SOUTH AFRICAN INDEX
THE PEOPLE SHAPING SOUTH AFRICA
Menu
Basic Materials · Gold mining

Harmony Gold

Separate listed gold producer that combined with ARMgold in 2003 and remained an investment reported by ARM at 30 June 2025.

Published · Last reviewed

Harmony Gold is a separately listed gold producer. It completed a landmark combination with ARMgold in 2003. [3]

History

The proposed exchange gave former ARMgold shareholders 25% of enlarged Harmony. ARMI was expected to become the largest single shareholder at about 14%. [2]

ARM’s 2025 results reported 74,665,545 Harmony shares at 30 June 2025. This dated investment did not make Harmony an ARM subsidiary. [1]

Frequently asked questions

Does African Rainbow Minerals own Harmony Gold?

ARM held Harmony shares at 30 June 2025. Harmony remained a separate listed company, and the holding did not mean full ownership. [1][3]

Key milestones

  1. Completed the ARMgold transaction. [3]

  2. ARM reported ownership of 74,665,545 Harmony shares. [1]

Related people

Related articles

Related institutions

  • African Rainbow Minerals — South African diversified mining group formed in its current shape through the 2003–2004 ARMgold, Harmony and Avmin transactions.
  • ARMgold — Gold company formed by Patrice Motsepe in 1997, listed in 2002 and combined with Harmony Gold through a 2003 share transaction.
  • African Rainbow Minerals and Exploration Investments — Private holding vehicle known as ARMI, involved in the 2003 transactions and disclosed as ARM’s largest shareholder at 30 June 2025.

Sources

  1. African Rainbow Minerals, Condensed reviewed results for the year ended 30 June 2025, 2025-09-05. Original source. Accessed 2026-10-21. ↩
  2. Harmony Gold, Fourth-quarter 2003 review: proposed ARMgold merger and enlarged share capital, 2003-06-30. Original source. Accessed 2026-10-21. ↩
  3. Harmony Gold, Harmony history: the 2003 ARMgold transaction. Original source. Accessed 2026-10-21. ↩