Harmony Gold Mining Company Limited was formed in 1950 as a Rand Mines managed company to exploit the single Harmony mine lease. In 1997 Harmony severed its links with Randgold and became an independent, unhedged, South African gold producer. Since then, the company's directors have set out to grow Harmony into a world-class gold mining company. Today, Harmony is the fifth largest gold producer in the world, with increasing growth potential in South Africa, Australasia and Papua New Guinea. In FY05, Harmony produced 3 million ounces of gold, predominantly from South African sources.