employees and Aggregate Earnings of Employees (Details) $ in Millions	12 Months Ended
	Jun. 30, 2018 USD ($) employee	Jun. 30, 2017 USD ($) employee
Disclosure of geographical areas [line items]
Total number of permanent employees | employee	34,031	27,881
Salaries and wages and other benefits | $	$ 695.0	$ 563.0
Retirement benefit costs | $	49.0	40.6
Medical aid contributions | $	18.0	15.0
Total aggregated earnings | $	$ 762.0	$ 619.0
South African operations
Disclosure of geographical areas [line items]
Total number of permanent employees | employee	32,520	26,478
International operations
Disclosure of geographical areas [line items]
Total number of permanent employees | employee	1,511	1,403
Morobe Mining Joint Ventures (MMJV) Partnership Agreement [Member]
Disclosure of geographical areas [line items]
Total number of permanent employees | employee	114	103

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Employee Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Employee Benefits [Abstract]
Termination costs	$ 16.8	$ 6.5

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Share-Based Payments - Total Costs Related to Employee Share-Based Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total employee share-based payments	$ 28	$ 29
2012 employee share ownership plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total employee share-based payments	0	1
2006 share plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total employee share-based payments	$ 28	$ 28

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Share-Based Payments - Narrative (Details) $ in Millions			12 Months Ended
	Jun. 25, 2013 USD ($)	Mar. 20, 2013	Jun. 30, 2018 shares
Phoenix
Disclosure of terms and conditions of share-based payment arrangement [line items]
Disposal of operations, percent		30.00%
Disposal group ownership interest disposed, percentage		5.00%
Fair value expensed | $	$ 2.3
2006 share plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares issued			11,115,289
Number of other equity instruments granted in share-based payment arrangement			52,376,102
Ordinary shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorised			60,011,669

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Share-Based Payments - Options Granted Under the 2006 Share Plan (Details)	12 Months Ended
	Jun. 30, 2018
Share appreciation rights
Disclosure of terms and conditions of share-based payment arrangement [line items]
Remaining life (years)	6 years
Performance shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Number of rights linked to group on absolute basis (as a percent)	50.00%
Number of rights linked to group on a market basis (as a percent)	50.00%
Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years

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Share-Based Payments - Activity on Share Options (Details) - 2006 share plan	12 Months Ended
	Jun. 30, 2018 ZAR (R) shares	Jun. 30, 2017 ZAR (R) shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Options granted (in shares)	52,376,102
Options exercised (in shares)	(11,115,289)
Number of options and rights (in shares)	52,826,140
SARs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of options and rights (in shares)	12,476,697	14,156,782
Weighted average option price (in SA rand per share) | R	R 32.60	R 34.74
Options granted (in shares)		113,899
Options granted (in SA rand per share) | R		R 21.89
Options exercised (in shares)	(794,351)	(451,187)
Options exercised (in SA rand per share) | R	R 24.37	R 27.49
Options forfeited and lapsed (in shares)	(1,834,486)	(1,342,797)
Options forfeited and lapsed (in SA rand per share) | R	R 52.86	R 47.39
Number of options and rights (in shares)	9,847,860	12,476,697
Weighted average option price (in SA rand per share) | R	R 50.20	R 32.60
Options and rights vested but not exercised	5,331,335	2,869,859
Weighted average option price (in SA rand per share) | R	R 36.26	R 57.52
PS
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of options and rights (in shares)	37,848,573	34,978,038
Options granted and accepted (in shares)	14,406,437	9,320,599
Rights vested and locked up (in shares)	(278,629)
Options granted (in shares)		(160,271)
Options exercised (in shares)	(3,594,838)	(2,171,953)
Options forfeited and lapsed (in shares)	(5,954,259)	(4,117,840)
Number of options and rights (in shares)	42,427,284	37,848,573
RS
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of options and rights (in shares)	701,412	859,974
Options granted and accepted (in shares)		0
Options exercised (in shares)	(120,000)	(158,562)
Options forfeited and lapsed (in shares)	(30,416)	0
Number of options and rights (in shares)	550,996	701,412
PS and RS
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Options and rights vested but not exercised	0	0

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Share-Based Payments - 2006 Options by Grant Date (Details)	12 Months Ended
	Jun. 30, 2018 ZAR (R) shares year	Jun. 30, 2017 ZAR (R) shares	Jun. 30, 2016 ZAR (R) shares
Performance shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
2006 share plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	52,826,140
2006 share plan | Share appreciation rights
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	9,847,860	12,476,697	14,156,782
Award price (in SA rand per share) | R	R 50.20	R 32.60	R 34.74
2006 share plan | Share appreciation rights | November 16, 2012
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	1,127,510
Award price (in SA rand per share) | R	R 68.84
Remaining life (years) | year	0.4
2006 share plan | Share appreciation rights | November 15, 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	3,891,126
Award price (in SA rand per share) | R	R 33.18
Remaining life (years) | year	1.4
2006 share plan | Share appreciation rights | November 17, 2014
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	4,829,224
Award price (in SA rand per share) | R	R 18.41
Remaining life (years) | year	2.4
2006 share plan | Performance shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	42,427,284	37,848,573	34,978,038
2006 share plan | Performance shares | November 16, 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	19,950,203
Remaining life (years) | year	0.4
2006 share plan | Performance shares | February 17, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	512,000
Remaining life (years) | year	0.4
2006 share plan | Performance shares | November 29, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	8,360,578
Remaining life (years) | year	1.4
2006 share plan | Performance shares | November 15, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	13,604,503
Remaining life (years) | year	2.4
2006 share plan | Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	550,996	701,412	859,974
2006 share plan | Restricted shares | November 16, 2012
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	137,749
Remaining life (years) | year	0.4
2006 share plan | Restricted shares | November 16, 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options and rights (in shares)	413,247
Remaining life (years) | year	0.4

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Share-Based Payments - Activity on Awards (Details) - 2006 share plan - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Gain realised by participants on awards traded during the year	$ 13	$ 8
Fair value of awards exercised during the year	$ 14	$ 8

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Share-Based Payments - Fair Value Assumption (Details) - 2006 share plan - Performance shares	Nov. 29, 2016 year
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate	7.41%
Expected volatility	47.66%
Expected dividend yield	0.00%
Vesting period (from grant date)	3
Lambda value	0.99
Historical data period	3 years

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Related Parties - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Executive directors
Disclosure of transactions between related parties [line items]
Executive management remuneration and director's fees	$ 2.5	$ 2.0
Salaries	1.3	1.2
Retirement contributions	0.2	0.2
Bonuses	1.0	0.4
Remuneration from the exercising or settlement of share options	0.3	0.2
Non-executive directors
Disclosure of transactions between related parties [line items]
Directors' remuneration expense	0.8	0.7
Modise Motloba, Harmony’s deputy chairman
Disclosure of transactions between related parties [line items]
Value of contract per annum (up to)	0.4
Value of contract that has been paid	$ 0.4	$ 0.1
Notice period	30 days
Rand Refinery
Disclosure of transactions between related parties [line items]
Ownership interest (as a percent)	10.38%

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Related Parties - Disclosure of Directors and Prescribed Officers Who Own Shares in Harmony (Details) - shares	Jun. 30, 2018	Jun. 30, 2017
Directors | Andre Wilkens
Disclosure of transactions between related parties [line items]
Number of shares	101,301	101,301
Directors | Frank Abbott
Disclosure of transactions between related parties [line items]
Number of shares	747,817	606,742
Directors | Harry 'Mashego' Mashego
Disclosure of transactions between related parties [line items]
Number of shares	593	593
Directors | Ken Dicks
Disclosure of transactions between related parties [line items]
Number of shares	35,000	35,000
Prescribed officers | Beyers Nel
Disclosure of transactions between related parties [line items]
Number of shares	42,486	17,553
Prescribed officers | Johannes van Heerden
Disclosure of transactions between related parties [line items]
Number of shares	75,000	25,000
Prescribed officers | Philip Tobias
Disclosure of transactions between related parties [line items]
Number of shares	42,916	11,750

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Related Parties - Disclosure of Transactions with Related Parties (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of transactions between related parties [line items]
Sales and services rendered to related parties	$ 1	$ 0
Purchases and services acquired from related parties	3	2
Joint operations
Disclosure of transactions between related parties [line items]
Sales and services rendered to related parties	1	0
Associates
Disclosure of transactions between related parties [line items]
Purchases and services acquired from related parties	$ 3	$ 2

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Commitments and Contingencies - Disclosure of Capital Commitments (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Other provisions, contingent liabilities and contingent assets [Abstract]
Contracts for capital expenditure	$ 16	$ 12
Share of joint venture's contract for capital expenditure	4	16
Authorised by the directors but not contracted for	124	60
Total capital commitments	$ 144	$ 88

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 01, 2008	Jun. 30, 2018	Jun. 30, 2017
Disclosure of contingent liabilities [line items]
Contractual obligations in respect of mineral tenement leases		$ 4.3	$ 13.0
Additional cash payable when decision to mine is made	$ 6.0
Period of inactivity by the plaintiffs		5 years
Morobe Mining Joint Ventures (MMJV)
Disclosure of contingent liabilities [line items]
Contractual obligations in respect of mineral tenement leases		$ 4.2	$ 12.7
Additional cash payable when decision to mine is made	$ 4.0
Rio Tinto
Disclosure of contingent liabilities [line items]
Shares issued for purchase of rights to the royalty agreement (in shares)	3,364,675
Value of shares on transaction date	$ 23.0
Additional cash payable when decision to mine is made	$ 10.0
Liability for environmental disturbances and degradation caused before the effective date (in excess of)
Disclosure of contingent liabilities [line items]
Financial exposure		5.1
Liability for environmental disturbances and degradation caused before the effective date (in excess of) | Rand Uranium
Disclosure of contingent liabilities [line items]
Financial exposure		$ 5.1

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Commitments and Contingencies - Disclosure of Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Disclosure of contingent liabilities [line items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 5.4	$ 4.7
Total guarantees
Disclosure of contingent liabilities [line items]
Guarantees	45.0	38.0
Guarantees and suretyships
Disclosure of contingent liabilities [line items]
Guarantees	10.0	1.0
Environmental guarantees
Disclosure of contingent liabilities [line items]
Guarantees	$ 35.0	$ 37.0

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Subsequent Events (Details) R / shares in Units, R in Millions						1 Months Ended		12 Months Ended
	Oct. 04, 2018 USD ($)	Oct. 04, 2018 ZAR (R)	Jul. 18, 2018 USD ($)	Jul. 12, 2018 USD ($) shares	Jul. 12, 2018 ZAR (R) R / shares shares	Jun. 30, 2018 USD ($) shares	Jun. 30, 2018 USD ($) R / shares	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Oct. 18, 2017 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Shares issued and fully paid (in shares) | shares						55,055,050
Shares issued price per share | R / shares							R 19.12
Proceeds from issuing shares						$ 82,700,000
Borrowings repaid								$ 312,000,000	$ 50,000,000	$ 138,000,000
US$200 bridge loan facility (secured loan)
Disclosure of non-adjusting events after reporting period [line items]
Bridge loan						$ 200,000,000	R 200,000,000	$ 200,000,000			$ 200,000,000
Shares Issued
Disclosure of non-adjusting events after reporting period [line items]
Shares issued and fully paid (in shares) | shares				11,032,623	11,032,623
Proceeds from issuing shares				$ 15,900,000	R 211
Repayment of borrowings | US$200 bridge loan facility (secured loan)
Disclosure of non-adjusting events after reporting period [line items]
Borrowings repaid			$ 50,000,000
Bridge loan			$ 200,000,000
Penalties Paid
Disclosure of non-adjusting events after reporting period [line items]
Administrative penalty	$ 2,200,000	R 30
ARM | Shares Issued
Disclosure of non-adjusting events after reporting period [line items]
Shares issued price per share | R / shares					R 19.12

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Segment Report - Narrative (Details)	12 Months Ended
	Jun. 30, 2018 USD ($) segment product	Jun. 30, 2017 USD ($) segment	Jun. 30, 2016 USD ($)
Disclosure of operating segments [line items]
Number of economic products | product	1
Number of segments | segment		2
Additions other than through business combinations, property, plant and equipment	$ 333,000,000	$ 271,000,000	$ 151,000,000
Tshepong
Disclosure of operating segments [line items]
Number of segments | segment	1
Operating segments
Disclosure of operating segments [line items]
Additions other than through business combinations, property, plant and equipment	$ 333,000,000	271,000,000	151,000,000
Foreign operations
Disclosure of operating segments [line items]
Additions other than through business combinations, property, plant and equipment	22,400,000	14,500,000
Foreign operations | Operating segments
Disclosure of operating segments [line items]
Additions other than through business combinations, property, plant and equipment	122,000,000	98,000,000	8,000,000
Foreign operations | Operating segments | Hidden Valley
Disclosure of operating segments [line items]
Additions other than through business combinations, property, plant and equipment	122,000,000	98,000,000	$ 8,000,000
Capital expenditures, net of capitalised revenue	203,000,000
Capitalised revenue	$ 81,400,000	$ 0

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Segment Report (Details) T in Thousands, $ in Millions	12 Months Ended
	Jun. 30, 2018 USD ($) oz T	Jun. 30, 2017 USD ($) oz T	Jun. 30, 2016 USD ($) oz T
Disclosure of operating segments [line items]
Revenue	$ 1,584.0	$ 1,416.0	$ 1,264.0
Production costs	1,167.0	1,089.0	914.0
Production profit/(loss)	417.0	327.0	350.0
Assets	2,862.0	2,966.0	2,515.0
Capital expenditure	$ 333.0	$ 271.0	$ 151.0
Ounces produced | oz	1,227,934	1,087,852	1,082,035
Tons milled | T	24,746	21,395	20,255
Operating segments
Disclosure of operating segments [line items]
Revenue	$ 1,584.0	$ 1,416.0	$ 1,264.0
Production costs	1,167.0	1,089.0	914.0
Production profit/(loss)	417.0	327.0	350.0
Mining assets	1,745.0	1,654.0	1,470.0
Capital expenditure	$ 333.0	$ 271.0	$ 151.0
Ounces produced | oz	1,227,934	1,087,852	1,082,035
Tons milled | T	24,746	21,395	20,255
Unallocated amounts
Disclosure of operating segments [line items]
Revenue	$ 0.0	$ 0.0	$ 0.0
Production costs	0.0	0.0	0.0
Production profit/(loss)	0.0	0.0	0.0
Assets	1,117.0	1,312.0	1,045.0
South Africa | Operating segments
Disclosure of operating segments [line items]
Revenue	1,552.0	1,306.0	1,173.0
Production costs	1,149.0	992.0	830.0
Production profit/(loss)	403.0	314.0	343.0
Mining assets	1,464.0	1,479.0	1,426.0
Capital expenditure	$ 211.0	$ 173.0	$ 143.0
Ounces produced | oz	1,135,919	992,525	1,009,470
Tons milled | T	21,989	18,209	18,349
South Africa | Operating segments | Tshepong
Disclosure of operating segments [line items]
Revenue	$ 419.0	$ 372.0	$ 341.0
Production costs	296.0	270.0	222.0
Production profit/(loss)	123.0	102.0	119.0
Mining assets	585.0	645.0	571.0
Capital expenditure	$ 78.0	$ 52.0	$ 43.0
Ounces produced | oz	302,026	283,827	289,968
Tons milled | T	1,893	1,869	1,956
South Africa | Operating segments | Moab Khotsong
Disclosure of operating segments [line items]
Revenue	$ 130.0	$ 0.0	$ 0.0
Production costs	74.0	0.0	0.0
Production profit/(loss)	56.0	0.0	0.0
Mining assets	268.0	0.0	0.0
Capital expenditure	$ 13.0	$ 0.0	$ 0.0
Ounces produced | oz	105,969	0	0
Tons milled | T	360	0	0
South Africa | Operating segments | Bambanani
Disclosure of operating segments [line items]
Revenue	$ 126.0	$ 116.0	$ 112.0
Production costs	70.0	64.0	56.0
Production profit/(loss)	56.0	52.0	56.0
Mining assets	48.0	57.0	55.0
Capital expenditure	$ 5.0	$ 6.0	$ 7.0
Ounces produced | oz	90,698	88,415	96,870
Tons milled | T	257	254	256
South Africa | Operating segments | Joel
Disclosure of operating segments [line items]
Revenue	$ 74.0	$ 96.0	$ 84.0
Production costs	72.0	69.0	57.0
Production profit/(loss)	2.0	27.0	27.0
Mining assets	72.0	69.0	49.0
Capital expenditure	$ 19.0	$ 18.0	$ 15.0
Ounces produced | oz	52,566	72,211	73,239
Tons milled | T	501	567	597
South Africa | Operating segments | Doornkop
Disclosure of operating segments [line items]
Revenue	$ 152.0	$ 114.0	$ 102.0
Production costs	110.0	91.0	72.0
Production profit/(loss)	42.0	23.0	30.0
Mining assets	197.0	227.0	203.0
Capital expenditure	$ 21.0	$ 18.0	$ 14.0
Ounces produced | oz	110,245	85,939	87,772
Tons milled | T	767	706	695
South Africa | Operating segments | Target 1
Disclosure of operating segments [line items]
Revenue	$ 127.0	$ 111.0	$ 126.0
Production costs	103.0	99.0	86.0
Production profit/(loss)	24.0	12.0	40.0
Mining assets	91.0	154.0	192.0
Capital expenditure	$ 24.0	$ 24.0	$ 22.0
Ounces produced | oz	91,758	85,809	108,895
Tons milled | T	749	822	814
South Africa | Operating segments | Kusasalethu
Disclosure of operating segments [line items]
Revenue	$ 193.0	$ 189.0	$ 143.0
Production costs	158.0	153.0	125.0
Production profit/(loss)	35.0	36.0	18.0
Mining assets	156.0	217.0	256.0
Capital expenditure	$ 22.0	$ 21.0	$ 25.0
Ounces produced | oz	142,395	141,270	124,198
Tons milled | T	738	670	736
South Africa | Operating segments | Masimong
Disclosure of operating segments [line items]
Revenue	$ 117.0	$ 107.0	$ 91.0
Production costs	90.0	82.0	72.0
Production profit/(loss)	27.0	25.0	19.0
Mining assets	4.0	33.0	33.0
Capital expenditure	$ 10.0	$ 9.0	$ 8.0
Ounces produced | oz	84,332	81,599	78,190
Tons milled | T	714	706	716
South Africa | Operating segments | Unisel
Disclosure of operating segments [line items]
Revenue	$ 57.0	$ 67.0	$ 64.0
Production costs	60.0	62.0	52.0
Production profit/(loss)	(3.0)	5.0	12.0
Mining assets	3.0	40.0	37.0
Capital expenditure	$ 7.0	$ 6.0	$ 4.0
Ounces produced | oz	41,152	51,280	54,785
Tons milled | T	415	436	467
South Africa | Operating segments | All other segments
Disclosure of operating segments [line items]
Revenue	$ 157.0	$ 134.0	$ 110.0
Production costs	116.0	102.0	88.0
Production profit/(loss)	41.0	32.0	22.0
Mining assets	40.0	37.0	30.0
Capital expenditure	$ 12.0	$ 19.0	$ 5.0
Ounces produced | oz	114,778	102,175	95,553
Tons milled | T	15,595	12,179	12,112
Foreign operations
Disclosure of operating segments [line items]
Capital expenditure	$ 22.4	$ 14.5
Foreign operations | Operating segments
Disclosure of operating segments [line items]
Revenue	32.0	110.0	$ 91.0
Production costs	18.0	97.0	84.0
Production profit/(loss)	14.0	13.0	7.0
Mining assets	281.0	175.0	44.0
Capital expenditure	$ 122.0	$ 98.0	$ 8.0
Ounces produced | oz	92,015	95,327	72,565
Tons milled | T	2,757	3,186	1,906
Foreign operations | Operating segments | Hidden Valley
Disclosure of operating segments [line items]
Revenue	$ 32.0	$ 110.0	$ 91.0
Production costs	18.0	97.0	84.0
Production profit/(loss)	14.0	13.0	7.0
Mining assets	281.0	175.0	44.0
Capital expenditure	$ 122.0	$ 98.0	$ 8.0
Ounces produced | oz	92,015	95,327	72,565
Tons milled | T	2,757	3,186	1,906

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Reconciliation of Segment Information to Consolidated Income Statements and Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Disclosure of operating segments [line items]
Total segment revenue	$ 1,584	$ 1,416	$ 1,264
Total segment production costs	(1,167)	(1,089)	(914)
Production profit	417	327	350
Amortisation and depreciation of mining assets	(192)	(179)	(144)
Amortisation and depreciation of assets other than mining assets	(8)	(6)	(5)
Rehabilitation credit (net)	(5)	(2)	3
Care and maintenance cost of restructured shafts	(10)	(8)	(8)
Employment termination and restructuring costs	(16)	(5)	(1)
Share-based payments	(19)	(29)	(23)
(Impairment)/reversal of impairment of assets	(386)	(131)	3
Other	(3)	(1)	(1)
Gross profit/(loss)	(216)	(32)	176
Corporate, administration and other expenditure	(63)	(38)	(28)
Exploration expenditure	(11)	(18)	(13)
Gains on derivatives	8	75	30
Other operating expenses	(53)	(68)	(54)
Operating profit/(loss)	(335)	(81)	111
Gain on bargain purchase	0	60	0
Loss on liquidation of subsidiaries	0	(1)	0
Share of profit/(loss) from associate	3	(1)	0
Investment income	27	20	17
Finance costs	(26)	(17)	(19)
Profit/(loss) before taxation	(339)	(20)	109
Non-current assets
Property, plant and equipment	2,245	2,292
Intangible assets	37	46
Restricted cash	6	5
Restricted investments	237	203
Other non-current assets	1	0
Investments in associates	6	4	0
Inventories	3	3
Other non-current receivables	18	14
Derivative financial asset	6	24
Current assets
Inventories	127	86
Restricted cash	3	1
Trade and other receivables	83	76
Derivative financial instruments	39	117
Cash and cash equivalents	51	95	85	$ 88
Total assets	2,862	2,966	2,515
Operating segments
Disclosure of operating segments [line items]
Total segment revenue	1,584	1,416	1,264
Total segment production costs	(1,167)	(1,089)	(914)
Production profit	417	327	350
Unallocated amounts
Disclosure of operating segments [line items]
Total segment revenue	0	0	0
Total segment production costs	0	0	0
Production profit	0	0	0
Cost of sales items other than production costs	(633)	(359)	(174)
Amortisation and depreciation of mining assets	(192)	(179)	(144)
Amortisation and depreciation of assets other than mining assets	(8)	(6)	(5)
Rehabilitation credit (net)	(5)	(2)	3
Care and maintenance cost of restructured shafts	(10)	(8)	(8)
Employment termination and restructuring costs	(16)	(5)	(1)
Share-based payments	(19)	(29)	(23)
(Impairment)/reversal of impairment of assets	(386)	(131)	3
Other	(3)	(1)	(1)
Gross profit/(loss)	(216)	(32)	176
Corporate, administration and other expenditure	(63)	(38)	(28)
Exploration expenditure	(11)	(18)	(13)
Gains on derivatives	8	75	30
Other operating expenses	(53)	(68)	(54)
Operating profit/(loss)	(335)	(81)	111
Gain on bargain purchase	0	60	0
Loss on liquidation of subsidiaries	0	(1)	0
Share of profit/(loss) from associate	3	(1)	0
Acquisition-related costs	(8)	0	0
Investment income	27	20	17
Finance costs	(26)	(17)	(19)
Non-current assets
Property, plant and equipment	500	638	563
Intangible assets	37	46	59
Restricted cash	6	5	4
Restricted investments	237	203	170
Other non-current assets	1	0	0
Investments in associates	6	4	0
Inventories	3	3	3
Other non-current receivables	18	14	12
Derivative financial asset	6	24	0
Current assets
Inventories	127	86	79
Restricted cash	3	1	1
Trade and other receivables	83	76	44
Derivative financial instruments	39	117	25
Cash and cash equivalents	51	95	85
Total assets	$ 1,117	$ 1,312	$ 1,045